Mr LJ Mahlangu - Municipal Demarcation Board

is regarded as met only when the sale is highly
probable and the asset (or disposal group) is
available for immediate sale in its present condition.
Management must be committed to the sale,
which should be expected to qualify for recognition
as a completed sale within one year from the date
of classification.
Non-current assets held for sale (or disposal
group) are measured at the lower of its carrying
amount and fair value less costs to sell.
A non-current asset is not depreciated (or amortised)
while it is classified as held for sale, or while it is part
of a disposal group classified as held for sale.
Interest and other expenses attributable to the liabilities
of a disposal group classified as held for
sale are recognised in surplus or deficit.
U. GOING CONCERN
These financial statements have been prepared
on the basis of accounting policies applicable to
a going concern. The basis presumes that funds
will be available to finance future operations and
that the realisation of the assets and settlement of
liabilities, contingent obligations and commitments
will occur in the ordinary course of business.
The ability of the Board to continue as a going
concern is dependent upon further funding from
Parliament.
V. BUDGET INFORMATION
The entity discloses a comparison of the budget
amounts for which it is held publicly accountable
and actual amounts as a note to the financial
statements. The comparison of budget and actual
amounts shall present separately for each level of
legislative oversight:
(i) The approved and final budget amounts;
(ii) The actual amounts on a comparable basis.
MUNICIPAL DEMARCATION BOARD - Annual Report 2012 60