Annexure B
FORMAT OF IMPLEMENTATION PLAN FOR MEDIUM AND LOW CAPACITY MUNICIPALITIES – first plan to be submitted
Name of municipality:
Demarcation Code:
Name of preparer:
Date completed:
Contact Details:
Financial period:
Capacity category:
Medium / Low Capacity
Financial reporting standard
Milestones to be achieved to comply with the
standard
[include the key challenges that have to be overcome]
Presentation of financial statements
(GRAP 1)

Cash flow statements
(GRAP 2)

Accounting policies, changes in
accounting estimates and errors
(GRAP 3)

The Effects of Changes in Foreign
Exchange Rates
(GRAP 4)

Consolidated and Separate Financial
Statements

Preparation of Annual Financial Statements based on Exemption Gazette 30013
MFMA Circular 44
(delete whichever not applicable)
Person responsible
Estimate date of
compliance
[must begin after
exemption period
and take the
transitional
provisions of the
standards into
account]
Page 1
Annexure B
FORMAT OF IMPLEMENTATION PLAN FOR MEDIUM AND LOW CAPACITY MUNICIPALITIES – first plan to be submitted
Financial reporting standard
Milestones to be achieved to comply with the
standard
[include the key challenges that have to be overcome]
Person responsible
Estimate date of
compliance
[must begin after
exemption period
and take the
transitional
provisions of the
standards into
account]
(GRAP 6)
Investments in Associates
(GRAP 7)

Interests in Joint Ventures
(GRAP 8)

Revenue from Exchange Transactions
(GRAP 9)

Construction Contracts
(GRAP 11)

Inventories
(GRAP 12)

Leases
(GRAP 13)

Events after the Reporting Date
(GRAP 14)

Investment Property
(GRAP 16)

Property, Plant and Equipment

Preparation of Annual Financial Statements based on Exemption Gazette 30013
MFMA Circular 44
Page 2
Annexure B
FORMAT OF IMPLEMENTATION PLAN FOR MEDIUM AND LOW CAPACITY MUNICIPALITIES – first plan to be submitted
Financial reporting standard
Milestones to be achieved to comply with the
standard
[include the key challenges that have to be overcome]
Person responsible
Estimate date of
compliance
[must begin after
exemption period
and take the
transitional
provisions of the
standards into
account]
(GRAP 17)
Provisions, Contingent Liabilities and
Contingent Assets
(GRAP 19)

Non-current Assets held for Sale and
Discontinued Operations
(GRAP 100)

Agriculture
(GRAP 101)

Intangible assets
(GRAP 102)

Financial Instruments: Disclosures
(IFRS 7/AC 144)

Income Taxes
(IAS 12/AC 102)

Employee benefits
(IAS 19/AC 116)

Accounting for Government Grants and
Disclosure of Government Assistance

Preparation of Annual Financial Statements based on Exemption Gazette 30013
MFMA Circular 44
Page 3
Annexure B
FORMAT OF IMPLEMENTATION PLAN FOR MEDIUM AND LOW CAPACITY MUNICIPALITIES – first plan to be submitted
Financial reporting standard
Milestones to be achieved to comply with the
standard
[include the key challenges that have to be overcome]
Person responsible
Estimate date of
compliance
[must begin after
exemption period
and take the
transitional
provisions of the
standards into
account]
(IAS 20/AC 134)
Financial Instruments: Presentation
(IAS 32/AC 125)

Impairment of Cash-generating Assets
(IAS 36/AC 128)

Financial Instruments: Recognition
and Measurement
(IAS 39/AC 133)

Impairment of non-cash-generating
Assets
(IPSAS 21)

Preparation of Annual Financial Statements based on Exemption Gazette 30013
MFMA Circular 44
Page 4
Annexure B
FORMAT OF IMPLEMENTATION PLAN FOR MEDIUM AND LOW CAPACITY MUNICIPALITIES – Subsequent plans to be submitted
Name of municipality:
Demarcation Code:
Name of preparer:
Date completed:
Contact Details:
Financial period:
Capacity category:
Medium / Low Capacity
Financial reporting
standard
(delete whichever not applicable)
Milestones to be achieved to
comply with the standard
Amendment to milestone and
or achievement of milestone
[include the key challenges that
have to be overcome]
[include whether the milestones
have been achieved or not, the
reasons for amendments to the
milestones and the reasons for nonachievement]
Presentation of financial
statements
(GRAP 1)

