GRAP 24 - Presentation of budget information

CPD hours:  1

Imagine a public sector entity preparing its annual financial statements. Beyond reporting its financial performance and position, it must also show how its actual results compare with the budget approved by its governing authority. This is where GRAP 24 comes into play.

GRAP 24 provides the framework for presenting budget information in the financial statements of South Africa’s public sector. It ensures that entities disclose both the original and final budget, alongside actual amounts, in a consistent and transparent way. This comparison helps stakeholders understand not only how resources were planned, but also how they were actually used.

For example, a municipality may budget to spend on housing projects, infrastructure, and service delivery. GRAP 24 requires the municipality to present this budgeted information against what was actually spent, highlighting any significant variances and the reasons for them.

By standardising how budget and actual information is presented, GRAP 24 strengthens accountability, supports effective oversight, and enables the public to assess whether resources have been managed as intended. It is not just about reporting numbers; it is about building trust by showing how public resources are planned, allocated, and applied for the benefit of the community.

What you will learn

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

• Identify the entities which are required to present budget information.
• Explain the term final budget.
• Explain the information that is compared with a budget.
• Identify and discuss the narrative information that must be disclosed.

Important information

Please take note of the following important details regarding your course access and certification:

• Certificates will be issued on the date of successful completion of the assessment and will reflect that date.
• Course access is valid for 12 months, after which the course will close.
• No updates will be made to the course during the 12-month access period. If updates become available, they will be released in a new course available for purchase on our website.
• For the Altimax terms and conditions, please refer to our website.