MHSC ANNUAL REPORT 2020

MINE HEALTH AND SAFETY COUNCIL ▪ ANNUAL REPORT 2019/20

Mine Health and Safety Council for the year ended March 31, 2020 Notes to the Financial Statements

2020 R

2019 R

2. New standards and interpretations 2.1 Standards and interpretations effective and adopted in the current year In the current year, the entity has adopted the following standards and interpretations that are effective for the current financial year and that are relevant to its operations:

Standard/ Interpretation:

Effective date: Years beginning on or after

Expected impact:

The impact of the is not material. The impact of the is not material. The impact of the is not material.

•

GRAP 20: Related parties

April 1, 2019

• GRAP 105: Transfers of functions between entities under common control

April 1, 2019

•

GRAP 108: Statutory Receivables

April 1, 2019

2.2 Standards and interpretations issued, but not yet effective The entity has not applied the following standards and interpretations, which have been published and are mandatory for the entity’s accounting periods beginning on or after April 1, 2020 or later periods:

Standard/ Interpretation:

Effective date: Years beginning on or after

Expected impact:

Impact is currently being assessed Impact is currently being assessed Impact is currently being assessed Unlikely there will be a material impact Impact is currently being assessed Impact is currently being assessed Unlikely there will be a material impact Impact is currently being assessed Impact is currently being assessed

•

GRAP 104 (amended): Financial Instruments

March 31, 2020

• Guideline: Guideline on Accounting for Landfill Sites

April 1, 2020

• Guideline: Guideline on the Application of Materiality to Financial Statements

March 31, 2020

• IGRAP 20: Accounting for Adjustments to Revenue

April 1, 2020

• GRAP 1 (amended): Presentation of Financial Statements

April 1, 2020

• GRAP 37: Joint Arrangements

April 1, 2020

• GRAP 110 (as amended 2016): Living and Non‑living Resources • IGRAP 1 (revised): Applying the Probability Test on Initial Recognition of Revenue

April 1, 2020

April 1, 2020

• Directive 7 (revised): The Application of Deemed Cost

April 1, 2020

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“EVERY MINE WORKER RETURNING FROM WORK UNHARMED EVERYDAY”