GRAP Release Notes March Page 1

Transcription

1 GRAP 2015 Release Notes March 2015 Page 1

2 Contents GRAP Overview of release 3 The Welcome Dialogue 3 Getting Started 3 Financial statements 3 Accounting Policies 3 Primary statements now have narrative sections 3 Statement of Financial Position 4 Statement of Financial Performance 4 Cashflow Statement 4 Statement of Comparison of Budget and Actual Amounts 4 Notes 4 Functionality enhancements 5 Content management 5 Rounding to ones, thousands and millions 5 MFMA NT Forms February Overview of MFMA NT 6 MFMA NT Forms 6 Contact CQS 7 Main Contact Details 7 Help Desk Direct Extension 7 Other Important Details 7 Page 2

3 GRAP Overview of release The GRAP release has been developed to update your CaseWare file with the latest compliance requirements for the 2015 financial year. This includes changes to GRAP 3 Changes in accounting estimates and errors, GRAP 5 - Borrowing Costs, GRAP Discontinued operations & IFRIC 21 Levies. On the functionality front, this release will include rounding improvements, new content management tools (update icons), and new narrative paragraphs at the bottom of all the primary financial statements. This release will also introduce the Welcome Dialogue and The Getting Started guide that will assist users with file creation and the entire process right from file setup to year-end close. The Welcome Dialogue The Welcome Dialogue includes step-by-step documentation and videos that will help you successfully create your first file and will automatically launch following installation. Getting Started The Getting Started guide will take you through the entire process from file setup, mapping and processing journals, right through to year end close. If you are a seasoned CaseWare user, you will have the option to disable this guide from view. Financial statements Accounting Policies The following new accounting policies have been added to the GRAP template: Events after reporting date accounting policy Commitments accounting policy Discontinued operations accounting policy Amendments to existing accounting policies are as follows: Borrowing Costs accounting policy relating to the capitalisation option. A section added for Levies in the Provisions accounting policy. Depreciation rate tables have been updated in Property, plant and equipment accounting policy to cater for depreciation method per asset class. The change to GRAP 100 Discontinued operations resulted in minor amendments to the following accounting policies: Biological assets Entity combinations Heritage assets Intangible assets Investment properties Inventories Property plant and equipment Provisions GRAP Release Notes March 2015 Page 3

4 Primary statements now have narrative sections Narrative text has been added signifying that specific statements or sections of information form an integral part of the financial statements. This is optional disclosure and is included on the following statements: Statement of financial position Statement of financial performance Statement of changes in net assets Cashflow statement Statement of comparison of budget and actual amounts Statement of Financial Position Due to the change in GRAP 100, the line items of Non-current assets held for sale and assets of disposal groups and Liabilities of disposal groups have been removed from the face of the statement of financial position. The impact of this is that the mapping numbers for these lines on the face of the Statement of financial position has also been removed. Therefore any accounts mapped to these mapping numbers will be unmapped after update. You will be required to remap these accounts to its original category. As part of the mscoa project we are already updating the GRAP template to be aligned with the mscoa requirements. These changes includes the following: Renamed Capital replacement reserve to Statutory reserve 1. Renamed Capitalisation reserve to Statutory reserve 2. Renamed Government grant reserve to Statutory reserve 3. Renamed Donations and public contributions to Statutory reserve 4. Renamed Insurance reserve to Self insurance reserve. Statement of Financial Performance All the Jump to note functionality has been corrected on the Detailed statement of financial performance. As part of the mscoa project we are already updating the GRAP template to be aligned with the mscoa requirements. These changes includes the following: Adding the following lines on the face of all the different types Statement of financial performance Actuarial gains/losses Inventories losses/write-downs Adding the following lines on the face of the Detailed Statement of financial performance Licenses or Permits (Non-exchange) Renamed Personnel to Employee related costs Renamed Transfer payments to Transfer payments Other Renamed Grants and subsidies paid to Transfers and Subsidies Lease rentals on operating lease moved out of General expenses note to the face Sales of goods/inventory moved out of General expenses note to the face Cashflow Statement We have made the following improvements in the calculations in the Cashflow statement: The line item for Purchase of property, plant and equipment now excludes additions to property plant and equipment which was mapped to Additions Leased. This is to cater for the requirement that when a finance lease is initially capitalised there is no flow of cash and therefore no entry in the Cashflow statement. The above also impacts the Finance lease payment line item under investing activities. Statement of Comparison of Budget and Actual Amounts Due to the change in GRAP 100, the line items of Non-current assets held for sale and assets of disposal groups and Liabilities of disposal groups have been removed from the face of the Statement of Comparison of Budget and Actual Amounts. Page 4

