Accounting Standards Board Newsletter #4

Directive 5 on Determining the GRAP Reporting Framework outlines the GRAP reporting framework for a particular reporting period. The Appendices of the Directive list the standards and pronouncements that are the GRAP Reporting Framework for a reporting period. The Appendices are updated each year.

Directives are authoritative and entities have to apply Directive 5 and the list of pronouncements in the applicable Appendix to prepare financial statements for a particular reporting period.

The Accounting Standards Board (the Board) approved the Appendix to Directive 5 for 2025/26 at the September 2024 meeting.

Effective pronouncements

The table below outlines the new pronouncements or amendments to pronouncements that are effective for financial periods commencing on or after 1 April 2025.

The following pronouncements, approved by the Board, have not yet been approved for implementation by the Minister of Finance:

The Appendices to Directive 5 include pronouncements issued by the IPSASB and IASB that entities should consider in preparing their financial statements for a particular reporting period. Pronouncements of other standard setters are used to formulate accounting policies; they cannot be adopted by entities. Any IPSAS or IFRS Accounting Standards not included in the relevant Appendix to Directive 5 should not be considered by entities in formulating accounting policies.

Refer to a communication on the IPSAS and IFRS Standards that entities should not consider when formulating accounting policies here.

Access Directive 5 and the related documents on the ASB website here.