GRAP 1:- Presentation of financial statements

The Accounting Standards Board:-

1. Set Standards of GRAP;
2. Promote the adoption of Standards of GRAP;
3. Monitor the implementation of Standards of GRAP;
4. Influence development of international standards; and
5. Manage resources to ensure the ASB is operationally effective.

GRAP 1 sets out the overall framework and responsibilities for the preparation and presentation of financial statements, guidelines for their structure and minimum requirements for their content.

The latest version of GRAP 1 – click here

National Treasury guideline on GRAP 1 – click here