BANKSETA AR 31 AUGUST

ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2022

21.

ACCOUNTING PRONOUNCEMENTS

21.1 Standards and interpretations effective and newly adopted in the current year

In the current year, there were no new standards that became effective that are relevant to BANKSETA’s operations.

21.2 Standards and interpretations issued but not yet effective

At the date of authorization of these financial statements, there are Standards and Interpretations in issue but not yet effective. These include the following Standards and Interpretations that are applicable to the SETA and may have an impact on future financial statements. At the date of authorisation of these financial statements, there are Standards and Interpretations in issue but not yet effective. These include the following Standards and Interpretations that are applicable to the SETA and may have an impact on future financial statements.

Effective date, commencing on or after

Statement

Employee Benefits Financial Instruments

GRAP 25 No effective date set

GRAP 104 1 April 2025

The limit on a defined benefit asset, minimum funding requirements and their interaction (Revised)

IGRAP7 No effective date set

IGRAP21 1 April 2023

The effect of past decisions on materiality

Guideline on Accounting for Landfill Sites Guideline 1 April 2023 Guideline on the application of Materiality to Financial Statements Guideline 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. 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.

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PART E: FINANCIAL INFORMATION | BANKSETA ANNUAL REPORT 2021/22