As we approach the end of the financial year, it is crucial for all stakeholders to stay informed about the 2024/25 reporting framework.

The ASB updates Directive 5 on Determining the GRAP Reporting Framework each year to include the reporting framework for the upcoming reporting period. The framework outlines the pronouncements issued by the ASB, the International Public Sector Accounting Standards Board (IPSASB), and the International Accounting Standards Board (IASB) that should either be applied or considered by entities in preparing their financial statements.

For the 2024/25 financial year, there are no new or amended pronouncements that are effective. However, entities should refer to the Annexures to Directive 5 for detailed guidance on the applicable standards and pronouncements.