GRAP 27 - Agriculture

CPD hours:  1

Imagine a public sector entity preparing its annual financial statements. Beyond simply listing assets and resources, it needs to give stakeholders a clear picture of the value and condition of its agricultural activities. This is where GRAP 27 comes into play.

GRAP 27 provides the framework for recognising, measuring, and disclosing biological assets and agricultural produce in South Africa’s public sector. It ensures that these assets are accounted for in a consistent and transparent way, allowing users of the financial statements to understand how the entity’s agricultural resources contribute to its financial position and performance.

For example, a government department may manage community farms, orchards, or livestock. GRAP 27 guides how these biological assets are measured at fair value, how changes in fair value are recognised, and how harvested agricultural produce is recorded. This enables decision-makers, oversight bodies, and the public to assess the entity’s management of its agricultural resources.

By standardising the recognition and measurement of agricultural assets, GRAP 27 enhances accountability, supports informed decision-making, and provides a clear view of the entity’s ability to generate future economic benefits from its agricultural activities. It is not just about tracking crops or livestock; it is about showing how these resources are managed responsibly for the benefit of the community.

What you will learn

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

• Discuss the applicability of the standard.
• Explain the recognition of biological assets and agricultural produce.
• Explain the measurement of biological assets and agricultural produce.
• Explain the disclosure requirements for biological assets and agricultural produce.

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.