Ducharme Article 2013 – Impact of BBBEE Act on GRAP

In 2013, the amendment of section 13G of the Broad-Based Black Economic Empowerment Act resulted in specific legislated reporting requirements being imposed on all spheres of Government pertaining to BBBEE compliance disclosures in their audited annual financial statements and annual reports. Further regulations (in 2016) and explanatory notes (in 2017 and 2018) were issued in terms of this.

This Ducharme article seeks to provide more information and considerations to the requirements of Section 13G of the BBBEE Act (together with the regulation and explanatory notes), planning considerations thereto (Part A), its impact on the Annual Report and Annual Financial Statements (Part B) and other compliance considerations (Part C), as well as the impact on the GRAP reporting within the annual financial statements.