ASB Updates Directive 5: GRAP Reporting Framework 2026/2027

Posted 07 November 2025 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The Accounting Standards Board (ASB) has published the updated Directive 5 on the GRAP Reporting Framework for the 2026/27 financial year.

In terms of the mandate of the Accounting Standards Board to determine the reporting framework for public sector entities, the updated Directive 5 applies to financial periods commencing on or after 1 April 2026. The framework is reviewed annually, with relevant pronouncements from the Board, the International Public Sector Accounting Standards Board (IPSASB), and the International Accounting Standards Board (IASB) included in an Annexure to the Directive.

The 2026/27 reporting framework applies to the following entities:

  • Public entities and constitutional institutions;
  • Parliament and the Provincial Legislatures;
  • Municipalities and Municipal Entities;
  • Trading Entities;
  • Public Technical and Vocational Education and Training (TVET) Colleges; and
  • Public Community Education and Training (CET) Colleges.

For the financial period commencing on or after 1 April 2026, the ASB confirmed that no new Standards or amendments to Standards have been approved by the Minister of Finance. However, specific changes to the reporting requirements and the application of existing pronouncements are detailed in Annexure A of the media communication.

Click here to access the ASB landing page for the 2026/27 framework or download the Directive 5 Reporting Framework (1 April 2026) PDF.

What this means for you, your business, or your clients

  • For yourself: Ensure your professional development records reflect training on the 2026/27 GRAP framework updates to maintain competency for public sector audit and advisory roles.
  • For your business: Update internal audit programs and financial statement templates for the 2026/27 cycle to align with the specific pronouncements listed in the updated Annexure to Directive 5.
  • For your clients: Public sector clients must verify that their accounting policies for the financial year starting 1 April 2026 remain compliant with the latest Annexure A, despite the absence of new Ministerial approvals.

Originally published at https://accountingacademy.co.za/news/read/asb-updated-directive-5-grap-reporting-framework-2026-2027

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