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Financial Statements Getting It Right 6

Official source

Source domain: asb.co.za

Collected on 13 July 2026

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What this means

This document is a web page/article from the Accounting Standards Board (ASB) titled “Financial statements… getting it right 6”. It explains that there is no universal requirement in GRAP for disclosing commitments, but notes that GRAP 1 requires disclosure of unrecognised contractual commitments (paragraph .124(d)(i)) and that other GRAP Standards require disclosure of specific types of commitments. It gives examples including operating leases, commitments related to investment property, property/plant/equipment and intangible assets, and heritage assets. The page includes an ASB disclaimer stating the content is prepared by the ASB Secretariat for information purposes only and not reviewed/approved by the Board.

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accounting standardOngoing

GRAP 1 on Presentation of Financial Statements

The page provides access to GRAP 1, which refers to disclosure of unrecognised contractual commitments in paragraph .124(d)(i).

Who it is for: People and organisations preparing or reviewing financial statements under GRAP
How to act on it: Use the “access” link for GRAP 1 on the Accounting Standards Board page.

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GRAP 1 on Presentation of Financial Statements : access

Facts

Places

City of Tshwane, Gauteng

Reference

GRAP 1

Key Takeaways

Topic: whether GRAP includes a universal requirement to disclose commitments
Conclusion: no universal requirement to disclose commitments
Reference: GRAP 1 on Presentation of Financial Statements, paragraph .124(d)(i) (unrecognised contractual commitments)
Examples of commitments that GRAP requires disclosure for: operating leases
Examples: purchase/construction/development/repairs & maintenance of investment property
Examples: acquisition of PPE and intangible assets
Examples: acquisition/maintenance/restoration of heritage assets
ASB disclaimer: prepared by Secretariat for information only; not reviewed/approved by the Board
ASB contact: 40 Church Square, Pretoria 0002; +27 11 697 0660; info@asb.co.za
Accounting Standards Board (ASB)
ASB Secretariat
Board (of the ASB)