Housing Development Agency Act, 2008
R 385
Public Finance Management Act, 1999 (Act No. 1 of 1999)NoticesStandard of Generally Recognised Accounting Practice (GRAP)Notice No. R. 991 of 2005 |
Notice No. R. 991
7 December 2005
GG 28095
Prescribing standards of Generally Recognised Accounting Practice (GRAP) in terms of section 91
The Minister of Finance has, in terms of Section 91 of the Public Finance Management Act, 1999 (Act No. 1 of 1999), prescribed the following Standards as set by the Accounting Standards Board in terms of Section 89:
| • | Presentation of Financial Statements (GRAP 1) |
| • | Cash Flow Statements (GRAP 2) |
| • | Accounting Policies, Changes in Accounting Estimates and Errors (GRAP 3) |
These Standards are effective for all public entities required to comply with GRAP and that are using the accrual basis of accounting for annual financial statements for periods ending on or after 31 March 2006.
For entities not applying the accrual basis of accounting, namely National and Provincial Departments, the implantation of these first three Standards will be phased in through the annual financial reporting requirements.
The implementation of theses Standards for municipalities is aligned with the implementation of the Municipal Finance Management Act (MFMA), Act No. 45 of 2003. The details thereof are contained in the MFMA Circular No. 18. The annual financial statements as provided for in the MFMA Circular No. 18 and any updates thereof form part of this regulation.
