The ASB noted that some entities applied the incorrect versions of the standards of GRAP in the preparation of their financial statements for 31 March 2022. The standards that are effective and should be applied are GRAP 104 (issued October 2009) and GRAP 25 (issued November 2009).
In 2019 and 2021, the ASB revised GRAP 104 and GRAP 25, respectively. The status of these standards is as follows:
- GRAP 104 on Financial Instruments (Revised 2019) is not yet effective. The differences between the 2009 and 2019 versions of GRAP 104 are significant.
- GRAP 25 on Employee Benefits (Revised in 2021) has no effective date.
For any further information, please consult the following: