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Challenges with the financial reporting of biological assets by public entities in South Africa

South African journal of economic and management sciences, 2016-01, Vol.19 (1), p.139-149 [Peer Reviewed Journal]

Copyright University of Pretoria, Faculty of Economic & Management Sciences 2016 ;ISSN: 1015-8812 ;EISSN: 2222-3436 ;DOI: 10.4102/sajems.v19i1.1339

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  • Title:
    Challenges with the financial reporting of biological assets by public entities in South Africa
  • Author: Scott, Deon ; Wingard, Christa ; Van Biljon, Marilene
  • Subjects: Accounting ; Accrual basis accounting ; Accumulated depreciation ; Annual reports ; Compliance ; Fair value ; Financial reporting ; Financial statements ; Literature reviews ; Public sector ; Studies ; Valuation
  • Is Part Of: South African journal of economic and management sciences, 2016-01, Vol.19 (1), p.139-149
  • Description: Fair value accounting of biological assets in the public sector was introduced with the adoption of the public-sector-specific accounting standard: Generally Recognised Accounting Practice (GRAP) 101. The public sector currently reports on various bases of accounting. Public entities and municipalities report in terms of accrual accounting, and government departments report on the modified cash basis. The lack of a uniform basis of accounting impedes the comparability of financial information. The implementation of GRAP 101 in the public sector is important in facilitating comparability of financial information regarding biological assets. This paper is based on a content analysis of the annual reports of 10 relevant public entities in South Africa and specifically details the challenges that public entities encounter with the application of GRAP 101. These challenges, and how they were addressed by a public entity that adopted and applied GRAP 101, namely the Accelerated and Shared Growth Initiative South Africa – Eastern Cape (AsgiSA-EC), are documented in this research.
  • Publisher: Pretoria: AOSIS
  • Language: English;Afrikaans
  • Identifier: ISSN: 1015-8812
    EISSN: 2222-3436
    DOI: 10.4102/sajems.v19i1.1339
  • Source: AUTh Library subscriptions: ProQuest Central
    ROAD: Directory of Open Access Scholarly Resources
    DOAJ Directory of Open Access Journals
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