| The Board is required to consider best practice locally and internationally in developing Standards of GRAP. As such, most of the Standards and other pronouncements are based on international standards, being IPSAS and, where relevant, IFRS Accounting Standards.
It is important to identify new international standards that could be relevant to the local environment, as well as whether existing Standards of GRAP based on international equivalents need revision.
However, as much as it is important that the Standards of GRAP do not fall behind international best practice, we do not want to simply “change for the sake of change”. We need to ensure that any projects taken on locally address a particular deficiency and are justified.
As a result, an important initial step in developing local Standards based on international equivalents is understanding if a deficiency exists, what the implications would be of adopting international standards and what guidance may be needed to respond to local public sector needs.
The below illustrates the planned work periods for current and upcoming projects and potential international work in the 2027-2029 period.
Based on the status of international standards, the Board believes there is merit in undertaking work on either leases or to update the Conceptual Framework for General Purpose Financial Reporting.
Access more information about the work programme consultation on our website here. | 