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246 <strong>Telkom</strong> Annual Report 2009 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 46. ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED (continued) IFRS2 Share-Based Payment: Vesting Conditions and Cancellations (amended) This amendment is effective for annual periods beginning on or after January 1, 2009. The amendments to IFRS2 Share-Based Payment clarifies the definition of vesting conditions and the accounting treatment of cancellations by the counterparty to a share-based arrangement. The amendment will not have a material impact on the consolidated financial statements. IFRS2 Share-Based Payment: Group Cash-Settled Share-Based Payment Arrangements (amended) This amendment is effective for annual periods beginning on or after January 1, 2010. The amendment clarifies how an individual subsidiary in a group should account for some share-based payment arrangements in its own financial statements. The amendment will not have a material impact on the Company’s/Group’s financial statements. IFRS3 Business Combinations (revised) The revisions are effective for annual periods beginning on or after 1 July 2009 .The revised standard still applies the acquisition method of accounting for business combinations, with some significant changes. For example, all payments to purchase a business are to be recorded at fair value at the acquisition date, with contingent payments classified as debt subsequently re-measured through the income statement. There is a choice on an acquisition-by-acquisition basis to measure the non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. All acquisition-related costs should be expensed. The impact of the revised standard is being evaluated. IFRS7 Financial Instruments: Disclosures (amended) The interpretation is applicable for annual periods beginning on or after January 1, 2009. The amendment requires enhanced disclosures about fair value measurements and liquidity risk. The impact of the amendment is being evaluated. IFRS8 Operating Segments This standard is effective for annual periods beginning on or after January 1, 2009. The standard requires operating segments to be identified on the basis of internal reports about components of the entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. The impact of this standard is currently being evaluated. IFRIC9 Reassessment of Embedded Derivatives (amended) The amendment is effective for annual periods ending on or after June 30, 2009. The amendment clarifies that on reclassification of a financial asset out of the ’fair value through profit or loss’ category, all embedded derivatives have to be assessed and, if necessary, separately accounted for in financial statements. The amendment will not have an impact on the consolidated financial statements as the Group does not have material embedded derivatives. IFRIC13 Customer Loyalty Programmes The interpretation is effective for annual periods beginning on or after July 1, 2008. The interpretation requires loyalty award credits granted to customers in connection with a sales transaction to be accounted for as a separate component of the sales transaction. The consideration received in the sales transaction would, therefore, be allocated between the loyalty award credits and the other components of the sale. The interpretation is not relevant to the Group’s operations because none of the Group entities operate any loyalty programmes. Where the cost of fulfilling the awards is expected to exceed the consideration received, the Group will have to recognise an onerous contract liability. The impact of this interpretation is being evaluated. IFRIC15 Agreements for the Construction of Real Estate The interpretation is effective for annual periods beginning on or after January 1, 2009. The aim of this interpretation is to determine whether an agreement for the construction of real estate is within the scope of IAS11 Construction Contracts or IAS18 Revenue. This interpretation is not relevant to the Group’s operations as the Group does not construct real estates.
46. ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED (continued) IFRIC16 Hedges of a Net Investment in a Foreign Operation <strong>Telkom</strong> Annual Report 2009 247 Notes to the consolidated annual financial statements (continued) for the three years ended March 31, 2009 The interpretation is effective for annual periods beginning on or after October 1, 2008. The interpretation provides guidance in respect of hedges of foreign currency gains and losses on a net investment in a foreign operation. This includes the fact that net investment hedging relates to differences in functional currency and not presentation currency, and hedging instruments may be held anywhere in the Group. The interpretation will not have an impact on the consolidated annual financial statements. IFRIC17 Distributions of Non-Cash Assets to Owners The interpretation is effective for annual periods beginning on or after July 1, 2009. The interpretation provides guidance on how an entity should account for non-cash distributions to its owners and/or distributions that give owners a choice of receiving either non-cash assets or a cash alternative. The impact of this interpretation is being evaluated. IFRIC18 Transfer of Assets from Customers The interpretation is effective for annual periods beginning on or after July 1, 2009. The interpretation clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant and equipment (’PPE’) that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services. The interpretation also provides guidance where an entity receives cash from a customer that must be used only to acquire or construct an item of PPE in order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services. The impact of this interpretation is currently being evaluated. IAS1 Presentation of Financial Statements (revised) The revised standard is effective for annual periods beginning on or after January 1, 2009. IAS1R introduces a statement of comprehensive income with two optional formats and refers to the balance sheet and cash flow statement by different names: the ’statement of financial position’ and ’statement of cash flows’, respectively. The revision to the standard will result in changes in the way the consolidated annual financial statements are presented. IAS7 Cash Flow Statement: Consequential Amendments Arising from Amendments to IAS16 The amendment is effective for annual periods beginning on or after January 1, 2009. IAS7 as amended requires cash receipts and payments relating to purchase, rental and sale of property, plant and equipment held for rental to be treated as cash flows from operating activities. The impact of this amendment is being evaluated. IAS23 Borrowing Costs (revised) The revised standard applies to borrowing costs relating to qualifying assets for which the commencement date for capitalisation is on or after January 1, 2009. The revised standard requires all borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets to be capitalised. The Group does not expect the adoption of the standard to have a material impact. IAS27 Consolidated and Separate Financial Statements (revised) The revisions are effective for annual periods beginning on or after July 1, 2009. The revised standard requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer result in goodwill or gains and losses. The standard also specifies the accounting when control is lost. Any remaining interest in the entity is re-measured to fair value, and a gain or loss is recognised in profit or loss. The impact of the revised standard is being evaluated. IAS27 Consolidated and Separate Financial Statements – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (amended) The amended standard is effective for annual periods beginning on or after January 1, 2009. The amended standard is for the following changes in respect of the holding company’s separate financial statements: • The deletion of the ’cost method’. Making the distinction between pre- and post- acquisition profits is no longer required. All dividends will be recognised in profit or loss. However, the payment of such dividends requires the entity to consider whether there is an indicator of impairment; and • In cases of reorganisations where a new parent is inserted above an existing parent of the group (subject to meeting specific requirements), the cost of the subsidiary is the previous carrying amount of its share of equity items in the subsidiary rather than its fair value. The impact of this amended standard is currently being evaluated.
