2009 Annual report - Nedbank Group Limited

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N E D N A M I B I AH O L D I N G SNotes to the Consolidated Annual Financial StatementsFOR THE YEAR ENDED 31 DECEMBER 20092. ADOPTION OF NEW AND REVISED STANDARDSStandards and interpretations effective in the current yearThe following standards and interpretations issued by the International Financial Reporting Interpretations Committee areeffective for the current year. These are:Effective for annualIssued/ periods beginningNew/Revised International Financial Reporting Standards Revised on or afterIFRS 1 First-time Adoption of International Financial Reporting standards – Revised 1 January 2009Amendment relating to cost of an investment on first-time adoption May 2008IFRS 2 Share-based Payment – Amendment relating to vesting conditions 2008 1 January 2009and cancellationsIFRS 7 Financial Instruments: Disclosures – Amendments enhancing Revised 1 January 2009disclosures about fair value and liquidity risk March 2009IFRS 8 Operating Segments Original 1 January 2009issue 2006IAS 1 Presentation of Financial Statements – Comprehensive revision including 2007 1 January 2009requiring a statement of comprehensive incomeIAS 1 Presentation of Financial Statements – Amendments relating to disclosure of 2008 1 January 2009puttable instruments and obligations arising on liquidationIAS 1 Presentation of Financial Statements – Amendments resulting from May 2008 May 2008 1 January 2009Annual Improvements to IFRSsIAS 16 Property, Plant and Equipment – Amendments resulting from May 2008 May 2008 1 January 2009Annual Improvements to IFRSsIAS 19 Employee Benefits – Amendments resulting from May 2008 May 2008 1 January 2009Annual Improvements to IFRSsIAS 20 Government Grants and Disclosure of Government Assistance – Amendments May 2008 1 January 2009resulting from May 2008 Annual Improvements to IFRSsIAS 23 Borrowing Costs – Comprehensive revision to prohibit immediate expensing 2007 1 January 2009IAS 23 Borrowing Costs – Amendments resulting from May 2008 May 2008 1 January 2009Annual Improvements to IFRSsIAS 27 Consolidated and Separate Financial Statements – Amendment relating to cost Revised 1 January 2009of an investment on first-time adoption 2008IAS 27 Consolidated and Separate Financial Statements – Amendment resulting from May 2008 1 January 2009May 2008 Annual Improvements to IFRSsIAS 28 Investments in Associates – Amendments resulting from May 2008 May 2008 1 January 2009Annual Improvements to IFRSsIAS 29 Financial Reporting in Hyperinflationary Economies – Amendments resulting May 2008 1 January 2009from May 2008 Annual Improvements to IFRSsIAS 31 Interests in Joint Ventures – Amendments resulting from May 2008 May 2008 1 January 2009Annual Improvements to IFRSsIAS 32 Financial Instruments: Presentation – Amendments relating to puttable 2008 1 January 2009instruments and obligations arising on liquidationIAS 36 Impairment of Assets - Amendments resulting from May 2008 May 2008 1 January 2009Annual Improvements to IFRSsThe adoptions of the above Standards and Interpretations have introduced a number of terminology changes and haveresulted in a number of changes in presentation and disclosure. The revised Standard and Interpretations had no impact onthe reported results or financial position of the Group.70 G RO U P A N N U A L F I N A N C I A L STAT E M E N T S
2. aDOPTION OF NEW AND REVISED STANDARDS (continued)Recent amendments to standards and interpretations not effective in the current yearThe following table contains effective dates of IFRS’s and recently revised IAS’s, which have not been early adopted by theGroup and that might affect future financial periods:Effective for annualIssued/ periods beginningNew/Revised International Financial Reporting Standards Revised on or afterIFRS 1 First-time Adoption of International Financial Reporting standards – Revised 1 July 2009Revised and restructured November 2008IFRS 1 First-time Adoption of International Financial Reporting standards – Revised 1 January 2010Amendments relating to oil and gas assets and determining July 2009whether an arrangement contains a leaseIFRS 1 First-time Adoption of International Financial Reporting standards – Revised 1 July 2010Limited Exemption from Comparative IFRS 7 January 2010IFRS 2 Share-based Payment – Amendment resulting from April 2009 April 2009 1 July 2009Annual Improvements to IFRSsIFRS 2 Share-based Payment – Amendment relating to group cash-settled June 2009 1 January 2010share transactionsIFRS 3 Business Combinations – Comprehensive revision on applying the Revised 2008 1 July 2009acquisition methodIFRS 5 Non-current Assets Held for Sale and Discontinued Operations – May 2008 1 July 2009Amendments resulting from May 2008 Annual Improvements to IFRSsIFRS 5 Non-current Assets Held for Sale and Discontinued Operations – April 2009 1 January 2010Amendments resulting from April 2009 Annual Improvements to IFRSsIFRS 8 Operating Segments – Amendments resulting from April 2009 April 2009 1 January 2010Annual Improvements to IFRSsIFRS 9 Financial Instruments – Classification and Measurement November 2009 1 January 2013IAS 1 Presentation of Financial Statements – Amendments relating from April 2009 April 2009 1 January 2010Annual Improvements to IFRSsIAS 7 Statement of Cash Flows – Amendments resulting from April 2009 April 2009 1 January 2010Annual Improvements to IFRSsIAS 17 Leases – Amendments resulting from April 2009 Improvements to IFRSs April 2009 1 January 2010IAS 24 Related Party Disclosures – Revised definition of related parties November 2009 1 January 2011IAS 27 Consolidated and Separate Financial Statements – Consequential amendments 2008 1 July 2009arising from amendments to IFRS 3IAS 28 Investments in Associates – Consequential amendments arising from 2008 1 July 2009amendments to IFRS 3IAS 31 Interests in Joint Ventures – Consequential amendments arising from 2008 1 July 2009amendments to IFRS 3IAS 32 Financial Instruments: Presentation – Amendments relating to classification 2009 1 February 2010of rights issuesIAS 36 Impairment of Assets – Amendments resulting from April 2009 April 2009 1 January 2010Annual Improvements to IFRSsIAS 38 Intangible Assets – Amendments resulting from April 2009 April 2009 1 July 2009Annual Improvements to IFRSsGROUP ANNUAL FINANCIAL STATEMENT S 71
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06 | Christopher J PearceIndependen
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Left to Right: Andre Ventér; Nevil
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APPRECIATIONOur thanks are due to o
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Major improvementin the quality of
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2009 Annual report - Nedbank Group Limited

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