Psaf Discussion On Directive 11 On Changes In Measurements Bases After Initial Adoption Of Standards Of Grap Can It Still Be Applied

This document is a PSAF (Public Sector Accounting Forum) discussion note responding to whether Directive 11 on changes in measurement bases after initial adoption of GRAP can still be applied. It states that entities could apply Directive 11 when changing accounting policies for assets from a fair value or revaluation model to the cost model during initial adoption, but that the application period for Directive 11 has expired. It further says entities may instead apply GRAP 3 (Accounting Policies, Changes in Accounting Estimates and Errors) to change accounting policies, provided the GRAP 3 criteria for such changes are met to ensure the change improves reliability and relevance of the financial statements.