Shifting knowledge to insight

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Sibyl Skinner
5 years ago
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Improvement How to Read, Understand and Analyse GRAP

1 GRAP Short Courses Financial Accounting Foundation How to Prepare GRAP AFS and Manage the Audit Process and Improvement How to Read, Understand and Analyse GRAP Annual Financial Statements Modified Cash Standards enterprises.up.ac.za

Financial Accounting Foundation The objective of this Financial Accounting Foundation short course is designed to develop knowledge and understanding of the underlying principles and concepts

2 Financial Accounting Foundation The objective of this Financial Accounting Foundation short course is designed to develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements. Financial accounting overview Context and purpose of financial accounting The regulatory framework The qualitative characteristics of financial information Double entry: Recording of transactions and events Transactions and the books of prime entry/trial balance Accounting for inventory Accruals and prepayments Sales tax Tangible assets Intangible assets Bad and doubtful debts Provisions and contingencies Bank reconciliations Control accounts Correction of errors Incomplete records Basic financial statements: High-level considerations for the annual financial statements Statement of financial performance Statement of financial position Statement of changes in net assets Statement of cash flows Events after reporting date Interpretation of financial statements After successfully completing this course, you will be able to understand how to apply the basic principles in the context of public sector accrual accounting understand the elements which make up basic financial statements understand and be able to record basic accrual accounting transactions, and understand how these transactions make up and impact financial statements prepared on accrual accounting. This course is ideal for you if you are a finance intern or junior accounting staff using accrual accounting. include all course material, refreshments and other materials. must be paid in full 14 days prior to course start dates. Proof of payment can be submitted to Prospective delegates should at least have knowledge of basic accounting principles. Enterprises University of Pretoria (Pty) Ltd is wholly owned by the University As a public higher education institution, the University of Pretoria functions in accordance to the Higher Education Act 101 of Enterprises University of Pretoria offers short courses on behalf of the University and these short courses are not credit-bearing, and do not lead to formal qualifications on the National Qualifications Framework (NQF) unless stated otherwise. Delegates who successfully complete a short course and comply with the related assessment criteria (where applicable) are awarded certificates of successful completion and/or attendance by the University 1

How to Prepare GRAP AFS and Manage the Audit Process and Improvement This short course will focus on the core and practical principles on How to Prepare GRAP AFS and Manage the Audit Process and

3 How to Prepare GRAP AFS and Manage the Audit Process and Improvement This short course will focus on the core and practical principles on How to Prepare GRAP AFS and Manage the Audit Process and Improvement, moving from the trial balance of transactions and balances through to the preparation of the statements of performance, position, cash flow, together with the disclosure considerations. This forms the AFS preparation section which will focus on the principles and practical application considerations. This short course will also focus on the considerations application to the audit following the submission of the AFS. Compile the post adjustment trial balance (pre-adjustment trial balance/year-end adjustments/post-adjustment trial balance) Prepare the statement of financial performance (classify exchange and non-exchange revenue/expenses by nature for disclosure) Prepare the statement of financial position (classify current and non-current assets and liabilities and equity considerations) Prepare the cash flow statement (determine cash flows from operating, investing and financing activities) Prepare GRAP compliant accounting policies (draft policies, disclosure of material class of transactions and balances, use of judgements and estimations) Prepare the notes to the financial statements (for each material class of transactions disclosed in the financial statements) This will also involve consideration as to: An AFS preparation plan / year-end plan to assist managing the AFS preparation process Audit file with supporting documentation Supporting information memoranda. As part of the post-audit considerations, this section will consider the following: AFS Audit impact - This addresses the aspects such as public sector accountability and stewardship; Role, function and powers of the AGSA; Audit management letter considerations; an Audit Implementation plan considerations, etc. AFS improvement process - Procedures to implement monitor and manage the AFS process. These include Information gathering procedures, which form part of the AFS considerations of recognition, measurement and disclosure of AFS transactions and balances. After successfully completing this course, you will be able to understand how to apply the basic principles in the context of public sector accrual accounting understand the elements which make up basic financial statements understand and be able to record basic accrual accounting transactions, and understand how these transactions make up and impact financial statements prepared on accrual accounting. This course is ideal for you if you are a/an accountant or financial staff, and GRAP financial statement preparer and finance intern and official who assist with this. include all course material, refreshments and other materials. must be paid in full 14 days prior to course start dates. Proof of payment can be submitted to Prospective delegates should at least have a thorough understanding of the GRAP recognition, measurement and disclosure requirements, together with practical experience in accrual accounting principles. Enterprises University of Pretoria (Pty) Ltd is wholly owned by the University As a public higher education institution, the University of Pretoria functions in accordance to the Higher Education Act 101 of Enterprises University of Pretoria offers short courses on behalf of the University and these short courses are not credit-bearing, and do not lead to formal qualifications on the National Qualifications Framework (NQF) unless stated otherwise. Delegates who successfully complete a short course and comply with the related assessment criteria (where applicable) are awarded certificates of successful completion and/or attendance by the University 2

