Academy of Science South Africa 2005/6 Annual Report

ASSAfAnnual financial statementsNotes to the financial statements forthe year ended 31 March 20061. Accounting policiesThe financial statements are prepared on the historical cost basis, except for financial instruments asindicated below. The financial statements incorporate the following principal accounting policies whichare consistent, in all material respects, with those applied in the previous year:1.1 Equipment and depreciationEquipment is stated at cost less provision for depreciation. Depreciation is calculated to write off the costof the assets on the straight line method over their expected useful lives at the following rates:Office equipment– 15 % per annumOffice furniture and fittings – 15 % per annum1.2 IncomeIncome is brought to account as and when received1.3 ExpenditureExpenditure is accounted for on the accrual basisMorakeng MalatjiFinancial Officer (part time)120Promoting Excellence in Science for Society