Annual Report 2009
 
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Financials       
Accounting policies    
 
 

6.

  

ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS

During the current financial year the following accounting standards, interpretations and amendments to published accounting standards were adopted:
   
  Accounting standard/interpretation   Type   Description  
  IFRIC Interpretation 12 – Service Concession Arrangements   New interpretation   This Interpretation sets out general principles on recognising and measuring the obligations and related rights in service concession arrangements. This statement had no effect on Group and Company to date.  
  IFRIC Interpretation 13 – Customer Loyalty Programme   New interpretation   The Interpretation addresses accounting by the entity that grants award credits to its customers. This statement had no effect on Group and Company to date.  
  IFRIC 14 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction   New interpretation   This Interpretation applies to all post-employment defined benefits and other long-term employee defined benefits. This statement had no effect on Group and Company to date.  
   

At the date of issue of these financials, the following accounting standards, interpretations and amendments to published accounting standards were in issue but not yet effective:
   
  Accounting standard/interpretation   Type   Effective date  
  IAS 1 – Presentation of Financial Statements   Amendment   Financial years commencing on or after 1 January 2009  
  IAS 1 – Presentation of Financial Statements – Classification of convertible instruments as either non-current or current   Amendment   Financial years commencing on or after 1 January 2010  
  IAS 7 – Statement of Cash Flows   Amendment   Financial years commencing on or after 1 January 2010  
  IAS 17 – Leases   Amendment   Financial years commencing on or after 1 January 2010  
  IAS 18 – Revenue   Amendment   Financial years commencing on or after 1 January 2010  
  IAS 23 – Borrowing Costs   Amendment   Financial years commencing on or after 1 January 2009  
  IAS 27 – Consolidated and Separate Financial Statements   Amendment   Financial years commencing on or after 1 July 2009  
  IAS 32 and IAS 1 – Financial Instruments Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation   Amendment   Financial years commencing on or after 1 January 2009  
  IFRS 2 – Share-based Payments – Vesting Conditions and Cancellations   Amendment   Financial years commencing on or after 1 January 2009  
  IFRS 2 – Share-based Payments – Group Cash-settled Share-based Payment Transactions   Amendment   Financial years commencing on or after 1 January 2010  
  IFRS 3 – Business Combinations   Amendment   Financial years commencing on or after 1 July 2009  
  IFRS 5 – Non-current assets Held for Sale and Discontinued Operations   Amendment   Financial years commencing on or after 1 July 2009  
  IFRS 8 – Operating Segments   New Statement   Financial years commencing on or after 1 January 2009  
  IFRS 8 – Operating Segments – Disclosure of information regarding Profit and Loss, Assets and Liabilities   Amendment   Financial years commencing on or after 1 January 2010  
  IFRIC 9 – Reassessment of Embedded Derivatives   Amendment   Financial years commencing on or after 1 July 2009  
  IFRIC 9 and IAS 39 – Embedded Derivatives   New interpretation   Financial years commencing on or after 30 June 2009  
  IFRIC 16 – Hedges of a net investment   New interpretation   Financial years commencing on or after 1 October 2008  
  IFRIC 16 – Hedges of a net investment in a Foreign Operation   Amendment   Financial years commencing on or after 1 July 2009  
  IFRIC 15 – Agreements for the Construction of Real Estate   New interpretation   Financial years commencing on or after 1 January 2009  
  IFRIC 17 – Distributions of Non-cash Assets to Owners   New interpretation   Financial years commencing on or after 1 July 2009  
  IFRIC 18 – Transfers of Assets from Customers   New interpretation   For assets transferred from customers received on or after 1 July 2009  
  IAS 36 – Impairment of Assets   Amendment   Financial years commencing on or after 1 January 2010  
  IAS 38 – Intangible Assets   Amendment   Financial years commencing on or after 1 July 2009  
  IAS 39 – Financial Instruments: Recognition and Measurement – Eligible Hedged items   Amendment   Financial years commencing on or after 1 July 2009  
  IAS 39 – Financial Instruments: Recognition and Measurement – Scope Exemption for Business Combination Contracts and Cash Flow Hedge Accounting   Amendment   Financial years commencing on or after 1 January 2010  
  AC 504 – IAS 19 (AC 116) – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction in the South African Pension Fund Environment   New interpretation   Financial years commencing on or after 1 April 2009  
  AC 503 – Accounting for Black Economic Empowerment (BEE) Transactions   Revised   Financial years commencing on or after 1 January 2009  
  IFRS 1 – First-time Adoption of International Financial Reporting Standards   Amendment   Financial years commencing on or after 1 July 2009  
  IAS 27 – Consolidated and Separate Financial Statements – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate   Amendment   Financial years commencing on or after 1 January 2009  
  IFRS 7 – Financial Instruments disclosures Improving Disclosures about Financial Instruments   Amendment   Financial years commencing on or after 1 January 2009  
  Improvements Projects   Improvements to IFRSs   Financial years commencing on or after 1 January 2009 and 1 January 2010  
   

The directors have not yet determined what the impact of these new standards and interpretations on the Company will be.
   
 
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