Revised GRAP 25 (Employee Benefits)

21 June 2022
Accounting
South African Accounting Academy

This revised standard supercedes the standard of GRAP on employee benefits issued in 2009.

Appendix A identifies the consequential amendments to other Standards of GRAP resulting from the issue of this Revised GRAP 25.

The Revised GRAP 25 has no effective date yet.

This standard bourne of the PFMA: Regulations on Accounting Standards was published in the Government Gazette.

Click here to download the Government Gazette:

https://www.gov.za/sites/default/files/gcis_document/202205/46422gon2114.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

You need to assess fair presentation and compliance with the Standards of GRAP.
For financial statements to be fairly presented, the effects of transactions, other events and conditions should be truthfully and accurately represented in accordance with the definitions and recognition criteria for assets, liabilities, revenue and expenses. Fair presentation is achieved by, inter alia, complying with all relevant standards of GRAP.
Non-compliance with GRAP 25 may lead to a modified audit opinion.
As an auditor and independent reviewer, you need to consider and assess compliance with GRAP 25 and thus you need knowledge of this revised standard regarding employee benefits (as soon as it becomes effective).

Relevance to Your clients:

GRAP 25 is applicable to all entities preparing their financial statements on the accrual basis of accounting.
These clients should be aware of this revised standard regarding employee benefits (as soon as it becomes effective).

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