Ducharme Article 2015 – Impact of Revised GRAP 100 for 2014/15 AFS

DUCHARME article on GRAP 100 Discontinued Operations: Implementation consideration for 2014/15 AFS due to the revised standard.

GRAP 100 Non-current assets held for sale and Discontinued Operations was revised in February 2013, with the revised GRAP 100 Discontinued Operations to be applicable from 1 April 2014 and thus the 2014/15 AFS accounting period.

In terms of GRAP 100.15 the transitional provisions, an entity shall apply the amendments as follows:

• Changes to the way in which non-current assets held for sale are measured shall be applied prospectively at the beginning of the period in which these amendments are adopted.
• Changes to the way in which non-current assets held for sale are classified and presented on the statement of financial position and accompanying notes shall be applied retrospectively by adjusting information for the earliest period presented.

Ducharme has issued an article on the impact of the changes to GRAP 100 and the practical implementation in the 2014/15 AFS accounting period. To view the GRAP 100 article, please follow the PDF link below.