BANKSETA ANNUAL REPORT 2023

ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2023

21. ACCOUNTING PRONOUNCEMENTS (continued)

Effective date, commencing on or after

Description

Statement

Amendments to GRAP 1 on presentation of financial statements Improvements to Standards of GRAP (2021)

GRAP 1

1 April 2023 1 April 2023

Employee benefits

GRAP 25

1 April 2023 proposed but likely to be 1 April 2024

Heritage assets (revised)

GRAP 103 GRAP 104

No effective date set

Financial instruments (revised)

1 April 2025

The limit on a defined benefit asset, minimum funding requirements and their interaction (revised) The effect of past decisions on materiality Guideline on accounting for landfill sites Guideline on the application of materiality to financial statements

IGRAP7

No effective date set

IGRAP21 Guideline Guideline

1 April 2023 1 April 2023

No effective date set

An entity shall apply standards of GRAP for annual financial statements covering periods beginning on or after a date to be determined by the Minister of Finance in a regulation to be published in accordance with section 91(1)(b) of the PFMA. a) Amendments to GRAP 1 on presentation of financial statements This amendment to the standard prescribes the disclosure, systematic ordering of notes, sub-total disclosure and other aspects to be adhered to in preparation of financial statements. Its application is not expected to significantly impact the current accounting policies or disclosures. b) GRAP 25 : Employee benefits This standard prescribes the accounting treatment for employee benefits. The changes prescribed from the current applicable standard relate mainly to the accounting requirements of defined benefit plans and as such is not expected to significantly impact the current accounting policies or disclosures. c) GRAP 103 : Heritage assets (revised) The objective of this standard is to prescribe the accounting treatment for heritage assets and related disclosure requirements. The BANKSETA has no transactions, assets or liabilities that fall under this standard.

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PART F: FINANCIAL INFORMATION | BANKSETA ANNUAL REPORT 2022/23