GRAP 103 - Heritage assets

CPD hours:  1

Welcome to this module on GRAP 103, which focuses on the accounting treatment of heritage assets in the South African public sector.

Heritage assets are not like ordinary assets. They are held not for financial gain, but for their cultural, historical, environmental, or artistic value. These assets—such as monuments, museum collections, and protected natural sites—are preserved for the benefit of current and future generations.

GRAP 103 recognises the unique nature of these assets and provides a framework for how they should be recognised, measured, and disclosed in financial statements. For example, a public museum may hold a collection of rare artefacts that are not depreciated, but still need to be accounted for transparently.

This course will help you understand how GRAP 103 supports responsible stewardship and enhances public accountability in managing heritage assets.

What you will learn

By the end of this course, you will be able to:

• What qualifies as a heritage asset under GRAP 103.
• How heritage assets are recognised and measured.
• Why most heritage assets are not depreciated.
• What disclosures are required in the financial statements.
• How GRAP 103 promotes transparency and accountability in the public sector.

Important information

Please take note of the following important details regarding your course access and certification:

• Certificates will be issued on the date of successful completion of the assessment and will reflect that date.
• Course access is valid for 12 months, after which the course will close.
• No updates will be made to the course during the 12-month access period. If updates become available, they will be released in a new course available for purchase on our website.
• For the Altimax terms and conditions, please refer to our website.