Full annual report - African Bank - Investoreports
Full annual report - African Bank - Investoreports
Full annual report - African Bank - Investoreports
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<strong>annual</strong> financial statements<br />
practice which indicates that amounts have been offset. Management also evaluates whether the customers<br />
accounts are managed on a net basis which would support the view that there is an intention to settle on a net basis.<br />
4. Significant accounting policies<br />
4.1 Statement of compliance<br />
4.2 Basis of preparation<br />
4.3 Basis of consolidation<br />
4.4 Assets and liabilities<br />
4.5 Intangible assets<br />
4.5.1 Goodwill<br />
4.5.2 Trademarks<br />
4.6 Property and equipment<br />
4.7 Impairment of non-financial assets<br />
4.8 Non-current assets held for sale<br />
4.9 Inventories<br />
4.10 Financial instruments<br />
4.10.1 Initial recognition<br />
4.10.2 Initial measurement<br />
4.10.3 Subsequent measurement<br />
4.10.4 Derecognition of financial instruments<br />
4.10.5 Derivative financial instruments<br />
4.10.6 Hedge accounting<br />
4.10.7 Offsetting<br />
4.11 Investments<br />
4.12 Loans and advances and related impairment<br />
provisions<br />
4.12.1 Loans and advances<br />
4.12.2 Impairment provisions<br />
4.13 Borrowings<br />
4.14 Cash and cash equivalents<br />
4.15 Short term and longterm insurance<br />
4.16 Policyholder liabilities<br />
4.16.1 Life fund reserve<br />
4.16.2 Group policyholder liabilities<br />
4.16.3 Linked endowment products<br />
4.17 Provisions<br />
4.17.1 Onerous contracts<br />
4.17.2 Restructuring<br />
4.17.3 Liabilities under extended warranties<br />
4.18 Equity<br />
4.18.1 Share capital<br />
4.18.2 Treasury shares<br />
4.18.3 Dividends<br />
4.19 Revenue recognition<br />
4.19.1 Sale of merchandise<br />
4.19.2 Interest income<br />
4.19.3 Rendering of services<br />
4.20 Cost of sales<br />
4.21 Insurance benefits and claims<br />
4.22 Taxation<br />
4.22.1 Indirect taxation<br />
4.22.2 Direct taxation<br />
4.23 Share based payments<br />
4.23.1 Share based payments under the group’s<br />
long term incentive plan (LTIP) for<br />
employees<br />
4.23.2 Measurement of fair value of equity<br />
instruments granted<br />
4.23.3 ABIL Broad-based Black Economic<br />
Empowerment (B-BBEE) share ownership<br />
programme<br />
4.24 Borrowing costs<br />
4.25 Leased assets<br />
4.26 Translation of foreign currencies<br />
4.26.1 Foreign currency transactions and balances<br />
4.26.2 Net investment in a non-South <strong>African</strong><br />
operation<br />
4.27 Employee benefits<br />
4.27.1 Post employment benefits<br />
4.27.2 Short term benefits<br />
4.28 Contingent liabilities and commitments<br />
4.28.1 Contingent liabilities<br />
4.28.2 Commitments<br />
4.29 Segmental <strong>report</strong>ing<br />
4.30 Comparative figures<br />
The significant accounting policies set out below have been applied in the preparation and presentation of the <strong>African</strong><br />
<strong>Bank</strong> Investments Limited (ABIL) group financial statements as well as the ABIL company <strong>annual</strong> financial statements in<br />
dealing with items that are considered material by all the companies within the ABIL group during this <strong>report</strong>ing period.<br />
4.1 Statement of compliance<br />
The group and company <strong>annual</strong> financial statements are prepared in accordance with, and comply with, the<br />
International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board<br />
<strong>African</strong> <strong>Bank</strong> Investments Limited | Integrated Report for the year ended 30 September 2012 233
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