MINUTES OF PREVIOUS MEETING HELD 1 MARCH 2018 SAVA Wildlife Group AFS 2018 final | Page 5

SAVA WILDLIFE GROUP
ACCOUNTING POLICIES AND EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
General information
SAVA Wildlife Group is an association incorporated in
South Africa. The address of its registered office and
principal place of business is provided in the preface to
the financial statements. The principal business is an
agency for veterinary services.
1. Basis of preparation and accounting policies
These financial statements have been prepared in
accordance with the International Financial Reporting
Standard for Small and Medium-sized Entities (IFRS for
SMEs) issued by the International Accounting Standards
Board (IASB). They are presented in South African
rands.
Non-current assets held for sale
Non-current assets (and disposal groups) classified as
held for sale are measured at the lower of the assets’
previous carrying amount and fair value less costs to
sell
Revenue recognition
Revenue is measured at the fair value of the
consideration received or receivable, net of discounts
and sales-related taxes. Revenue from sales of goods is
recognised when the goods are delivered and title has
passed.
Borrowing costs
All borrowing costs are recognised in profit or loss in the
period in which they are incurred.
Income taxes
Income tax expense represents the sum of the tax
currently payable and deferred tax. The tax currently
payable is based on taxable profit for the year.
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