ANNUAL REPORT 2014/15

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DEPARTMENT OF HIGHER EDUCATION AND TRAINING VOTE 17 ACCOUNTING POLICIES for the year ended 31 March 20<strong>15</strong> assessments and estimates in preparing the annual Financial Statements. These are based on the best information available at the time of preparation. Where appropriate and meaningful, additional information has been disclosed to enhance the usefulness of (PFMA), Act 1 of 1999 (as amended by Act 29 of 1999), and the Treasury Regulations issued in terms of the PFMA and the annual Division of Revenue Act. 1 Basis of preparation 2 Going concern The Financial Statements have been prepared on a going concern basis. 3 Presentation currency currency of the department. 4 Rounding 5 Foreign currency translation exchange rates prevailing at the date of payment / receipt. 6 Comparative information 6.1 Prior period comparative information 6.2 Current year comparison with budget 7 Revenue 7.1 Appropriated funds fund (i.e. statutory appropriation). Appropriated funds are recognised in the Statement of Financial Performance on the date the appropriation The net amount of any appropriated funds due to / from the relevant revenue fund at the reporting date is recognised as a payable / receivable in the Statement of Financial Position. 189
DEPARTMENT OF HIGHER EDUCATION AND TRAINING VOTE 17 ACCOUNTING POLICIES for the year ended 31 March 20<strong>15</strong> 7.2 Departmental revenue Statement of Financial Position. 7.3 Accrued departmental revenue Accruals in respect of Departmental revenue (excluding tax revenue) are recorded in the notes to the to the department; and the amount of revenue can be measured reliably. The accrued revenue is measured at the fair value of the consideration receivable. Accrued tax revenue (and related interest and / penalties) is measured at amounts receivable from collecting agents. 8 Expenditure 8.1 Compensation of employees 8.1.1 Salaries and wages 8.1.2 Social contributions Social contributions made by the Department in respect of current employees are recognised in the Statement of Financial Performance on the date of payment. households in the Statement of Financial Performance on the date of payment. 8.2 Other expenditure Other expenditure (such as goods and services, transfers and subsidies and payments for capital assets) as a capital expense if the total consideration paid is more than the capitalisation threshold. 8.3 Accrued expenditure payable Accrued expenditure payable is measured at cost. 8.4 Leases 8.4.1 Operating leases Operating lease payments made during the reporting period are recognised as current expenditure in the Statement of Financial Performance on the date of payment. The operating lease commitments are recorded in the notes to the Financial Statements. 190
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ANNUAL REPORT 2014/15

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