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Public Audit Act, 2004 (Act No. 25 of 2004)

Notices

Auditing of Local Government in terms of the Municipal Finance Management Act (No. 56 of 2003) (MFMA)

Annexure C : "GRAP & GAMAP basis of preparation

 

The financial statements have been prepared in accordance with the Standards of Generally recognised Accounting Practice (GRAP) and the Standards of Generally Accepted Municipal Accounting Practice (GAMAP) prescribed by the Minister of Finance in terms of:

 

• General Notice 991 of 2005, issued in Government Gazette no. 28095 of 15 December 2005; and
• General Notice 992 of 2005, issued in Government Gazette no. 28095 of 7 December 2005;

 

The Standards comprise the following:

GRAP 1

Presentation of Financial Statements

GRAP 2

Cash Flow Statements

GRAP 3

Accounting Policies, Changes in Accounting Estimates and Errors

GAMAP 4

The Effects of Changes in Foreign Exchange Rates

GAMAP 6

Consolidated Financial Statements and Accounting for Controlled Entities

GAMAP 7

Accounting for Investments in Associates

GAMAP 8

Financial Reporting of Interests in Joint Ventures

GAMAP 9

Revenue

GAMAP 12

Inventories

GAMAP 17

Property, Plant and Equipment

GAMAP 19

Provisions, Contingent Liabilities and Contingent Assets

 

Accounting policies for material transactions, events or conditions not covered by the above GRAP and GAMAP Standards have been developed in accordance with paragraphs 7, 11 and 12 of GRAP 3. These accounting policies and the applicable disclosures have been based on the South African Statements of Generally Accepted Accounting Practice (GAAP) including any interpretations of such Statements issued by the Accounting Practices Board. A summary of the significant accounting policies is disclosed below."