Basis of preparation
The consolidated and separate financial statements
are prepared on the historical cost basis except that
derivative financial instruments, financial instruments
held-for-trading and financial instruments classified
as available-for-sale are stated at their fair value.
Non-current assets and disposal groups held-for-sale are
stated at the lower of carrying amount and fair value less
costs to sell.
The preparation of financial statements in conformity
with IFRS requires management to make judgements, estimates
and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income
and expenses. Although estimates and associated assumptions
are based on historical experience and various other factors
that are believed to be reasonable under the circumstances
(the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are
not readily apparent from other sources), the actual outcome
may differ from these estimates.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised,
if the revision affects only that period, or in the period
of the revision and future periods if the revision affects
both current and future periods.
Judgements made in the application of IFRS that have had
an effect on the financial statements and estimates with
a risk of adjustment in the next year are discussed in
The accounting policies set out below have been applied
consistently to all periods presented in these consolidated
financial statements. These financial statements are presented
in South African rand, which is the Group’scial information
has been rounded to the nearest thousand unless stated
Two interpretations issued by the International Financial
Reporting Interpretations Committee are effective for the
current period. These are: IFRIC 13 Customer Loyalty
Programmes and IFRIC 14 IAS 19 The limit on a defined benefit
asset, minus funding requirements and their interaction.
The adoption of these interpretations has not led to any
changes in the policies.