mSCOA Impact on GRAP AFS (2016/17)

Per our capacity building and technical support provided the practical impact of the MSCOA, as a compliance framework on the municipality’s financial statements which are prepared GRAP reporting framework, we wish to communicate a few key elements for municipalities to consider as part of their GRAP AFS preparation processes , such as:

• mSCOA impact on asset register and GRAP PPE disclosure (categories, depreciation, Repairs & maintenance, Work-in-Progress)
• mSCOA Impact on Reporting of Expenditure on GRAP AFS
• Restatements: Re-classification, Correction of error or Change in Accounting Policy

Please find herewith a video link for this:

Should you require any GRAP AFS support pertaining to the mSCOA Year One disclosures and amendments applicable to the mSCOA transition, the impact on the asset register, audit working paper considerations and/or budgeting and costing element, please contact us to determine how we could be of assistance.