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CSIR ANNUAL REPORT 2010/11 Notes to the Annual Financial Statements for the year ended 31 March 2011 1PRINCIPAL ACCOUNTING POLICIES (continued) De-recognition (continued) is discharged, cancelled or expires. On de-recognition, the difference between the carrying amount of the fi nancial liability and the amount paid for it is included in the statement of comprehensive income. Fair value methods and assumptions The fair value of fi nancial instruments traded in an organised fi nancial market is measured at the applicable quoted prices necessary to realise the asset or settle the liability. The fair value of fi nancial instruments not traded in an organised fi nancial market is determined using a variety of valuation methods and assumptions that are based on market conditions and risk existing at the reporting date, including independent appraisals and discounted cash fl ow methods. Related parties The Group operates in an economic environment currently dominated by entities directly or indirectly owned by the South African government. As a result of the constitutional independence of all three spheres of government in South Africa, only parties within the national sphere of government will be considered to be related parties. Key management is defi ned as being individuals with the authority and responsibility for planning, directing and controlling the activities of the entity. All individuals from the level of Group Executive up to the Board of Directors are regarded as key management. Close family members of key management are considered to be those family members who may be expected to infl uence, or be infl uenced by key management individuals or other parties related to the entity. 136
1PRINCIPAL ACCOUNTING POLICIES (continued) Standards and interpretations issued, not yet effective At the date of authorisation of the fi nancial statements of the Group for the year ended 31 March 2011, the following standards and interpretations were in issue but not yet effective: Standard/Interpretation Description Effective date IFRS 1 (AC 138) amendment IFRIC 19 (AC 452) 11 individual amendments to 6 standards Revised IAS 24 (AC 126) IFRIC 14 (AC 447) amendment IFRS 1 amendment IFRS 7 (AC 144) amendment IAS 12 amendment IFRS 9 (AC 146) Limited exemption from comparative IFRS 7 disclosures for fi rst-time adopters. This amendment will not affect the Group’s results. Extinguishing fi nancial liabilities with equity instruments. IFRIC 19 is not expected to have an impact on the Group’s results. Improvements to International Financial Reporting Standards 2010. The impact of these amendments on the Group’s results cannot be determined at this stage. Related party disclosures. The amendments will have an impact on the Group’s disclosure for signifi cant related party transactions. Prepayments of a minimum funding requirement. The impact of this amendment on the Group’s results cannot be determined at this stage. Severe hyperinfl ation and removal of fi xed dates for fi rst-time adopters. This amendment will not affect the Group’s results. Disclosures - Transfers of fi nancial assets. The impact of this amendment on the Group’s results cannot be determined at this stage. Deferred tax: Recovery of underlying assets. The amendment is not expected to affect the Group’s results. Financial instruments. The impact of this amendment on the Group’s results cannot be determined at this stage. Annual periods commencing on or after 1 July 2010 Annual periods commencing on or after 1 July 2010 Annual periods commencing on or after 1 July 2010 or for annual periods commencing on or after 1 July 2011 Annual periods commencing on or after 1 January 2011 Annual periods commencing on or after 1 January 2011 Annual periods commencing on or after 1 July 2011 Annual periods commencing on or after 1 July 2011 Annual periods commencing on or after 1 January 2012 Annual periods commencing on or after 1 January 2013 137 ANNUAL FINANCIAL STATEMENTS
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ANNUAL REPORT 2010/11
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5AUDIT REPORT 106 Report of the Aud
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contribution to the pursuit of scie
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engagement with all its stakeholder
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focuses on establishing new develop
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Nanotechnology, specifi cally nanos
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Infrastructure and associated opera
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uilt environment Getting to grips I
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uilt environment The Port of Doha,
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uilt environment Locally, the South
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The changing security environment p
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defence & security placed close tog
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defence & security recalled per tar
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defence & security communication an
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The demand for energy in South Afri
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energy required by the heliostat to
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For many South Africans, limited ac
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health group has hosted and trained
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health these devices now enables re
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The importance of manufacturing in
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industry advanced manufacturing can
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industry advanced manufacturing CSI
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industry advanced manufacturing tra
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industry advanced manufacturing tec
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industry advanced manufacturing One
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With its 495 000 workers and R162 b
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industry mining elimination of sili
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The natural environment is both an
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natural environment • South Afric
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natural environment is strongly rec
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natural environment Oceanography; B
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The CSIR’s work in information an
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ict The research has been documente
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ict The VOs are encouraged through
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ict allow engineers to make adjustm
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ict development and implementation
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Currently, marine research vessels
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ict their long-term athlete develop
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Publication equivalents allocated t
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Archibald S, Scholes RJ, Roy DP, Ro
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De Lange WJ, Wise RM, Forsyth GG, N
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Kumar R, Yakubu MK, Anandjiwala RD.
