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FAQ

GRAP | Is my standards and interpretations note up to date?

Published:  31/01/2017
Is my standards and interpretations note up to date?

  Answer:

GRAP 3.32 requires that “When an entity has not applied a new Standard of GRAP that has been issued that is not yet effective, the entity shall disclose:
  •  this fact; and
  • known or reasonably estimable information relevant to assessing the possible impact that application of the new Standard will have on the entity’s financial statements in the period of initial application".
As the Accounting Standards Board (ASB) continuously issue new standards and amendments to existing standards, this note needs to be updated frequently.

In order to manage this, the GRAP template’s note for new Standards and Interpretations are updated frequently.

The Control table automatically calculates when a Standard should be adopted by the entity, based on the standard’s issue date and effective date, which it compares to the entity’s year end and directors approval date.
Click here for guidance on how the new Standards and Interpretations control table works.

To ensure this note is compliant with the latest Standards and Interpretations,:
Click here to view the latest product update for the GRAP template.

For reference purposes please visit the ASB website.
Click here to view The Accounting Standards Board (ASB) website.
 
 
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