Entire Document - Chris Hani District Municipality

1. BASIS OF PRESENTATION (continued)1.3Presentation CurrencyThe Annual Financial Statements are presented in South African Rand, rounded offto the nearest Rand which is the municipality’s functional currency.1.4Going Concern AssumptionCHRIS HANI DISTRICT MUNICIPALITY ANNUAL REPORT 2011 / 2012The Annual Financial Statements have been prepared on a Going Concern Basis.1.5OffsettingAssets, Liabilities, Revenues and Expenses have not been offset except whenoffsetting is required or permitted by a Standard of GRAP.1.6Standards, Amendments to Standards and Interpretations Issued but not yetEffectiveThe following GRAP standard has been issued but is not yet effective and has beenearly adopted by the municipality:♦GRAP 104 Financial Instruments - issued October 2009GRAP 104 will be effective for the period starting after 1 April 2012. The municipalityelected to adopt the standard during the 2010/11 financial year.The following GRAP standards have been issued but are not yet effective and havenot been early adopted by the municipality:♦♦♦♦♦♦♦♦♦♦♦GRAP 18 Segment Reporting - issued March 2005GRAP 20 Related Party Disclosures - revisedGRAP 21 Impairment of Non-cash-generating Assets - issued March2009GRAP 23 Revenue from Non-Exchange Transactions (Taxes andTransfers) - issued February 2008GRAP 24 Presentation of Budget Information in Financial Statements -issued November 2007GRAP 25 Employee Benefits - issued December 2009GRAP 26 Impairment of Cash-generating Assets - issued March 2009GRAP 103 Heritage Assets - issued July 2008GRAP 105 Transfers between Entities under common control - issuedNovember 2010GRAP 106 Transfers between Entities not under common control - issuedNovember 2010GRAP 107 Mergers - issued November 2010242