RTIA Annual Report E-Book

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

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. 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

Prior year comparatives

The presentation and classification of items in the current period is consistent with prior years, unless otherwise specified. The current period annual financial statements have been presented in accordance with industry standards. The information content has remained the same. 1. Significant accounting policies Presentation of Annual Financial Statements The annual financial statements have been prepared in accordance 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 historical cost 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.

121

Road Traffic Infringement Agency • Annual Report 2023/24