The specific principles, bases, conventions, rules and practices applied in preparing and presenting financial statements.

The effects of transactions and other events are recognised when they occur rather than when the cash is received or paid.

The effects of differences between the previous actuarial assumptions and what has actually occurred as well as the effect of changes in actuarial assumptions.

The amount at which a financial asset or financial liability is measured at initial recognition, adjusted for principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and minus any reduction for impairment or uncollectability.

A resource controlled by the entity as a result of a past event from which future economic benefits are expected to flow.

An entity over which the investor has significant influence and that is neither a subsidiary nor an interest in a joint venture.

Non-derivative financial assets that are not classified as loans and receivables, held-to-maturity investments or financial assets at fair value through profit or loss.

Interest and other costs incurred in connection with the borrowing of funds.

A business combination is the bringing together of separate entities or businesses into one reporting entity.

The amount at which an asset is recognised after deducting any accumulated depreciation and accumulated impairment losses.

Cash and cash equivalents comprises cash on hand and demand deposits. They are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

A hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with an asset, or liability, or a highly probable forecast transaction that could affect profit or loss.

The smallest identifiable group of assets that generates cash inflows and are largely independent of the cash inflows from other assets or groups of assets.

An adjustment to an asset or a liability as a result of new information or developments.

An obligation that derives from an established pattern of past practice, published policies or a sufficiently specific current statement such that it created a valid expectation on the part of other parties that the obligation will be met.

The financial statements of a group presented as those of a single economic entity.

A possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognised because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

The power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The incremental costs directly attributable to the disposal of an asset (or disposal group), excluding finance costs and income taxation expense.

The date on which the transaction first qualifies for recognition in accordance with International Financial Reporting Standards.

The systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset less its residual value.

The removal of a previously recognised asset or liability from the balance sheet.

A financial instrument whose value changes in response to an underlying contract, requires no initial or minimal net investment in relation to other types of contracts that would be expected to have a similar response to changes in market factors and is settled at a future date.

The application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before starting commercial production or use.

A component that has either been disposed of or is classified as held for sale and represents a separate major line of business or geographical operational area or a subsidiary acquired exclusively with a view to resale.

The rate used for purposes of determining discounted cash flows defined as the yield on relevant South African Government bonds that have maturity dates approximating the term of the related cash flows. The pre-taxation interest rate reflects the current market assessment of the time value of money. In determining the cash flows, the risks specific to the asset or liability are taken into account in determining those cash flows and are not included in determining the discount rate.

The derived rate that discounts the expected future cash flows to the current carrying amount of the financial asset or financial liability.

A contract that evidences a residual interest in the total assets after deducting the total liabilities.

A method in which the investment is initially recognised at cost and adjusted thereafter for the post acquisition change in the share of net assets of the investee. Profit or loss includes the share of the investee’s profit or loss.

All forms of consideration given in exchange for services rendered by employees.

The decreases in economic benefits in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants.

The amount for which an asset could be exchanged between knowledgeable and willing parties in an arm’s length transaction.

A hedge of exposure to changes in fair value of a recognised asset, liability or firm commitment.

A lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred.

Cash or cash equivalents, a right to receive cash, an equity instrument or a right to exchange financial instruments under favourable conditions.

A contractual obligation to pay cash or transfer other benefits or an obligation to exchange a financial instrument under unfavourable conditions.

A contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

A financial asset or financial liability that is classified as held-for-trading or is designated as such on initial recognition other than investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured.

A binding agreement for the exchange of a specified quantity of resources at a specified price on a specified future date or dates.

An uncommitted but anticipated future transaction.

The assumption that the entity will continue in operation for the foreseeable future.

The aggregate of the minimum lease payments receivable by the lessor under a finance lease and any unguaranteed residual value accruing to the lessor.

An asset, liability, firm commitment, highly probable forecast transaction or net investment in a foreign operation that exposes the entity to risk of changes in fair value or future cash flows and is designated as being hedged.

