First-time GRAP adoption

1. 01Problem

   The entity was moving from IFRS to GRAP, changing its year-end and replacing its depreciation method at the same time. It needed an independent recalculation of every fixed asset's carrying value and a supportable position on fully depreciated assets still in use.

2. 02Scope

   More than 2,000 fixed assets; a non-standard 334-day period with per-day calculation; a sub-population of fully depreciated assets in use. Technical analysis with reference to GRAP 3, GRAP 17 and Directive 2.

3. 03Monsoon's contribution

   • Extracted per-asset inputs from the register and policy.
   • Recalculated straight-line depreciation for each asset under the new method.
   • Computed an age-weighted deemed-cost proxy for the fully depreciated population.
   • Flagged under- and over-depreciation and edge cases.

   Fixed assets · recalculated carrying valueSample data

   Asset	Old carrying value	Recalculated	Difference	Status
   FA-01184	412 650	398 210	−14 440	Reviewed
   FA-01185	88 300	88 300	0	Reviewed
   FA-01192	0	27 905	+27 905	Reviewed
   FA-01207	1 204 000	1 190 532	−13 468	Reviewed

4. 04Professional oversight

   The engagement team reviewed flagged exceptions and carried out the GRAP technical review. The technical decision trail was documented for the external auditor.

5. 05Evidenced outcome

   Every asset recalculated and every variance tabulated. A standalone assessment proposed a deemed-cost restatement of approximately R3.4 million on first-time adoption. source: confirm figure, its status (proposed vs adopted) and client consent Delivered within the reporting deadline. source

Client anonymised. Outputs were prepared for professional review and sign-off. confirm: client consent (E1) Related: AFS support today.