GRAP/IPSAS Financial Reporting
Brief Description
The GRAP/IPSAS Financial Reporting short course provides you with detailed and in-depth knowledge of the implementation and financial reporting structures of the Generally Recognised Accounting Practice (GRAP) and International Public Sector Accounting Standards (IPSAS) as required of all South African (and international) public sector entities. The course focuses on the recognition, measurement (both initial and subsequent) and disclosure requirements of these standards, and provides you with practical guidance in the preparation and compilation of GRAP/IPSAS compliant annual financial statements. You will also gain invaluable insights to financial performance cycles and relevant audit processes for public sector departments, entities and municipalities.
This course is presented in collaboration with the Ducharme Institute.
Learning Outcomes
After successfully completing this course, you will be able to
  • understand the GRAP/IPSAS accounting reporting framework applicable in the period 2018/2019, and
  • detail facilitation of the GRAP/IPSAS accounting treatment of the Standards of GRAP/IPSAS, read along with the Interpretations of Standards of GRAP (iGRAPS), where relevant,and practical guidance on the practical implementation of these standards. This includes:
    • all GRAP/IPSAS measurement, recognition and disclosure requirements
    • discussion of the latest approved and effective GRAP Standards to assist public sector entities to plan and prepare for the new requirements well in advance, and
    • frequently asked questions on the standards of GRAP, where relevant.
Course Content
1. Accounting for transactions -  general
1.1 The Accounting framework for South African public sector entities GRAP (IPSAS) Framework
1.2 Accounting for changes in accounting policies, changes in accounting estimates and errors GRAP 3 (IPSAS 3)
1.3 Preparation of the Cash Flow Statement GRAP 2 (IPSAS 2)
1.4 Accounting for events after the reporting date GRAP 14 (IPSAS 14)
1.5 Accounting for discontinued operation GRAP 100
1.6 Accounting for foreign exchange transactions GRAP 4 (IPSAS 4)
1.7 Accounting for employee benefits (Defined benefit plans) GRAP 25 (IPSAS 25)
1.8 Accounting for financial instruments GRAP 104
1.9 Preparation of consolidated AFSs GRAP 6, 7 and 8 (IPSAS 6, 7 and 8)
1.10 Suspense accounts
1.11 VAT
1.12 Related party disclosures GRAP 20 ( IPSAS 20)
1.13 Borrowing cost GRAP 5 (IPSAS 5)
1.14 Presentation of FSs GRAP 1 (IPSAS 1)
1.15 Segmental reporting GRAP 18 (IPSAS 18)
1.16 Budget information in financial statements GRAP 24 (IPSAS 24)
1.17 Segment reporting GRAP 18
1.18 Service concession arrangements (Grantor) GRAP 322.
Accounting for assets
2.1 Accounting for property, plant and equipment GRAP 17 (IPSAS 17)
2.2 Inventories GRAP 12 (IPSAS 12)
2.3 Investment property GRAP 16 (IPSAS 16)
2.4 Intangible assets GRAP 31 (IPSAS 31)
2.5 Agricultural assets GRAP 27 (IPSAS 27)
2.6 Heritage assets GRAP 103
2.7 Statutory receivables GRAP 108
3 Accounting for liabilities
3.1 Accounting for provisions, contingent and contingent assets GRAP 19 (IPSAS 19)
3.2 Accounting for trust funds
3.3 Accounting for leases GRAP 13 (IPSAS 13)
3.4 Consumer deposits
4 Accounting for revenue
4.1 GRAP 9 and 23 (IPSAS 9 and 23)
5 Accounting for unauthorised, irregular, fruitless and wasteful expenditure
6 Transfer of functions/mergers GRAP 107
6.1 Between entities under common control GRAP 105
6.2 Between entities not under common control GRAP 106
7 Accounting for funds and reserves
7.1 Accounting for the revaluation reserve
7.2 Housing development fund
7.3 Accounting for the accumulated surplus
7.4 Internal funds and reserves in accumulated surplus
Entry Requirements
Prospective delegates must at least have an accounting degree or minimum five years practical accounting experience.
Course Number:
Catalogue and Category:
Financial Management and Taxation
Who Should attend:
This course is ideal for you if you are
  • a financial or non-financial official from public sector entities who applies GRAP/IPSAS, e.g.
    • Municipal Managers,
    • Chief Financial Officers,
    • Departmental/Division Managers (e.g. Assets, Revenue, Expenditure etc.)
  • an official involved in GRAP/IPSAS compliant Annual Financial Statements (AFS) compilation or processing of information included in the AFS, and
  • an official in the employ of the National Treasury as well as the various Provincial Treasuries who advise and guide South African public sector entities in the application of GRAP.
Delivery Mode:
Contact Sessions
Contact Days:
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