| How are you presenting statutory receivables in the financial statements? |
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Users of financial statements need information on statutory receivables to evaluate their significance on an entity’s financial position and performance.
A statutory receivable is recognised when the related revenue or liability transaction is recognised. In addition to the disclosures in GRAP 108 on Statutory Receivables, requirements for the presentation of revenue and receivables from exchange and non-exchange transactions are outlined in the Standards of GRAP. These include GRAP 1 on Presentation of Financial Statements, GRAP 9 on Revenue from Exchange Transactions and GRAP 23 on Revenue from Non-exchange Transactions (Taxes and Transfers).
Receivables from exchange and non-exchange transactions are presented separately on the face of the statement of financial position. The carrying amount of statutory receivables is presented separately from that of contractual and other receivables in the notes to the financial statements.
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