GPW_AR_2013_Final_v10.pdf

When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised.The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs.The amount of any reversal of any write-down of inventories, arising from an increase in net realisable value, is recognised as a reduction in the amount of inventories and as an expense in the period in which the reversal occurs. 1.6 Impairment of assets The entity assesses at each statement of ½ nancial position date whether there is any indication that an asset may be impaired. If any such indication exists, the entity estimates the recoverable amount of the asset. If there is any indication that an asset may be impaired, the recoverable amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is determined.

If there is any indication that assets may be impaired, the recoverable amount is estimated for the individual asset.

The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.That reduction is an impairment loss.

An impairment loss of assets carried at cost less any accumulated depreciation is recognised immediately in pro ½ t or loss.

The increased carrying amount of assets attributable to a reversal of an impairment loss does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.

A reversal of an impairment loss of assets carried at cost less accumulated depreciation is recognised immediately in pro ½ t or loss.

6IXMVIQIRX FIRI½XW

4IRWMSR JYRHW The GPW contributes to the Government Employees’ Pension Fund in respect of employer’s contribution to the fund, as prescribed by law, and therefore recognised as an expense in the accounting period. No provision is made for pension retirement bene ½ ts in the ½ nancial statements of the GPW as the pension scheme is administrated by National Treasury (NT). Once the employee leaves the GPW, he/she becomes a pension member under the auspices of the NT and has no relationship with the GPW. 1IHMGEP FIRI½XW The GPW provides medical bene ½ ts for its employees in accordance with public service conditions of service bene ½ ts. These bene ½ ts are funded by employer and employee contributions. Employer contributions to the fund are expensed when money is paid to the fund. No provision is therefore made for medical bene ½ ts in the ½ nancial statements of the GPW.The GPW does not bear any responsibility for medical bene ½ ts for employees who have retired.

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GPW ANNUAL REPORT 2012 | 2013