The Generally Recognised Accounting Practice (GRAP) is a set of fundamental concepts that serve as accounting process guidelines that applies to the public sector. In South Africa we use GRAP which is consistent with the International Public Sector Accounting Standards (IPSAS) used by other countries across the world. The GRAP guidelines enable public sector organisations to record their financial activities in a reliable and consistent manner.


The International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board to be used by public sector entities across the world in the preparation of financial statements. These standards are based on the International Financial Reporting Standards (IFRS). The aim of IPSAS is to improve the quality of general financial reporting by public sector organisations which leads to better informed assessments of the financial decisions make by government, thereby increasing accountability.


The International Financial Reporting Standards (IFRS), previously known as International Accounting Standards (IAS) are the set of guidelines and rules that all organisations adhere to in order to ensure their financial statements are consistent with other organisations across the globe.

The IFRS specify how organisations must maintain and report their accounts, types of transactions, etc. The IFRS also set mandatory rules for various business components of key financial statements such as the statement of Financial Position, Comprehensive Income, Changes in Equity, and Cash Flow.

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