Cash flow statements
(GRAP 2)

Accounting policies, changes
in accounting estimates and
errors
(GRAP 3)

The Effects of Changes in
Foreign Exchange Rates
(GRAP 4)

Consolidated and Separate

Preparation of Annual Financial Statements based on Exemption Gazette 30013
MFMA Circular 44
Person responsible
Estimate date of
compliance
[must begin after
exemption period
and take the
transitional
provisions of the
standards into
account]
Page 5
Annexure B
FORMAT OF IMPLEMENTATION PLAN FOR MEDIUM AND LOW CAPACITY MUNICIPALITIES – Subsequent plans to be submitted
Financial reporting
standard
Milestones to be achieved to
comply with the standard
Amendment to milestone and
or achievement of milestone
[include the key challenges that
have to be overcome]
[include whether the milestones
have been achieved or not, the
reasons for amendments to the
milestones and the reasons for nonachievement]
Person responsible
Estimate date of
compliance
[must begin after
exemption period
and take the
transitional
provisions of the
standards into
account]
Financial Statements
(GRAP 6)
Investments in Associates
(GRAP 7)

Interests in Joint Ventures
(GRAP 8)

Revenue from Exchange
Transactions
(GRAP 9)

Construction Contracts
(GRAP 11)

Inventories
(GRAP 12)

Leases
(GRAP 13)

Events after the Reporting
Date
(GRAP 14)

Investment Property
(GRAP 16)

Preparation of Annual Financial Statements based on Exemption Gazette 30013
MFMA Circular 44
Page 6
Annexure B
FORMAT OF IMPLEMENTATION PLAN FOR MEDIUM AND LOW CAPACITY MUNICIPALITIES – Subsequent plans to be submitted
Financial reporting
standard
Milestones to be achieved to
comply with the standard
Amendment to milestone and
or achievement of milestone
[include the key challenges that
have to be overcome]
[include whether the milestones
have been achieved or not, the
reasons for amendments to the
milestones and the reasons for nonachievement]
Property, Plant and
Equipment
(GRAP 17)

Provisions, Contingent
Liabilities and Contingent
Assets
(GRAP 19)

Non-current Assets held for
Sale and Discontinued
Operations
(GRAP 100)

Agriculture
(GRAP 101)

Intangible assets
(GRAP 102)

Financial Instruments:
Disclosures
(IFRS 7/AC 144)

Income Taxes
(IAS 12/AC 102)

Preparation of Annual Financial Statements based on Exemption Gazette 30013
MFMA Circular 44
Person responsible
Estimate date of
compliance
[must begin after
exemption period
and take the
transitional
provisions of the
standards into
account]
Page 7
Annexure B
FORMAT OF IMPLEMENTATION PLAN FOR MEDIUM AND LOW CAPACITY MUNICIPALITIES – Subsequent plans to be submitted
Financial reporting
standard
Milestones to be achieved to
comply with the standard
Amendment to milestone and
or achievement of milestone
[include the key challenges that
have to be overcome]
[include whether the milestones
have been achieved or not, the
reasons for amendments to the
milestones and the reasons for nonachievement]
Employee benefits
(IAS 19/AC 116)

Accounting for Government
Grants and Disclosure of
Government Assistance
(IAS 20/AC 134)

Financial Instruments:
Presentation
(IAS 32/AC 125)

Impairment of Cashgenerating Assets
(IAS 36/AC 128)

Financial Instruments:
Recognition and
Measurement
(IAS 39/AC 133)

Impairment of non-cashgenerating Assets
(IPSAS 21)

Preparation of Annual Financial Statements based on Exemption Gazette 30013
MFMA Circular 44
Person responsible
Estimate date of
compliance
[must begin after
exemption period
and take the
transitional
provisions of the
standards into
account]
Page 8