This preface is issued to explain the transformation from the existing Statements of Generally Accepted Municipal Accounting Practice to the revised Standards of Generally Accepted Municipal Accounting Practice being issued at present. It also explains the  application, scope and authority of the Standards of Generally Accepted Municipal Accounting Practice in relation to Standards of Generally Recognised Accounting Practice. For more guidance, this preface should be read in conjunction with the preface to the Standards of Generally Recognised Accounting Practice.

Background to the existing Statements of Generally Accepted Municipal Accounting Practice (old GAMAP)

Process for issuing the revised Standards of Generally Accepted Municipal Accounting Practice (new GAMAP)

Need for new GAMAP

Replacement of new GAMAP by GRAP

Numbering of new GAMAP

Application of new GAMAP

Exemptions

Guidance on issues not covered by new GAMAP

"In the absence of a particular Standard of Generally Recognised Accounting Practice that specifically applies to a transaction, other event or condition, management shall use its judgement in developing and applying an accounting policy that results in information that is:

In making the judgement described in the paragraph above, management shall refer to and consider the applicability of the following sources in descending order:

In making the judgement prescribed in the paragraph above, management may also consider the most recent pronouncements of other standard-setting bodies and accepted public or private sector practices to the extent, but only to the extent, that these are consistent with the requirements in the paragraph above. For example, pronouncements of, in descending order, the International Federation of Accountants - Public Sector Committee, the international Accounting Standards Board (including the Framework for the Preparation and Presentation of Financial Statements), the South African Accounting Practices Board and the South African Institute of Chartered Accountants’ Accounting Practices Committee."

Effective date

Appendix I : New GAMAP

The table below lists the new GAMAP Standards that replaced the old GAMAP Statements. The table sets out the statements that comprised old GAMAP and the status of the topics included under new GAMAP and, where relevant, GRAP where a Standard in the latter series is already being developed.

Appendix II2

Guidance on issues not covered by GAMAP

The table below provides a list of available sources where the items are not covered by the scope of new GAMAP.