Technical & training

GRAP 103 (2015): Impact of Transition Period Ending

March 8, 2015

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The Standard of GRAP on Heritage Assets (GRAP 103) became effective on 1 April 2012 (with additional effective dates of 1 July 2012 for municipalities and municipal entities in terms of the MFMA and 1 January 2014 for Technical and Vocational Education and Training Colleges (“TVET Colleges”)).

The Accounting Standards Board (ASB) issued Directives 2, 3, 4, 8, 9 and 10, which contain transitional provisions on the adoption of the various Standards of GRAP, which includes a measurement “exemption” pertaining to certain classes of assets, and in specific for heritage assets. These ASB Directives state that entities are not required to measure heritage assets for reporting periods beginning on or after a date within 3 years following the date of the initial adoption of the Standard of GRAP on Heritage Assets subject to certain other provisions, discussed in the article below.

In the application of GRAP 103 and these ASB directives, many entities that opted for the 3-year exemption of the heritage asset measurement are nearing the end of this exemption period.

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