127363 Gauteng Sports 2020.indb

GAUTENG DEPARTMENT OF SPORT, ARTS, CULTUREAND RECREATION: VOTE 12 NOTES TO THEANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2020

PART A: ACCOUNTING POLICIES

Summary of signi ¿ cant accounting policies The ¿ nancial statements have been prepared in accordance with the following policies, which have been applied consistently in all material aspects unless otherwise indicated. Management has concluded that the ¿ nancial statements present fairly the department’s primary and secondary information. The historical cost convention has been used except where otherwise indicated. Management has used assessments and estimates in preparing the annual ¿ nancial statements. These are based on the best information available at the time of preparation. Where appropriate and meaningful, additional information has been disclosed to enhance the usefulness of the ¿ nancial statements and to comply with the statutory requirements of the Public Finance Management Act (PFMA), Act 1 of 1999 (as amended by Act 29 of 1999) and Treasury Regulations issued in terms of the PFMA and the annual Division of Revenue Act. 1 Basis of preparation The ¿ nancial statements have been prepared in accordance with the Modi ¿ ed Cash Standard. 2 Going concern The ¿ nancial statements have been prepared on a going concern basis. 3 Presentation currency Amounts have been presented in the currency of the South African rand (R) which is also the functional currency of the department. 4 Rounding Unless otherwise stated, ¿ nancial ¿ gures have been rounded to the nearest one thousand rand (R’000). 5 Foreign currency translation Cash À ows arising from foreign currency transactions are translated into South African rands using the spot exchange rates prevailing at the date of payment/receipt. 6 Comparative information 6.1 Prior period comparative information Prior period comparative information has been presented in the current year’s ¿ nancial statements. Where necessary, ¿ gures included in the prior period ¿ nancial statements have been reclassi ¿ ed to ensure that the format in which the information is presented is consistent with the format of the current year’s ¿ nancial statements. 6.2 Current year comparison with budget A comparison between the approved, ¿ nal budget and actual amounts for each programme and economic classi ¿ cation is included in the appropriation statement.

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2019/20 ANNUAL FINANCIAL STATEMENTS