FASSET ANNUAL REPORT
Notes to the Audited Annual Financial Statements for the year ended 31 March 2021
2021
2020 Restated
R ‘000
R ‘000
2. New standards and interpretations 2.1 Standards and interpretations effective and adopted in the current year In the current year, the entity has adopted the following standards and interpretations that are effective for the current financial year and that are relevant to its operations:
Standard/ Interpretation:
Effective date: Years beginning on or after
Expected impact:
• IGRAP 20: Accounting for Adjustments to Revenue 01 April 2020
FASSET has considered the impact of IGRAP 20 and has adjusted the accounting policy Note 1.13 as well as disclosure Note 14 The impact of this standard is not material.
• GRAP 37: Joint Arrangements
01 April 2020
2.2 Standards and interpretations issued, but not yet effective The entity has not applied the following standards and interpretations, which have been published and are mandatory for the entity’s accounting periods beginning on or after 01 April 2021 or later periods:
Standard/ Interpretation:
Effective date: Years beginning on or after
Expected impact:
• GRAP 25 (amended): Employee Benefits
Effective date not yet gazetted Effective date not yet gazetted
The impact of this standard is not material. The impact of this standard is not material.
• GRAP 104 (amended): Financial Instruments
3. Receivables from exchange transactions Pre-payments
256
250
Other receivables
20
48
Staff debtors
-
1
276
299
FASSET Annual Integrated Report 2020/21
104
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