ISBN 9781485140368
Author Accounting Standards Board
Edition 2023


The Standards of GRAP set out the principles that government and its entities use to report on their finances in their financial statements. As government and its entities use public resources – taxes, public infrastructure, natural resources – to provide critical goods and services, a higher degree of scrutiny is required on government’s finances.

This higher degree of scrutiny is embedded in the way in which the principles in the Standards of GRAP are designed. The principles in the Standards are designed to provide users of the financial statements with information to hold government and its entities accountable for a range of activities. Users in the public sector also use the information in the financial statements to make a range of decisions, which could include liquidity, solvency, and affordability and sustainability of government finances and services.

Given the roles of the Standards of GRAP in providing relevant, credible information in the financial statements, their application is critical to strengthening democracy in South Africa.

The new easy-to-use GRAP Library contains the consolidated Standards of Generally Recognised Accounting Practice (GRAP) and related material developed by the Accounting Standards Board (ASB).