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Accounting policies
Rekeningkundige beleid
1. OPSTELLINGSGRONDSLAG EN OPSOMMING
VAN BEDUIDENDE REKENINGKUNDIGE BELEID
D
ie finansiële state is ooreenkomstig die International Financial
Reporting Standard for Small and Medium-sized Entities opgestel.
Die finansiële state is op die historiese kostegrondslag opgestel.
Dit word in Suid-Afrikaanse rand aangebied.
Graan SA is ’n organisasie geïnkorporeer in Suid-Afrika. Graan SA is
’n organisasie wat funksioneer ter bevordering van die belange van
graanprodusente binne Suid-Afrika. Die geregistreerde kantoor is
Blok C, Alenti Office Park, Witheritelaan 457, The Willows, Pretoria.
Hierdie rekeningkundige beleid stem ooreen met die vorige tydperk.
1.1 Beduidende oordeel en bronne van ramingsonsekerheid
BELANGRIKE OORDEEL IN DIE TOEPASSING
VAN REKENINGKUNDIGE BELEID
Daar word van bestuur vereis om van tyd tot tyd kritiese besluite te
neem in die toepassing van die rekeningkundige beleid. Die oordele,
afgesien van dié met betrekking tot ramings wat die mees beduidende
uitwerking het op die bedrae wat in die finansiële state erken word,
word soos volg uiteengesit:
SLEUTELBRONNE VAN RAMINGSONSEKERHEID
Koste teenoor voordeel
Die Hoofbestuur is van mening dat weens die feit dat daar geen
beduidende belanghebbendes in die organisasie is wat baat sal vind
uit die billike waarde van die beleggingseiendom nie, sal die verkryging
van jaarlikse waardasies vir elke eiendom, ’n buitensporige koste tot
gevolg hê (deur middel van fooie vir die waardeerder) in vergelyking met
die voordele wat die gebruikers van hierdie finansiële state sou ontvang
vanuit die inligting.
Die Hoofbestuur het dus die koste teenoor voordeel beginsel toegepas
ten opsigte van beleggingseiendomme. Gevolglik is beleggingseiendom
na eiendom, aanleg en toerusting oorgedra en is dit volgens die
toepaslike rekeningkundige beleid soos uiteengesit in aantekening 1.3.
1.2 Beleggingseiendom
Beleggingseiendom is grond en geboue wat gehou word om huurinkomste
te verdien of vir kapitaalgroei of beide, eerder as vir gebruik in die produk-
sie of verskaffing van goedere of dienste of vir administratiewe doeleindes,
óf vir verkoop in die gewone gang van sake.
Beleggingseiendom word aanvanklik teen kosprys gemeet en daarna
teen billike waarde met veranderings in billike waarde wat in wins of
verlies erken word. Indien die billike waarde van beleggingseiendom
nie betroubaar gemeet kan word sonder onnodige koste, word dit as
eiendom, aanleg en toerusting gedra teen kosprys minus opgehoopte
depresiasie en opgehoopte waardedaling gemeet.
1.3 Eiendom, aanleg en toerusting
Eiendom, aanleg en toerusting is tasbare bates wat die organisasie hou
vir eie gebruik of vir verhuring aan ander en wat na verwagting vir meer
as een tydperk gebruik sal word.
’n Item van eiendom, aanleg en toerusting word as ’n bate erken
wanneer dit waarskynlik is dat toekomstige ekonomiese voordele wat
verband hou aan die item na die organisasie sal vloei en die koste van
die item betroubaar gemeet kan word.
1. BASIS OF PREPARATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
T
he financial statements have been prepared on a going concern
basis in accordance with the International Financial Reporting
Standard for Small and Medium-sized Entities. The financial state-
ments have been prepared on the historical cost basis and incorporate
the principal accounting policies set out below. They are presented in
South African rand.
Grain SA is an organisation incorporated in South Africa. Grain SA is an
organisation that functions to promote the interests of grain producers
within South Africa. The registered office is Block C, Alenti Office Park,
457 Witherite Avenue, The Willows, Pretoria.
These accounting policies are consistent with the previous period.
1.1 Significant judgements and sources
of estimation uncertainty
CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES
Management did not make critical judgements in the application of ac-
counting policies, apart from those involving estimations, which would
significantly affect the financial statements.
The following are the key assumptions concerning the future, and
other key sources of estimation uncertainty at the end of the report-
ing period, that have a significant risk of causing a material adjust-
ment to the carrying amounts of assets and liabilities within the next
financial year:
KEY SOURCES OF ESTIMATION UNCERTAINTY
Undue cost or effort
The Executive believes that due to the fact that there are no significant
stakeholders in the organisation to whom the fair value of the investment
property will benefit, that obtaining annual valuations for each property,
would result in excessive costs (through valuers' fees) in comparison to
the benefits that the users of these financials would receive from having
the information.
The Executive has therefore applied the undue cost or effort exemp-
tion in respect of the organisation's investment properties. As a result,
investment property has been transferred to property, plant and equip-
ment and is accounted for in terms of the relevant accounting policy
as set out in note 1.3.
1.2 Investment property
Investment property is land and buildings held to earn rentals or for
capital appreciation or both, rather than for use in the production or
supply of goods or services or for administrative purposes; or for sale in
the ordinary course of business.
Investment property is initially measured at cost and subsequently at
fair value with changes in fair value recognised in profit or loss. If the
fair value of investment property cannot be measured reliably without
undue cost or effort, then it is measured at cost less accumulated de-
preciation and accumulated impairment.
1.3 Property, plant and equipment
Property, plant and equipment are tangible assets which the organisa-
tion holds for its own use or for rental to others and which are expected
to be used for more than one period.
for the year ended 30 September 2019
vir die jaar geëindig 30 September 2019