Mr LJ Mahlangu - Municipal Demarcation Board

GRAP 24 - Presentation of Budget Information in
Financial Statements
ASB Issue date: November 2007
Effective date: For years beginning on or after
1 April 2012
The entity expects to adopt the standard for the
first time in the 2012 annual financial statements.
New standard of GRAP dealing with the presentation
and disclosure of budget information as
required by GRAP 1. The impact of implementing
this standard is expected to be immaterial in
the context of this entity’s operations
GRAP 26 - Impairment of Cash-generating Assets
ASB Issue date: March 2009
Effective date: For years beginning on or after
1 April 2012
The entity expects to adopt the standard for the
first time in the 2012 annual financial statements.
New standard of GRAP: Prescribes the procedures
that an entity applies to determine whether
a cash-generating asset is impaired and to ensure
that impairment losses are recognised. The
standard also specifies when an entity would reverse
an impairment loss and prescribes disclosures.
The impact of implementing this standard
is expected to be immaterial in the context of this
entity’s operations
GRAP 103 – Heritage Assets
ASB Issue date: July 2008
Effective date: 1 April 2012
The board expects to adopt the standard for the
first time in the 2012 Annual Financial Statements.
New standard of GRAP dealing with the treatment
of heritage assets which have cultural, environmental,
historical, scientific, technological
or artistic significance and are held indefinitely
for the benefit of present and future generations.
The impact of implementing this standard is expected
to be immaterial in the context of this entity’s
operations.
Standards of GRAP approved but not yet effective
for entities on the accrual basis of accounting
GRAP 18 – Segment Reporting
ASB issue date: March 2005
Effective date: Not yet determined by the Minister
of Finance
The entity expects to adopt the standard for the
first time when it becomes effective.
New standard of GRAP: Prescribes the way an
entity will present segment information.
GRAP 20 – Related Party Disclosure
ASB issued date: June 2011
Effective date: Not yet determined.
The objective of this standard is to ensure that
an entity’s financial statements contains the disclosures
necessary to draw attention to the possibility
that it’s financial position and surplus or
deficit may have been affected by the existence
of related parties and by transactions and outstanding
balances with such parties.
GRAP 25 - Employee Benefits
ASB Issue date: November 2009
Effective date: To be determined by Minister
The Board expects to adopt the standard for the
first time when it becomes effective.
New standard of GRAP dealing with the requirements
around accounting and disclosure of employee
benefits including short term, long term
and post retirement employee benefits. The impact
of implementing this standard is expected
to be immaterial in the context of this entity’s operations
GRAP 104 - Financial Instruments
ASB Issue date: October 2009
Effective date: 1 April 2012
New standard of GRAP dealing with the recognition,
measurement, presentation and disclosure
of financial instruments. The impact of implementing
this standard is expected to be immaterial
in the context of this entity’s operations
MUNICIPAL DEMARCATION BOARD - Annual Report 2012 52