| 16. |
Transition to IFRS
As stated in the accounting policies, these are
the Company’s first financial statements
prepared in accordance with IFRS.
The accounting policies have been applied in preparing
the financial statements for the year ended June
30 2006 and the comparative information
presented in these financial statements for the
year ended June 30 2005.
The only adjustment required by the Company for
IFRS is to account for share options granted to
employees of its subsidiaries in accordance with
IFRS 2. The Company’s transition date to
IFRS is July 1 2004 and the Company has
taken advantage of the optional exemption from
full retrospective application at this date to
only account for the cost of options to acquire
shares in the Company, granted subsequent to November
7 2002 which had not vested by January 1
2005.
The implementation of IFRS has not had an impact
on the income statement or cash flow statement
of the Company. The effect of the introduction
of this statement on the balance sheet at July
1 2004 is to increase the value of investments
in subsidiaries and equity-settled share-based
payment reserve by R20,1 million. The value of
investments in subsidiaries and equity-settled
share-based payment reserve increased by R37,8
million at June 30 2005. |
