RTIA Annual Report E-Book

Road Traffic Infringement Agency Annual Financial Statements for the year ended 31 March 2024 __________________________________________________________________________________________________________________________________________________________

Significant Accounting Policies 1. Significant accounting policies Presentation of Annual Financial Statements

Entity

The Road Traffic Infringement Agency (“RTIA” or the “Agency”) derives its mandate and functions from the Administrative Adjudication of Road Traffic Offences Act, 1998 (Act No. 46 of 1998). The full responsibilities of the Agency are contained in this Act. Basis of measurement The annual financial statements have been prepared on an accrual basis of accounting and incorporate the historical cost conventions as the basis of measurement, except where specified otherwise. Functional and presentation currency These annual financial statements are presented in South African Rand, which is the Agency’s functional currency. All financial information presented in Rand has been rounded to the nearest Rand. Comparative figures Budget The Budget information presented in accordance with GRAP 1 and 24 has been disclosed separately in the Statement of Budget and Actual Amounts. The approved budget is prepared on an accrual basis and it covers the financial period from 1 April to 31 March. The annual financial statements and budget are prepared on the same basis of accounting. Comparative information is not required.

The annual financial statements have been prepared in ac- cordance with the Standards of Generally Recognised Accounting. Practice (GRAP), issued by the Accounting Standards Board in accordance with Section 91(1) of the Public Finance Management Act (Act 1 of 1999). These annual financial statements have been prepared on an accrual basis of accounting and are in accordance with historicalcost convention as the basis of measurement, unless specified otherwise. They are presented in South African Rand. During the year, a number of standards of GRAP became effective for the current financial period. A summary of the significant accounting policies, which have been consistently applied in the preparation of these annual financial statements, are disclosed below. These accounting policies are consistent with the previous period. The principal accounting policies applied in the preparation of these annual financial statements are set out below.

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Road Traffic Infringement Agency • Annual Report 2023/24