Limpopo Gambling Board Final

LIMPOPO GAMBLING BOARD Financial Statements for the year ended 31 March 2023 Accounting Policies

1.17 Accounting by principals and agents Identification (continued) The entity, as an agent, recognises only that portion of the revenue and expenses it receives or incurs in executing the transactions on behalf of the principal in accordance with the requirements of the relevant Standards of GRAP.

The entity recognises assets and liabilities arising from principal-agent arrangements in accordance with the requirements of the relevant Standards of GRAP.

1.18 Comparative figures Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current year. 1.19 Fruitless and wasteful expenditure Fruitless expenditure means expenditure which was made in vain and would have been avoided had reasonable care been exercised. Fruitless and wasteful expenditure is accounted for in line with all relating requirements, including, but not limited to, ruling Legislation, Regulations, Frameworks, Circulars, Instruction Notes, Practice Notes, Guidelines etc (as applicable). All expenditure relating to fruitless and wasteful expenditure is recognised as an expense in the statement of financial performance in the year that the expenditure was incurred. The expenditure is classified in accordance with the nature of the expense, and where recovered, it is subsequently accounted for as revenue in the statement of financial posistion. 1.20 Irregular expenditure Irregular expenditure as defined in section 1 of the PFMA is expenditure other than unauthorised expenditure, incurred in contravention of or that is not in accordance with a requirement of any applicable legislation, including - (a) this Act; or (b) the State Tender Board Act, 1968 (Act No. 86 of 1968), or any regulations made in terms of the Act; or (c) any provincial legislation providing for procurement procedures in that provincial government.

National Treasury Instruction No.4 of 2022/23 which was issued in terms of sections 76(1) to 76(4) of the PFMA requires

the following: That the entity discloses confirmed irregular expenditure incurred during that particular year. All other details of the Irregular Expenditure are included in the annual report rather than the financial statements.

LIMPOPO GAMBLING BOARD

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