Disclosure / Compliance Checklist For the Standards of GRAP

[Pages:221]Disclosure / Compliance Checklist For the

Standards of GRAP

For Standards of GRAP effective from 1 April 2019

This document serves as a checklist to assist in determining that the minimum requirements of the effective Standards of GRAP have been complied with. It should NOT be considered in isolation as a control for compliance or disclosure purposes. It is strongly recommended, that the Disclosure/Compliance Checklist be utilised in conjunction with the Applicable GRAP Standard(s) and that reliance be placed on the requirements of the individual GRAP Standard(s) rather than solely on this Disclosure/Compliance Checklist.

Sections of the Disclosure / Compliance Checklist

General Presentation and Accounting Requirements .............................................. 3 Statement of Financial Performance and Related Notes ....................................... 24 Statement of Financial Position and Related Notes................................................ 54 Cash Flow Statement and Related Notes ................................................................ 166 Statement of Changes in Net Assets ....................................................................... 171 Other Topics.................................................................................................................. 174 The Economic Entity ................................................................................................... 206

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General Presentation and Accounting Requirements

Contents Components of the Financial Statements (GRAP 1)......................................................... 4 Fair presentation and compliance with the Standards of GRAP (GRAP 1) ..................... 4 GRAPs approved but not yet effective (GRAP 3).............................................................. 6 Identification of Financial Statements (GRAP 1) .............................................................. 6 Reporting Period (GRAP 1) ................................................................................................ 7 Going Concern (GRAP 1).................................................................................................... 7 Consistency of Presentation (GRAP 1) ............................................................................. 8 Materiality and Aggregation (GRAP 1)............................................................................... 8 Offsetting (GRAP 1) ............................................................................................................ 9 Comparative Information (GRAP 1) ................................................................................... 9 Notes To The Financial Statements (GRAP 1) ................................................................ 10 Key Sources Of Estimation Uncertainty (GRAP 1) ......................................................... 10 Disposal Decisions (GRAP 1)........................................................................................... 11 Transactions And Balances In Foreign Currencies (GRAP 4) ....................................... 12 Accounting Policies (GRAP 3) ......................................................................................... 14 Changes in Accounting Estimates (GRAP 3) .................................................................. 19 Errors (GRAP 3) ................................................................................................................ 20 Other disclosures ............................................................................................................. 21

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General Presentation and Accounting Requirements

Response GRAP Ref

Comments

1.

Components of the Financial Statements (GRAP 1)

1.1.

Except for the cash flow statement,

Yes

1.31

have the financial statements been prepared using the accrual basis of accounting?

No N/A

1.2.

Have the following components been

included in the financial statements:

a) statement of financial position?

Yes

1.11(a)

b) statement of financial performance?

Yes

1.11(b)

c) statement of changes in net assets?

Yes

1.11(c)

d) cash flow statement?

Yes

1.11(d)

e) where the entity makes publicly available its approved budget, a comparison of budget and actual amounts, either as a separate additional financial statement or as a budget column in the financial statements?

Yes N/A

1.11(e)

N/A only when approved budget is not publicly available

f) notes disclosing, in summary, significant accounting policies?

Yes

1.11(f)

g) comparative information in respect Yes of the preceding period?

1.11(g)

NOTE: the above statements are statutory requirements and accordingly, with exception of (e) above, must be included in the annual financial statement of the reporting entity.

2.

Fair presentation and compliance with the Standards of GRAP (GRAP 1)

2.1

Have the financial statements

Yes

1.17

presented fairly the financial position, No financial performance and cash flows

of the entity?

NOTE: the appropriate application of GRAPs, with additional disclosures where necessary, is presumed to result in financial statements that achieve a fair presentation.

2.2

Have the financial statements

Yes

1.18

complied with all the requirements of Standards of GRAP?

No

2.3

Where the financial statements comply Yes

1.18

with GRAPs, has this fact been disclosed?

No

NOTE: a reporting entity can still assert compliance with GRAP where a Standard or requirement in a standard is not applicable or where application thereof is not material.

Inappropriate accounting treatments are not rectified either by disclosure of the accounting policies used, or by notes or explanatory material

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General Presentation and Accounting Requirements

Response GRAP Ref

Comments

2.4

Has the following been disclosed

N/A

1.21-1.22

where management has departed

from a requirement in a GRAP?

a) that management has concluded that the financial statements fairly present the entity's financial position, financial performance and cash flows?

Yes No

1.22(a)

b) that the entity has complied with applicable GRAPs except that it has departed from a particular requirement in order to achieve a fair presentation?

Yes No

1.22(b)

c) the title of the GRAP from which the entity has departed, the nature of the departure, including the treatment that the GRAP would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the Framework1, and the treatment adopted?

Yes No

1.22(c)

d) the financial impact of the departure on each item in the financial statements that would have been reported in complying with the requirement for each period presented?