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405(12), p.2659-2663. Mishra SB, Mi
Page 87 and 88: Phasha MJ, Ngoepe PE, Chauke HR, Pe
Page 89 and 90: Van den Bergh F, Engelbrecht AP. 20
Page 91 and 92: J John MJ, Thomas S. 2010. Cellulos
Page 93 and 94: Wright C. 2010. Children’s sight
Page 95 and 96: CORPORATE GOVERNANCE 93
Page 97 and 98: are fairly presented in conformity
Page 99 and 100: CSIR. All subsidiary companies are
Page 101 and 102: CSIR Board Members (1 April 2010 -
Page 103 and 104: CSIR leadership team The CSIR manag
Page 105 and 106: Meetings 7 October 2010 24 March 20
Page 107 and 108: Report of the Audit and Risk Commit
Page 109 and 110: the fi nancial position of the Coun
Page 111 and 112: Role in the National System of Inno
Page 113 and 114: to accessing each other’s researc
Page 115 and 116: Table 2: Building and transforming
Page 117 and 118: The CSIR achieved outstanding perfo
Page 119 and 120: Significant progress was made in 20
Page 121 and 122: B Five-year review of income and ex
Page 123 and 124: 121 EXECUTIVE REPORT
Page 125 and 126: ANNUAL FINANCIAL STATEMENTS 123
Page 127 and 128: Statements of financial position as
Page 129 and 130: Statements of cash flows for the ye
Page 131 and 132: 1 PRINCIPAL ACCOUNTING POLICIES (co
Page 133 and 134: 1PRINCIPAL ACCOUNTING POLICIES (con
Page 135 and 136: 1PRINCIPAL ACCOUNTING POLICIES (con
Page 137: 1PRINCIPAL ACCOUNTING POLICIES (con
Page 141 and 142: 3OPERATING PROFIT GROUP The net ope
Page 143 and 144: 6PROPERTY, PLANT AND EQUIPMENT 2011
Page 145 and 146: 6PROPERTY, PLANT AND EQUIPMENT (con
Page 147 and 148: 8INTEREST IN JOINT VENTURES AND ASS
Page 149 and 150: 13 DEFERRED TAx ASSET GROUP Balance
Page 151 and 152: 18 RETIREMENT BENEFITS OF EMPLOYEES
Page 153 and 154: 19 REMUNERATION OF BOARD MEMBERS, D
Page 155 and 156: 20 CONTINGENT LIABILITIES AND FACIL
Page 157 and 158: 22 FINANCIAL INSTRUMENTS (continued
Page 163 and 164: 23 RECONCILIATION OF OPERATING PROF
Page 165 and 166: 25 RELATED PARTY TRANSACTIONS (cont
Page 167 and 168: 26 SUBSEQUENT EVENTS 26.1 Satellite
Page 169 and 170: Interests of the CSIR Net indebtnes
Page 171 and 172: 169 2010 FIFA SOCCER WORLD CUP
Page 173 and 174: ACCESS Applied Centre for Climate a
Page 175 and 176: Printed on Hi-Q Titan Plus environm
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