How to Read, Understand and Analyse GRAP Annual Financial Statements This How to Read, Understand and Analyse GRAP Annual Financial Statements short course provides for an overview of requirements of

4 How to Read, Understand and Analyse GRAP Annual Financial Statements This How to Read, Understand and Analyse GRAP Annual Financial Statements short course provides for an overview of requirements of GRAP Standards (and discussing of key differences between Modified Cash Standard to GRAP at high level), and the analysis of the Annual Financial Statements prepared on the GRAP standards. The course content and competencies covered will involve a highlevel overview of the GRAP standards for accounting as well as the individual line items as part of an GRAP compliant set of annual financial statements (AFS) and also an overview GRAP conversion and implementation challenges (theoretical definitions, recognition requirements, practical considerations, examples) pertaining to the grouping of the following standards: Assets. Liabilities. Revenue. Expenditure. Funds and reserves. The objective of this course is to provide an overview and high-level discussions on the various GRAP standards as context and basis on which the further detailed training will follow. This overview will be: The GRAP Accounting Framework and GRAP standards. The approved and effective GRAP standards: recognition, measurement, disclosure requirements. Developments in current GRAP standards. Awareness of ASB Exposure Drafts. Frequently asked GRAP questions on GRAP Implementation. Asset management Debtors management Liquidity management Liability management Efficiency: Sustainability Service delivery and distribution losses Revenue and expenditure management Capital management Operating expenditure Operating revenue After successfully completing this course, you will have a high-level understanding of GRAP standards as accounting framework, and an understanding of the impact on various line items and disclosures as part of an GRAP compliant set of annual financial statements (AFS) and also an overview GRAP conversion and implementation challenges (theoretical definitions, recognition requirements, practical considerations, examples) pertaining to the grouping of the following standards. This course is ideal for you if you are a/an official from entities who apply GRAP accounting framework, accounting and financial staff and GRAP financial statement preparers, finance interns and other official responsible for the oversight of GRAP financial statements, and Chief financial officers, budget and treasury officials, etc. include all course material, refreshments and other materials. must be paid in full 14 days prior to course start dates. Proof of payment can be submitted to Prospective delegates should at least have a thorough understanding knowledge of how to who use financial statements based on GRAP standards. Enterprises University of Pretoria (Pty) Ltd is wholly owned by the University As a public higher education institution, the University of Pretoria functions in accordance to the Higher Education Act 101 of Enterprises University of Pretoria offers short courses on behalf of the University and these short courses are not credit-bearing, and do not lead to formal qualifications on the National Qualifications Framework (NQF) unless stated otherwise. Delegates who successfully complete a short course and comply with the related assessment criteria (where applicable) are awarded certificates of successful completion and/or attendance by the University 3

Modified Cash Standards This short course provides detailed knowledge for the implementation and financial reporting as required by the Modified Cash Standard (MCS), prescribed by the National

5 Modified Cash Standards This short course provides detailed knowledge for the implementation and financial reporting as required by the Modified Cash Standard (MCS), prescribed by the National Treasury, as applicable to South African National and Provincial Government Departments and their officials. This MCS implementation course focusses on the recognition, recording, measurement and disclosure requirements as determined by the MCS. Modified Cash Reporting Framework The MCS accounting framework for SA Departments Concepts and principles Accounting for transactions general Financial statement presentation Accounting policies, estimates and errors Appropriation statement Cash flow statement Departmental assets and liabilities Treasury financial instruments Related party disclosures Events after the reporting date Consolidated financial statements Accounting for assets Capital assets Inventory Accounting for liabilities Leases Provisions and contingencies Accounting for revenue Accounting for expenditure After successfully completing this course, you will be able to understand and apply the requirements of the Modified Cash Standards framework in regards to have acquired a basic business ethics vocabulary recognition recording measurement, and disclosure requirements. include all course material, refreshments and other materials. must be paid in full 14 days prior to course start dates. Proof of payment can be submitted to Prospective delegates should be public sector officials working with Modified Cash with an understanding of the workings of departments, thorough understanding of Foundation Accounting principles. Enterprises University of Pretoria (Pty) Ltd is wholly owned by the University As a public higher education institution, the University of Pretoria functions in accordance to the Higher Education Act 101 of Enterprises University of Pretoria offers short courses on behalf of the University and these short courses are not credit-bearing, and do not lead to formal qualifications on the National Qualifications Framework (NQF) unless stated otherwise. Delegates who successfully complete a short course and comply with the related assessment criteria (where applicable) are awarded certificates of successful completion and/or attendance by the University This course is ideal for PFMA departmental accounting and financial staff, financial statement preparers, finance interns and other official responsible for the oversight of these financial statements. 4

SCIENCE FOR DEVELOPMENT

204 SCIENCE FOR DEVELOPMENT SECTION F: ERF SEWE-NUL-SES RIETFONTEIN (PTY) LTD FINANCIAL STATEMENTS WRC ANNUAL REPORT 2012 2013 205 REPORT OF THE AUDITOR- GENERAL TO PARLIAMENT ON ERF SEWE-NUL-SES RIETFONTEIN