A designated derivative or non-derivative financial asset or non-derivative financial liability whose fair value or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item.

One that is acquired or incurred principally for the purpose of selling or repurchasing it in the near term or as part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking or a derivative (except for a derivative that is a designated and effective hedging instrument).

A non-derivative financial asset with fixed or determinable payments and fixed maturity where there is a positive intention and ability to hold it to maturity.

If individually or collectively it would not influence the economic decisions of the users.

The amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount or sales price.

When, after making every reasonable effort to do so, the requirement cannot be applied.

Increase in economic benefits in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.

The contractually agreed sharing of control over an economic activity.

A contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.

An obligation that derives from a contract, legislation or other operation of law.

A present obligation arising from a past event, the settlement of which is expected to result in an outflow of resources embodying economic benefits.

Non-derivative financial asset, with fixed or determinable repayments that are not quoted in an active market.

Payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by and re-imbursed to the lessor, together with any amounts guaranteed by the lessee or by a party related to the lessee or in the case of a lessor, any residual value guaranteed to the lessor by the lessee, a party related to the lessee or a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.

An asset which will be settled in a fixed or determinable amount of money.

A liability which will be settled in a fixed or determinable amount of money.

The gross investment in the lease discounted at the interest rate implicit in the lease.

A lease other than a finance lease.

A contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.

Property held by the owner or by the lessee under a finance lease for use in the production or supply of goods or services or for administrative purposes.

The increase or decrease in the present value of the defined benefit obligation for employee service in prior periods resulting from the introduction of, or changes to post-employment benefits or other long-term employee benefits.

Commissions to brokers and dealers, levies by regulatory agencies and commodity exchanges and transfer taxes and duties, excluding transport and other costs necessary to get the assets to the market.

Employee benefits (other than termination benefits) that are payable after the completion of employment.

Formal or informal arrangements under which an entity provides post-employment benefits to employees. Defined contribution benefit plans are where there are no legal or constructive obligations for the employer to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Defined benefit plans are post-employment benefit plans other than defined contribution plans.

The currency in which the financial statements are presented.

An omission from or misstatement in the financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that was available when financial statements for those periods were authorised for issue and could reasonably be expected to have been obtained and taken into account in the preparation of those financial statements.

A method where the venturer’s share of each of the assets, liabilities, income and expenses of a jointly controlled entity is combined line by line with similar items in the venturer’s financial statements or reported as separate line items in the venturer’s financial statements.

Applying a new accounting policy to transactions, other events and conditions occurring after the date the policy changed or recognising the effect of the accounting policy change in the current and future periods.

The higher of an asset’s or cash-generating unit’s fair value less costs to sell and its value-in-use.

A purchase or sale of a financial asset under a contract whose terms require delivery of the asset within the timeframe established by regulation or convention in the marketplace concerned.

Parties are considered to be related if one party directly or indirectly has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions or is a member of the key management of the entity.

The original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding.

The estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Applying a new accounting policy to transactions, other events and conditions as if that policy had always been applied.

Correcting the recognition, measurement and disclosure of amounts as if a prior period error had never occurred.

A transaction in which the entity issues shares, share options or pays cash based on the share price, to employees in exchange for services rendered.

Significant influence is the power to participate in the financial and operating policy decisions of the associate which is not control or joint control over those policies.

An entity that is controlled by the parent.

The tax base of an asset is the amount that is deductible for taxation purposes if the economic benefits from the asset are taxable or is the carrying amount of the asset if the economic benefits are not taxable.

The tax base of a liability is the carrying amount of the liability less the amount deductible in respect of that liability in future periods.

The tax base of revenue received in advance is the carrying amount less any amount of the revenue that will not be taxed in future periods.

The differences between the carrying amount of an asset or liability and its tax base.

Incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability.

The difference between the gross investment in the lease and the net investment in the lease.

The period over which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset.

The present value of the future cash flows expected to be derived from an asset or cash-generating unit.