Yes No

1.22(d)

2.5

Has the following been disclosed

N/A

1.23

where management has departed

from a requirement in a GRAP in a

prior period and that departure affects

the amount recognised in the financial

statement for the current period?

a) the title of the GRAP from which the entity has departed, the nature of the departure, including the treatment that the GRAP would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out the Framework1, and the treatment adopted?

Yes No

1.22(c)

b) the financial impact of the departure on each item in the financial statements that would

Yes No

1.22(d)

1 Meaning the Conceptual Framework for General Purpose Financial Reporting, June 2017

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General Presentation and Accounting Requirements

have been reported in complying with the requirement for each period presented?

Response GRAP Ref

Comments

3.

GRAPs approved but not yet effective (GRAP 3)

3.1

Where an entity has not applied a new N/A

GRAP that has been issued but is not

yet effective, has the following been

disclosed:

a) this fact?

Yes No

3.32(a)

b) known or reasonably estimable information relevant to assessing the possible impact that application of the new GRAP will have on the entity's financial statements in the period of initial application?

Yes No

3.32(b)

NOTE: in complying with GRAP 3.32, an entity should consider disclosing [3.33]:

a) the title of the new GRAP; b) the nature of the impending change or changes in accounting policy; c) the date by which application of the GRAP is required; the date as at which it plans

to apply the GRAP initially; and either: i. a discussion of the impact that initial application of the GRAP is expected to

have on the entity's financial statements; or ii. if that impact is not known or reasonably estimable, a statement to that effect.

3.2

Where an entity applies a GRAP for a Yes

Relevant

period before the effective date of the GRAP (i.e. early application of the GRAP), has this fact been disclosed?

No N/A

directive

4.

Identification of Financial Statements (GRAP 1)

4.1

Have the financial statements been

Yes

1.55

clearly identified, and distinguished from other information in the same

No

published document?

4.2

Has each component of the financial Yes

1.57

statements been clearly identified?

No

4.3

Has the following information been

Yes

prominently displayed, and repeated where it is necessary for a proper understanding of the information

No N/A

presented:

a) the name of the reporting entity or other means of identification, and any change in that information from the preceding reporting date?

Yes No

1.57(a)

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General Presentation and Accounting Requirements

Response GRAP Ref

Comments

b) whether the financial statements cover the individual entity or the economic entity?

Yes No

1.57(b)

c) the reporting date or the period covered by the financial statements, whichever is appropriate to that component of the financial statements?

Yes No

1.57(c)

d) the presentation currency, as defined in GRAP 4 on The Effects of Changes in Foreign Exchange Rates?

Yes No

1.57(d)

e) the level of rounding used in presenting amounts in the financial statements?

Yes No

1.57(e)

5.

Reporting Period (GRAP 1)

5.1

Have the financial statements been

Yes

1.60

presented on an annual basis?

No

5.2

Where, in exceptional circumstances, N/A

an entity's reporting date changes and

annual financial statements are

presented for a period longer or

shorter than one year, has the

following been disclosed:

a) the reason for using a shorter or longer period?

Yes No

1.60(a)

b) the fact that comparative amounts for certain statements such as the statement of financial performance, changes in net assets, cash flows and related notes are not entirely comparable?

Yes No

1.60(b)

6.

Going Concern (GRAP 1)

6.1

In preparing the financial statements, N/A

1.27

have those responsible for their preparation made an assessment of the entity's ability to continue as a

Yes No

going concern?

NOTE: the entity should not prepare its financial statements on a going concern basis if those responsible for the preparation of the financial statements or the governing body determine after the reporting date either that there is an intention to liquidate the entity or to cease operating, or that there is no realistic alternative but to do so [1.27].

6.2

Where those responsible for the

N/A

1.27

preparation of the financial statements are aware, in making their assessment, of material uncertainties

Yes No

related to events or conditions which

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General Presentation and Accounting Requirements

Response GRAP Ref

Comments

may cast significant doubt upon the entity's ability to continue as a going concern, have those uncertainties been disclosed?

6.3

Where the financial statements are not N/A

1.27

prepared on a going concern basis,

has the following been disclosed:

a) the fact that the financial

Yes

1.27

statements are not prepared on a going concern basis?

No

b) the basis on which the financial

Yes

1.27

statements have been prepared? No

c) the reason why the entity is not

Yes

1.27

considered to be a going concern? No

7.

Consistency of Presentation (GRAP 1)

7.1

Have all items in the financial

N/A

1.33

statements been presented and classified as in the previous reporting period?

Yes No

7.2

Where the presentation and

N/A

1.33

classification of items in the financial

statements is not the same as in the

previous reporting period, has this

been because:

a) it is apparent, following a significant change in the nature of the entity's operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in GRAP 3 Accounting Policies, Changes in Accounting Estimates and Errors?; or

Yes No

1.33(a)

b) a change in presentation is required by a GRAP?

Yes No

1.33(b)

8.

Materiality and Aggregation (GRAP 1)

8.1

Have items that are material by virtue N/A

1.36

of their nature been presented

Yes

separately in the financial statements?

No

NOTE: items of a dissimilar nature or function should be presented separately except where they are immaterial [1.36].

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