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New Faq On What Should Be Disclosed About Standards Of Grap Where No Effective Date Has Been Approved By The Minister Of Finance 3

Accounting Standards BoardRef: https://www.asb.co.za/new-faq-on-what-should-be-disclosed-about-standards-of-grap-where-no-effective-date-has-been-approved-by-the-minister-of-finance-3/

Official source

Source domain: asb.co.za

Collected on 13 July 2026

Always confirm details on the official source before acting.

What this means

This document is a blog post by the Accounting Standards Board (ASB) titled “New FAQ on what should be disclosed about Standards of GRAP where no effective date has been approved by the Minister of Finance.” It explains that GRAP 3 requires disclosures about Standards of GRAP (or amendments) that are not yet effective, including the timing of the change and potential impact, but that entities may not be able to fully meet these requirements if the Minister of Finance has not announced an effective date. The FAQ advises that entities may still provide information about such Standards/amendments, but should consider the usefulness of that information to users, and it includes examples for 2020/21 where no effective date was approved.

What this document offers

Read out of this document by Govermate's AI, in its own words. Each one quotes the line it came from — confirm on the official source before acting.

accounting standards FAQOngoing

FAQ 1.15

The Accounting Standards Board makes available an FAQ explaining what entities should disclose about Standards of GRAP or amendments that are not yet effective where the Minister of Finance has not approved an effective date.

Who it is for
Entities applying Standards of GRAP
How to act on it
Use the "Access FAQ 1.15 here" link on the page.
Show the line this came from
Access FAQ 1.15 here : FAQs ASB Changes in Accounting Estimates and Errors GRAP 3 New FAQ Public Entities Public Sector Accounting Standards of GRAP

Who can apply

What matters before you act: the conditions this listing sets, as Govermate read them.

The document sets no condition.

Facts

Reference

https://www.asb.co.za/new-faq-on-what-should-be-disclosed-about-standards-of-grap-where-no-effective-date-has-been-approved-by-the-minister-of-finance-3/

Key Takeaways

  • Topic: disclosures for Standards of GRAP where no effective date has been approved by the Minister of Finance
  • Reference standard: GRAP 3 on Accounting Policies, Changes in Accounting Estimates and Errors
  • Key disclosure areas: timing of the change and potential impact on accounting policies
  • Constraint: entities cannot fully meet GRAP 3 requirements if Minister of Finance has not announced an effective date
  • Examples mentioned: Standards/amendments for 2020/21 with no approved effective date
  • Publication date: August 4, 2021
  • Author/posted by: Julianne Vissie
  • Accounting Standards Board (ASB)
  • Minister of Finance
  • Julianne Vissie