Generally Recognised Accounting Practice for Heritage Assets

GRAP 103 is the Standard of Generally Recognised Accounting Practice on Heritage Assets, issued by the Accounting Standards Board (ASB) of South Africa for application by public-sector entities preparing financial statements under the GRAP framework. The standard prescribes the recognition, measurement, presentation, and disclosure requirements for heritage assets, defined as assets that have cultural, environmental, historical, natural, scientific, technological, or artistic significance and are held indefinitely for the benefit of present and future generations.

Under GRAP 103, an entity recognises a heritage asset when it meets the asset definition and its cost or fair value can be measured reliably. Where reliable measurement is not possible (a common situation for irreplaceable items), the asset is disclosed in the notes rather than recognised on the statement of financial position. The standard requires entities to choose either the cost model or the revaluation model after recognition, and explicitly does not require depreciation to be charged for heritage assets, recognising their indefinite useful lives.

[Editor draft - based on canonical knowledge of the South African GRAP framework; verify against the latest ASB-issued GRAP 103 standard before applying to financial statements.]