Brand-South Africa - Annual report 2015 - 2016

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and south africa Annual Report 2015/2016 Where irregular expenditure was incurred in the previous financial year and is only condoned in the following financial year, the register and the disclosure note to the Financial Statements must be updated with the amount condoned. Irregular expenditure that was incurred and identified during the current financial year and which was not condoned by the National Treasury or the relevant authority must be recorded appropriately in the irregular expenditure register. If liability for the irregular expenditure can be attributed to a person, a debt account must be created if such a person is liable in law. Immediate steps must thereafter be taken to recover the amount from the person concerned. If recovery is not possible, the accounting officer or accounting authority may write off the amount as debt impairment and disclose such in the relevant note to the Financial Statements. The irregular expenditure register must also be updated accordingly. If the irregular expenditure has not been condoned and no person is liable in law, the expenditure related thereto must remain against the relevant programme/expenditure item, be disclosed as such in the note to the Financial Statements and updated accordingly in the irregular expenditure register. 1.19 Segment information A segment is an activity of an entity: • that generates economic benefits or service potential (including economic benefits or service potential relating to transactions between activities of the same entity); • whose results are regularly reviewed by management to make decisions about resources to be allocated to that activity and in assessing its performance; and • for which separate financial information is available. Reportable segments are the actual segments which are reported on in the segment report. They are the segments identified above or alternatively an aggregation of two or more of those segments where the aggregation criteria are met. Measurement The amount of each segment item reported is the measure reported to management for the purposes of making decisions about allocating resources to the segment and assessing its performance. Adjustments and eliminations made in preparing the entity’s Financial Statements and allocations of revenues and expenses are included in determining reported segment surplus or deficit only if they are included in the measure of the segment’s surplus or deficit that is used by management. Similarly, only those assets and liabilities that are included in the measures of the segment’s assets and segment’s liabilities that are used by management are reported for that segment. If amounts are allocated to reported segment surplus or deficit, assets or liabilities, those amounts are allocated on a reasonable basis. If management uses only one measure of a segment’s surplus or deficit, the segment’s assets or the segment’s liabilities in assessing segment performance and deciding how to allocate resources, segment surplus or deficit, assets and liabilities are reported in terms of that measure. If management uses more than one measure of a segment’s surplus or deficit, the segment’s assets or the segment’s liabilities, the reported measures are those that management believes are determined in accordance with the measurement principles most consistent with those used in measuring the corresponding amounts in the entity’s Financial Statements. 1.20 Budget information Brand SA is subject to budgetary limits in the form of appropriations or budget authorisations, which is given effect through authorising legislation, appropriation or similar. General purpose financial reporting by Brand SA provides information on whether resources were obtained and used in accordance with the legally adopted budget. The approved budget is prepared on a accrual basis and presented by programmes linked to performance outcome objectives. The approved budget covers the fiscal period from 1 April 2015 to 31 March 2016. The Financial Statements and the budget are on the same basis of accounting therefore a comparison with the budgeted amounts for the reporting period have been included in the Statement of comparison of budget and actual amounts. The Statement of comparative and actual information has been included in the Financial Statements as the recommended disclosure when the Financial Statements and the budget are on the same basis of accounting as determined by National Treasury. Comparative information is not required. 1.21 Related parties Brand SA operates in an economic sector currently dominated by entities directly or indirectly owned by the South African Government. As a consequence of the constitutional independence of the three spheres of government in South Africa, only entities within the national sphere of government are considered to be related parties. Management are those persons responsible for planning, directing and controlling the activities of Brand SA, including those charged with the governance of Brand SA in accordance with legislation, in instances where they are required to perform such functions. Close members of the family of a person are considered to be those family members who may be expected to influence, or be influenced by, that management in their dealings with Brand SA. Only transactions with related parties not at arm’s length or not in the ordinary course of business are disclosed. 1.22 Events after reporting date Events after reporting date are those events, both favourable and unfavourable, that occur between the reporting date and the date when the Financial Statements are authorised for issue. Two types of events can be identified: 102
