New FAQ on What is the impact of recent issues IPSAS and IFRS Standards on the 2021/22 GRAP reporting framework?

The Appendices to Directive 5 on Determining the GRAP Reporting Framework outline the pronouncements issued by the ASB, the IPSASB and IASB that should either be applied or considered by entities in preparing their financial statements for a particular reporting period. Pronouncements of other standard-setters can only be used to formulate accounting policies; they cannot be adopted.

Any IPSAS or IFRS Standards not included in the relevant Appendix to Directive 5 may not be considered by entities in formulating accounting policies.

Access FAQ 2.5 here: FAQs.