Cash and cash equivalents are classified as financial
assets that are debt instruments measured at amortised
cost.
1.6 Leases
A lease is classified as a finance lease if it transfers
substantially all the risks and rewards incidental to
ownership. A lease is classified as an operating lease if
it does not transfer substantially all the risks and rewards
incidental to ownership.
Operating leases – lessee
Operating lease payments are recognised as an
expense on a straight-line basis over the lease term.
The difference between the amounts recognised as an
expense and the contractual payments are recognised
as an operating lease asset. This asset is not discounted.
Any contingent rent is expensed in the period it is
incurred.
1.7 Inventory
Inventories are measured at the lower of cost and net
realisable value.
Net realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs of
completion and the estimated costs necessary to make
the sale.
The cost of inventories comprises of all costs of purchase,
costs of conversion and other costs incurred in bringing
the inventories to their present location and condition.
The cost of inventories is assigned using the weighted
average cost formula. The same cost formula is used
for all inventories having a similar nature and use to the
entity.
When inventories are sold, the carrying amounts of those
inventories are recognised as an expense in the period
in which the related revenue is recognised. The amount
of any write-down of inventories to net realisable value
and all losses of inventories are recognised as an
expense in the period the write-down or loss occurs.
The amount of any reversal of any write-down of
inventories, arising from an increase in net realisable
value, are recognised as a reduction in the amount of
inventories recognised as an expense in the period in
which the reversal occurs.
1.8 Trust funds
Congress decides for which expenses the Levy Fund
and Relief Fund may be used, as well as the transfers to
and from the Levy Fund and Relief Fund.
Handelskrediteure word as finansiële laste geklassifiseer
en gemeet teen geamortiseerde koste.
Kontant en kontantekwivalente
Kontant en kontantekwivalente bestaan uit kontant
voorhande en aanvraagdeposito’s en ander hoogs
likiede korttermynbeleggings wat geredelik in ‘n be
kende kontantbedrag omskepbaar is en aan nietige
risiko’s ten opsigte van waardeverandering onder-
hewig is. Dit word aanvanklik en daarna teen billike
waarde aangeteken.
Kontant en kontantekwivalente word as ‘n finansiële
bate, wat ‘n skuldinstrument is, gemeet teen geamorti-
seerde koste.
1.6 Hure
‘n Huur word as ‘n bruikhuur geklassifiseer indien dit
in wese al die risiko’s en voordele verbonde aan
eienaarskap oordra. ‘n Huur word as ‘n bedryfshuur
geklassifiseer indien dit nie in wese al die risiko’s en
voordele verbonde aan eienaarskap oordra nie.
Bedryfshure – huurder
Bedryfshuurbetalings word op ‘n reguitlyngrondslag
oor die huurtermyn as ‘n uitgawe erken. Die verskil
tussen die bedrae wat as ‘n uitgawe erken word en
die kontraktuele betalings word as ‘n bedryfshuurbate
erken. Die aanspreeklikheid word nie verdiskonteer nie.
Enige voorwaardelike huur word erken in die tydperk
waarin dit aangegaan word.
1.7 Voorraad
Voorraad word teen kosprys of die netto realiseerbare
waarde, welke een ook al die laagste is, gemeet.
Die netto realiseerbare waarde is die beraamde
verkoopsprys in die gewone gang van die besigheid
minus die beraamde koste van afhandeling en die
beraamde koste wat nodig is om die verkoop te doen.
Die koste van voorraad bestaan uit alle verkrygings-
koste, omskeppingskoste en enige ander koste wat
aangegaan word om die voorraad te bring tot waar dit
is en in die toestand waarin dit is.
Die voorraadkoste word toegeken deur die geweegde
gemiddelde kosteformule te gebruik. Dieselfde
kosteformule word gebruik vir alle voorraad met ‘n
soortgelyke aard en gebruik vir die entiteit.
Wanneer voorraad verkoop word, word die drabedrag
van die voorraad as ‘n uitgawe erken in die tydperk
waarin die verwante inkomste erken word. Die bedrag
van enige afwaartse waardasie van voorraad tot netto
realiseerbare waarde en alle verliese van voorraad
word as ‘n uitgawe erken in die tydperk waarin die
afwaartse waardasie of verlies plaasvind.
Die bedrag van enige omswaai van enige afwaartse
waardasie van voorraad voortspruitend uit ‘n toename
in netto realiseerbare waarde, word in die tydperk
1.9 Employee benefits
Short-term employee benefits
The cost of short-term employee benefits, (those
payable within 12 months after the service is rendered,
such as paid vacation leave and sick leave, bonuses,
and non-monetary benefits such as medical care), are
recognised in the period in which the service is rendered
and are not discounted.
The expected cost of compensated absences is
recognised as an expense as the employees render
services that increase their entitlement or, in the case
of non-accumulating absences, when the absence
occurs.