5 Notes The following new notes have been added to the GRAP template: Disposal of: a significant asset(s) or a group of assets and liabilities or a component of the entity. Acquisitions of controlled entity(ies) exclusively with a view to its subsequent disposal. New Consumer debtor s disclosure note has been added to give you the alternative to show Consumer debtors a part of Receivables from exchange and non-exchange, but still have a note which only show the Consumer debtors. The following notes have been updated in this release: New standards and Interpretations note has been updated with the latest new standards. Additional mapping numbers and subsequent line items in the Receivables from exchange transactions note Additional mapping numbers and subsequent line items in the Receivables from non- exchange transactions note. Property, Plant and Equipment note. An additional table to deal with Borrowing costs disclosure requirements. An option to show Depreciation rates in the note. Investment properties note. An additional table to deal with Borrowing costs disclosure requirements. The Commitments note has been updated with an option to show operational commitments. A total for capital and operations commitments are displayed for both sections. The Overdraft amount in the Inventory pledges as security subnote has been automated. In the Other financial assets note we added a section to differentiate between exchange and non-exchange noncurrent receivables. GRAP 100 changes have resulted in minor changes in the following notes: Property, plant and equipment Biological assets Heritage assets Intangible assets Investment properties Discontinued operations or disposal groups or non-current assets held for sale. Cash flow statement notes Cash generated from operations Functionality enhancements Content management A content management pane has been introduced to the financial statements (CaseView). Content management icons introduced are as follows: Insert button has been added to the freeze pane and allows the following functions Insert Blank page after this page Page break New note or policy Text section Paragraph Table Table rows Content management icons New! Non-library content This is non linked custom content that will never update Restrict Update This feature will allow the protection of sections from being updated, which is very useful for customised notes. GRAP Release Notes March 2015 Page 5

6 Alternative content this icon will navigate to all notes or sections where an alternative disclosure layout is available. { Selecting this icon will provide and interface where all related options can be viewed and selected prior to inclusion in the financial statements. Note: Even though this technology is available, no alternative disclosure is available on the GRAP template. Rounding to ones, thousands and millions This functionality is a technological enhancement that will ensure that the rounding differences are stable and that the large variances experienced are significantly reduced, requiring no intervention form the compiler of the information. This improvement ensures that rounding of figures are more accurate reducing the occurrence of variances which required manual intervention from the compiler of the financial statements. Note: that after this update, you could experience minor rounding differences, due to the previous way rounding was done. Once corrected you should not experience any rounding differences in the future. MFMA NT Forms February 2015 Overview of MFMA NT National Treasury issued a new version of Schedule A to be used by Municipalities and Municipal Entities for the 2015/2016 budget year. Furthermore National Treasury have release some updates to other return forms. Even though these documents cannot be automated from the CaseWare file, we include them in the update to ensure you have all the latest documents released from National Treasury. This update will add these new versions to your document manager, under the folder MFMA Statutory Reporting. MFMA NT Forms Affected changes Number Description New versions of Budget formats AR1.1.V8 Schedule A: Municipal budget v7.1.1 New versions of the Return forms BLC Budget Locking certificate MO11.27.V1.1 Municipal Human Settlements Capacity Grant v1.1 GUIDE4 Budget Format Guidelines RFPI1.1 Request for primary information Page 6

7 Contact CQS Main Contact Details CQS Reception ProBeta Reception Help Desk Direct Extension CaseWare Working Papers CaseWare Time TaxWare SecWare CQS Support ProBeta Support CQS Web Support ProBeta Web Support Other Important Details Register at for easy access to frequently asked questions, upgrades, downloads and technical documentation. us at regarding Feedback Ideas on service or products Product information Account or license information Any other queries GRAP Release Notes March 2015 Page 7