AGRIBEL HOLDINGS LTD FINANCIAL REVIEW 2021
The financial statements are prepared on the historical cost basis , except for derivative financial instruments , financial assets and commodity inventory measured at fair value . The carrying values of designated hedged assets and liabilities are adjusted to reflect changes in the fair values resulting from the hedged risks . The financial statements are presented in South African rand terms and all values are rounded to the nearest million ( R ’ m ), except where stated otherwise .
1.1 Statement of compliance The financial statements of Agribel and all its subsidiaries , joint ventures and associates ( group ) have been prepared in accordance and in compliance with the requirements of International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ), and Interpretations issued by the International Financial Reporting Interpretation Committee ( IFRIC ) and with those requirements of the South African Companies Act , no 71 of 2008 ( as amended ), applicable to companies reporting under IFRS .
1.2 Change in accounting policy and disclosures The accounting policy adopted in the preparation of the consolidated financial statements is consistent with the policy followed in the preparation of the group ’ s annual financial statements for the previous financial year . No new standards have been adopted during the current financial year .
1.3 New standards , interpretations and amendments Standards already issued , but not yet effective upon the issuing of the group ’ s financial statements , are listed below . This list contains standards and interpretations issued , which are expected to be applicable at a future date . The intention of the group is to adopt these standards , if applicable , when they become effective :
IFRS 3 ( Amendment ) Definition of business amended to specify that a business consists of an integrated set of activities and assets that have the ability to contribute to the creation of outputs . The outputs are specified in the definition and guidance is provided to determine whether the process requirement is met . An optional concentration test to determine whether a set of activities and assets acquired constitute a business is introduced . Effective date 1 January 2020 ; IAS 1 and IAS 8 ( Amendments ) Revised definition of material and guidance introduced to determine whether information about an item , transaction or event is material to users of financial statements . Effective date 1 January 2020 ; Conceptual Framework The Conceptual Framework has been revised . This includes refinements to the definitions of asset or liability and related recognition criteria . It also includes guidance on measurement bases , presentation and disclosure and derecognition . The section of the framework that deals with the Reporting Entity has been inserted into this version of the framework . Effective date 1 January 2020 ;
Standards already issued , but not yet effective upon the issuing of the group ’ s financial statements , are listed below . This list contains standards and interpretations issued , which are expected to be applicable at a future date . The intention of the group is to adopt these standards , if applicable , when they become effective :
IFRS 10 and IAS 28 ( Amendments ) Sale / Contribution of Assets between Investor and its Associate / Joint Venture . Clarification of the accounting treatment when an investor loses control over a subsidiary as a result of a transaction with a joint venture or associate . No date for implementation set yet ;
Agribel Holdings Limited Reg nr : 1996 / 017629 / 06 AGRIBEL ANNUAL FINANCIAL REVIEW 2021
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