The expected cost of profit sharing and bonus payments
is recognised as an expense when there is a legal or
constructive obligation to make such payments as a
result of past performance.
1.10 Provisions and contingencies
Provisions are recognised when:
•
the entity has a present obligation as a result of a
past event;
•
it is probable that an outflowof resources embodying
economic benefits will be required to settle the
obligation; and
•
a reliable estimate can be made of the obligation.
The amount of a provision is the present value of the
expenditure expected to be required to settle the
obligation.
Where some or all of the expenditure required to settle
a provision is expected to be reimbursed by another
party, the reimbursement shall be recognised when,
and only when, it is virtually certain that reimbursement
will be received if the entity settles the obligation. The
reimbursement shall be treated as a separate asset.
The amount recognised for the reimbursement shall not
exceed the amount of the provision.
Provisions are not recognised for future operating losses.
If an entity has a contract that is onerous, the present
obligation under the contract shall be recognised and
measured as a provision.
1.11 Revenue
Revenue is defined as external trusts or government
institution allocation, advertising and printing
costs received, subscription fees, membership fees
received, commodity levies received, management
fees received, farm income, Harvest Day receipts,
sponsorships, rental income,as well as other sundry
operating income. When the outcome of a transaction
involving the rendering of services can be estimated
reliably, revenue associated with the transaction is
recognised by reference to the stage of completion
of the transaction at the balance sheet date. The
outcome of a transaction can be estimated reliably
when all the following conditions are satisfied:
•
The amount of revenue can be reliably calculated.
•
The economic benefit of the transaction are
expected to be the entity’s.
•
Stage of completion of the transaction at the
balance sheet date can be reliably calculated.
waarin dit omgeswaai word erken as ‘n daling in die
hoeveelheid voorraad wat as ‘n uitgawe erken word.
1.8 Trustfondse
Die Kongres besluit oor uitgawes waarvoor die Hef
fingsfonds en Regshulpfonds aangewend mag word,
asook oor oorplasings na en vanaf die Heffingsfonds en
Regshulpfonds.
1.9 Werknemervoordele
Korttermynwerknemervoordele
Die koste van korttermynwerknemervoordele (dié wat
betaalbaar is binne 12 maande nadat sodanige diens
gelewer is, soos verlof en siekverlof, bonusse en nie-
monetêre voordele, soos mediese sorg) word erken in
die tydperk waarin die diens gelewer word en word nie
verdiskonteer nie.
Die verwagte koste van betaalde afwesigheid word as
‘n uitgawe erken na gelang die werknemer diens lewer
wat sy/haar geregtigheid daarop verhoog, of in die
geval van afwesigheid wat nie ophoop nie, wanneer
die afwesigheid plaasvind.
Die verwagte koste van winsdeling en bonusbetalings
word as ’n uitgawe erken wanneer daar ’n wettige of
afgeleide verpligting is om sodanige betaling as gevolg
van vorige prestasie te doen.
1.10 Voorsienings en gebeurlikhede
Voorsienings word erken wanneer:
•
die entiteit as gevolg van ‘n gebeurtenis in die
verlede ‘n huidige verpligting het;
•
‘n uitvloei van middele wat ekonomiese voordeel
beliggaam, waarskynlik nodig sal wees om die
verpligting te vereffen; en
•
‘n betroubare raming van die verpligting gedoen
kan word.
Die bedrag van ‘n voorsiening is die huidige waarde
van die besteding wat na verwagting nodig sal wees
om die verpligting na te kom.
Indien ‘n ander party na verwagting ‘n gedeelte
van of die totale besteding sal terugbetaal wat
nodig sal wees om ‘n voorsiening te vereffen, sal die
vergoeding erken word wanneer en slegs wanneer
dit bykans seker is dat vergoeding ontvang sal
word indien die entiteit die verpligting nakom. Die
vergoeding sal as ‘n afsonderlike bate hanteer word.
Die bedrag wat vir die vergoeding erken sal word,
sal nie meer wees as die bedrag van die voorsie-
ning nie.
Voorsiening sal nie vir toekomstige verlies erken
word nie.
Indien ‘n entiteit ‘n kontrak het wat beswarend is, sal die
huidige verpligting ingevolge die kontrak erken word en
as ‘n voorsiening bereken word.
1.11 Inkomste
Inkomstes word gedefinieer as eksterne trusts of staatsin-
stansie-befondsing, advertensie en drukkostes gevorder,
intekengelde,ledegelde ontvang, bedryfsheffings ont-
vang, bestuursfooie ontvang, boerdery-inkomste asook
Oesdagontvangstes, borgskappe, huurinkomste en
for the year ended 30 September 2014
Aantekeninge tot die
gekonsolideerde finansiële state
vir die jaar geëindig 30 September 2014
>>
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Financial statements
Finansiële state
