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