• those that provide evidence of conditions that existed at the reporting date (adjusting events after the reporting date); and • those that are indicative of conditions that arose after the reporting date (non-adjusting events after the reporting date). Brand SA adjusts the amount recognised in the Financial Statements to reflect adjusting events after the reporting date once the event occurred. Brand SA discloses the nature of the event and an estimate of its financial effect or a statement that such estimate cannot be made in respect of all material non-adjusting events, where non-disclosure could influence the economic decisions of users taken on the basis of the Financial Statements. 2. New standards and interpretations 2.1 Standards and interpretations issued, but not yet effective Brand SA has not applied the following standards and interpretations, which have been published and are mandatory for Brand SA’s accounting periods beginning on or after 1 April 2016 or later periods: GRAP 20: Related parties The objective of this standard is to ensure that a reporting entity’s Financial Statements contain the disclosures necessary to draw attention to the possibility that its financial position and surplus or deficit may have been affected by the existence of related parties and by transactions and outstanding balances with such parties. An entity that prepares and presents Financial Statements under the accrual basis of accounting (in this standard referred to as the reporting entity) shall apply this standard in: • identifying related party relationships and transactions; • identifying outstanding balances, including commitments, between an entity and its related parties; • identifying the circumstances in which disclosure of the items in (a) and (b) is required; and • determining the disclosures to be made about those items. This standard requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in the consolidated and separate Financial Statements of the reporting entity in accordance with the Standard of GRAP on Consolidated and Separate Financial Statements. This standard also applies to individual Financial Statements. Disclosure of related party transactions, outstanding balances, including commitments, and relationships with related parties may affect users’ assessments of the financial position and performance of the reporting entity and its ability to deliver agreed services, including assessments of the risks and opportunities facing the entity. This disclosure also ensures that the reporting entity is transparent about its dealings with related parties. The standard states that a related party is a person or an entity with the ability to control or jointly control the other party, or exercise significant influence over the other party, or vice versa, or an entity that is subject to common control, or joint control. As a minimum, the following are regarded as related parties of the reporting entity: • A person or a close member of that person’s family is related to the reporting entity if that person: - has control or joint control over the reporting entity; - has significant influence over the reporting entity; - is a member of the management of the entity or its controlling entity. • An entity is related to the reporting entity if any of the following conditions apply: - the entity is a member of the same economic entity (which means that each controlling entity, controlled entity and fellow controlled entity is related to the others); - one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of an economic entity of which the other entity is a member); - both entities are joint ventures of the same third party; - one entity is a joint venture of a third entity and the other entity is an associate of the third entity; - the entity is a post-employment benefit plan for the benefit of employees of either the entity or an entity related to the entity. If the reporting entity is itself such a plan, the sponsoring employers are related to the entity; - the entity is controlled or jointly controlled by a person identified in (a); and - a person identified in (a)(i) has significant influence over that entity or is a member of the management of that entity (or its controlling entity). The standard furthermore states that related party transaction is a transfer of resources, services or obligations between the reporting entity and a related party, regardless of whether a price is charged. The standard elaborates on the definitions and identification of: • Close member of the family of a person; • Management; • Related parties; • Remuneration; and • Significant influence The standard sets out the requirements, inter alia, for the disclosure of: • Control; • Related party transactions; and • Remuneration of management The effective date of the standard is not yet set by the Minister of Finance. Brand SA expects to adopt the standard for the first time when the Minister sets the effective date for the standard. 103
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determination integrity ubuntu dive
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and south Africa Annual Report 2015
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and south africa Annual Report 2015
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What is the Nation Brand? Our reput
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depends on the needs of stakeholder
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with stakeholders the latest develo
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South Africa’s performance (Sourc
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Brand South Africa also strives to
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Performance 2010 2011 2012 2013 201
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2016 World Bank - Ease of Doing Bus
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2015/6 United Nations Development P
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The SA IN(C). research project Bran
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Analysis and brand building This re
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Research Report, Notes and Updates
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Additional perspectives that have e
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ORGANISATIONAL SUSTAINABILITY 2
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Strategy: Develop and maintain a co
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Programme 3: Stakeholder relationsh
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Russia PROGRAMME 3: STAKEHOLDER REL
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Sources and definitions Anholt-GfK
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NOTES 165
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K-13197 [www.kashan.co.za]
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Brand-South Africa - Annual report 2015 - 2016

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