Original Research

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

Deon Scott, Christa Wingard, Marilene van Biljon
South African Journal of Economic and Management Sciences | Vol 19, No 1 | a1339 | DOI: https://doi.org/10.4102/sajems.v19i1.1339 | © 2016 Deon Scott, Christa Wingard, Marilene van Biljon | This work is licensed under CC Attribution 4.0
Submitted: 12 March 2015 | Published: 02 March 2016

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Deon Scott, University of South Africa, South Africa
Christa Wingard, University of South Africa, South Africa
Marilene van Biljon, University of South Africa, South Africa

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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.


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