CCMA ANNUAL REPORT

Commission for Conciliation, Mediation and Arbitration Annual Report 2022/23

Financial Statement for the year ended 31 March 2023

Notes to the Financial Statements

2022 Restated*

Figures in Rand

Note(s) 2023

37. Risk management (continued) Foreign exchange risk The entity does not hedge foreign exchange fluctuations.

The CCMA does not hedge foreign exchange fluctuations, thus it is impacted by the currency fluctuations between the South Africa Rand and United States Dollar. However, the impact of such, is continuously assessed and should it be material, hedging instruments might be required.

Foreign currency exposure at statement of financial position date Liabilities Current, USD199 335 (USD721 526)

3 550 934

10 440 481

Exchange rates used for conversion of foreign items were: USO

17.81

14.47

38. Change in estimate Property, plant and equipment and Intangible Assets The useful life of some property, plant, and equipment and intangible assets was re-assessed and increased at the reporting date in line with the Standards of GRAP The effect of the revision for the financial year 2022/23 is a decrease in depreciation expenditure by an amount of R2.4 million

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