Reviewed condensed group financial statements and unreviewed production and sales volumes information for the year ended 31 December 2014

NOTES TO THE REVIEWED CONDENSED GROUP FINANCIAL STATEMENTSfor the year ended 31 December

2.  

Basis of accounting  

 

2.1  

Statement of compliance  

   

The reviewed condensed group financial statements as at and for the year ended 31 December 2014 have been prepared under the supervision of WA de Klerk (CA)SA, South African Institute of Chartered Accountants (SAICA) registration number: 00133273, in accordance with the requirements for provisional reports and the requirements of the Companies Act No 71 of 2008. The Listings Requirements of the JSE Limited (JSE) require provisional reports to be prepared in accordance with the conceptual framework and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting.  

   

The reviewed condensed group financial statements should be read in conjunction with the group annual financial statements as at and for the year ended 31 December 2013, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB). The reviewed condensed group financial statements have been prepared on the historical cost basis, excluding financial instruments and biological assets, which are at fair value.  

   

The reviewed condensed group financial statements of Exxaro and its subsidiaries for the year ended 31 December 2014 were authorised for issue by the board of directors on 3 March 2015.  

 

2.2  

Judgements and estimates  

   

In preparing these reviewed condensed group financial statements, management made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the group's accounting policies and the key source of estimation uncertainty were similar to those applied to the group annual financial statements as at and for the year ended 31 December 2013.