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We are... one of Africa’s largest
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Telkom shareholding as at March 31,
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Grow profitable revenue through wir
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600 500 400 300 200 100 0 07 08 09
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The telecommunications industry Con
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egulation that stipulated standard
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a - Euros a - Euros a - Euros 0.25
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ated management team with experienc
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The regulatory environment The regu
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On target for 2010 Telkom Annual Re
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Online impairments, the fixed-line
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• Remodelling - reaching for new
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in this annual report has been upda
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Capital expenditure for the Group i
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More than100 years of combined tele
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Management team Telkom Annual Repor
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Telkom Annual Report 2009 33 Age at
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uild a partnership with communities
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Customers: Through our Customer Cen
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• Interfacing with the media Whil
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Partnering with Human Resources Gro
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The members’ resignations and app
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Share dealings In line with JSE Lis
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NYSE rules Telkom practice Telkom A
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the codes of conduct and ethics tha
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Telkom Annual Report 2009 51 Enterp
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provider, we practice a risk manage
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egulate the business of dealers in
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addressing a number of significant
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There was a major Over the past dec
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payment policy that facilitates the
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Headcount movement Compensation and
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• Accelerated development of wome
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14,500 union members participated i
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were admitted to the university in
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ole in exposing students to the rea
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Sick leave indices • We saved R2
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These will be augmented by another
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Some of the key deliverables are:
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Fittingly, the initiative was launc
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Sponsorships Sponsorships continue
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Item Comment and reference Governan
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espond to competitive challenges Pe
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Operational review History and deve
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service. All costs including instal
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Traffic was adversely affected in b
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Telkom’s focus on bringing new in
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esponse of the CDMA operators to ou
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MWEB Africa On April 21, 2009, we a
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VPN model that allows other service
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services and also to support Telkom
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Telkom’s fixed-line voice busines
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Results of operations The Telkom Gr
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EBITDA can be reconciled to operati
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Telkom Annual Report 2009 109 Finan
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Fixed-line operating revenue increa
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The following table sets forth info
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Interconnection revenue Year ended
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Telkom Annual Report 2009 117 Fixed
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Fixed-line payments to other networ
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Service fees increased in the year
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Vodacom’s operating revenue from
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our fixed-line business, which were
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Vodacom’s selling, general and ad
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The increase in other operating rev
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commercial paper bills, as well as
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The following table sets forth our
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challeng Consolidated financial sta
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138 Telkom Annual Report 2009
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140 Telkom Annual Report 2009 Direc
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142 Telkom Annual Report 2009 Conso
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146 Telkom Annual Report 2009 Notes
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346 VOTING AND PROXIES Ordinary sha
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Notes Telkom Annual Report 2009 1.
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