The concerns raised by the Accounting Standards Board (ASB) in their latest Annual Performance Plan has been noted by the Ministry and the National Treasury. The process for the promulgation of Standards of GRAP approved by the ASB, including the consultation with key stakeholders, has been reviewed and streamlined to avoid any future backlogs.
With regard to GRAP 104 on Financial Instruments, the effective date of this revised standard will be 1 April 2025.