Course Objective
Introduction Standards of Generally Recognized Accounting Practice (GRAP) issued by the Accounting Standards Board and IFRS Principles are a comprehensive reporting framework that is compulsory for the South African Public Sector. Apart from providing a common principle-based reporting framework for general purpose and financial statements. Standards of GRAP promote accountability, transparency, and effective management of revenue, expenditure, assets and liabilities of the institutions to which the Standards apply. IFRS Principles also helps government’s objectives in improving service delivery to the citizens of this country.
Course Outcomes
At the end of the training delegates will learn to be able to discuss:
GRAP Standards
¨ Defining and applying GRAP in the context of public finance and administration
¨ Defining a conceptual framework for accounting reporting
¨ Defining measurement criteria for determining financial position and performance
¨ Identifying financial reports and identifying and resolving discrepancies
¨ Provide a theoretical background with examples and scenarios that will assist audit professionals with obtaining a detailed understanding of the GRAP Standards
¨ Explain and apply the conceptual framework underlying GRAP
¨ Present separate periodic financial statements in accordance with GRAP
¨ Accounting standards and the legislative framework
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
¨ Learn how to prepare IFRS financial statements, including statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity
¨ Differentiate between changes in estimates and changes in accounting policies
¨ Improve knowledge and understanding of the global trends for International Financial Reporting Standards
¨ Understand recent changes in IFRS that came into effect on the 1st of January, and practicalities of their application
¨ Comprehend the transition challenges and approaches in moving to Internationally accepted reporting norms of IFRS