GDF Annual Report - Gauteng Provincial Treasury

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SECTION 4: ANNUAL FINANCIAL STATEMENTSACCOUNTING POLICIESfor the year ended 31 March 2011The Financial Statements have been prepared inaccordance with the following policies, which have beenapplied consistently in all material aspects, unlessotherwise indicated. However, where appropriate andmeaningful, additional information has been disclosedto enhance the usefulness of the Financial Statementsand to comply with the statutory requirements ofthe Public Finance Management Act, Act 1 of 1999(as amended by Act 29 of 1999), and the TreasuryRegulations issued in terms of the Act and the Divisionof Revenue Act, Act 1 of 2010.1. Presentation of the FinancialStatements1.1 Basis of preparationThe Financial Statements have been prepared on amodified cash basis of accounting, except where statedotherwise. The modified cash basis constitutes thecash basis of accounting supplemented with additionaldisclosure items. Under the cash basis of accountingtransactions and other events are recognised whencash is received or paid.1.2 Presentation currencyAll amounts have been presented in the currency ofthe South African Rand (R) which is also the functionalcurrency of the department.1.3 RoundingUnless otherwise stated all financial figures have beenrounded to the nearest one thousand Rand (R’000).1.4 Comparative figuresPrior period comparative information has beenpresented in the current year’s financial statements.Where necessary figures included in the prior periodfinancial statements have been reclassified to ensurethat the format in which the information is presented isconsistent with the format of the current year’s financialstatements.1.5 Comparative figures - Appropriation StatementA comparison between actual amounts and finalappropriation per major classification of expenditure isincluded in the Appropriation Statement.2. Revenue2.1 Appropriated fundsAppropriated funds comprises of departmentalallocations as well as direct charges against revenuefund (i.e. statutory appropriation).Appropriated funds are recognised in the financialrecords on the date the appropriation becomes effective.Adjustments made in terms of the adjustments budgetprocess are recognised in the financial records on thedate the adjustments become effective.Unexpended appropriated funds are surrendered tothe Provincial Revenue Fund. Any amounts owing to theProvincial Revenue Fund at the end of the financial yearare recognised as payable in the statement of financialposition.Any amount due from the Provincial Revenue Fundat the end of the financial year is recognised as areceivable in the statement of financial position.2.2 Departmental revenueAll departmental revenue is recognised in thestatement of financial performance when received and172172Annual Report 2010 / 2011
SECTION 4: ANNUAL FINANCIAL STATEMENTSis subsequently paid into the Provincial Revenue Fund,unless stated otherwise.Any amount owing to the Provincial Revenue Fund isrecognised as a payable in the statement of financialposition.No accrual is made for amounts receivable from thelast receipt date to the end of the reporting period.These amounts are however disclosed in the disclosurenote to the annual financial statements.2.3 Direct Exchequer receiptsAll direct exchequer receipts are recognised in thestatement of financial performance when the cash isreceived and is subsequently paid into the ProvincialRevenue Fund, unless stated otherwise.Any amount owing to the Provincial Revenue Funds atthe end of the financial year is recognised as a payablein the statement of financial position.2.4 Direct Exchequer paymentsAll direct exchequer payments are recognised inthe statement of financial performance when finalauthorisation for payment is effected on the system (byno later than 31 March of each year).3. Expenditure3.1 Compensation of employees3.1.1 Salaries and wagesSalaries and wages are expensed in the statement offinancial performance when the final authorisation forpayment is effected on the system (by no later than 31March of each year).Other employee benefits that give rise to a presentlegal or constructive obligation are disclosed in thedisclosure notes to the financial statements at itsface value and are not recognised in the statement offinancial performance or position.Employee costs are capitalised to the cost of a capitalproject when an employee spends more than 50% ofhis/her time on the project. These payments form partof expenditure for capital assets in the statement offinancial performance.3.1.2 Social contributionsEmployer contributions to post employment benefitplans in respect of current employees are expensed inthe statement of financial performance when the finalauthorisation for payment is effected on the system (byno later than 31 March of each year).No provision is made for retirement benefits in thefinancial statements of the department. Any potentialliabilities are disclosed in the financial statements ofthe National Revenue Fund and not in the financialstatements of the employer department.Employer contributions made by the department forcertain of its ex-employees (such as medical benefits)are classified as transfers to households in thestatement of financial performance.3.2 Goods and servicesPayments made during the year for goods and/orservices are recognised as an expense in the statementof financial performance when the final authorisationfor payment is effected on the system (by no later than31 March of each year).The expense is classified as capital if the goods and/or services were acquired for a capital project or ifthe total purchase price exceeds the capitalisationthreshold (currently R5, 000). All other expendituresare classified as current.Rental paid for the use of buildings or other fixedstructures is classified as goods and services and notas rent on land.Gauteng Department of Finance173
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Annual Report2010/11Building a resu
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FOREWORD BY THE MECAs an activist,
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EXECUTIVE SUMMARYThe 2010/2011 fisc
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SECTION 1:DEPARTMENTAL OVERVIEW
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GDF Annual Report - Gauteng Provincial Treasury

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