GRAP 14 - Events after the reporting date

CPD hours:  1

Imagine a community where resources are managed efficiently—seamlessly integrating city planning, services, and infrastructure. Behind this, public entities rely on clear accounting standards to ensure transparency and accountability. This is where GRAP 14 comes in.

GRAP 14, or Generally Recognised Accounting Practice 14, guides the accounting for events after the reporting period in the South African public sector. It ensures that public entities correctly account for significant events occurring after the reporting period ends but before the financial statements are finalised.

For example, a municipality may need to disclose the impact of a major event, like a natural disaster, that affects its financial outcomes. GRAP 14 helps entities ensure such events are correctly recognised and disclosed, enhancing transparency and trust.

By following GRAP 14, public sector entities provide a true and fair view of their financial position, ensuring all relevant post-reporting period events are accurately reflected in their financial statements.

What you will learn

By the end of this course, you will be able to:

• Identify events after the reporting date.
• Account for events after the reporting date.
• Explain what is required when assessing going concern.
• Explain what to do with dividends declared after the reporting date.
• Explain the disclosures required in the financial statements.