NOTES (CONTINUE)
7. CHANGES IN ACCOUNTING STANDARDS
Since the last reported financial statements, the annual financial statements for the year
ended 30 April 2019, the group’s accounting policies changed to adopt IFRS16, Leases.
The requirements of this new standard were evaluated and implemented in the financial
statements of the group. The standard is subject to additional disclosure requirements.
Senwes applied the modified retrospective approach in initially applying this standard.
Under this approach, the cumulative effect of initially applying IFRS 16 is recognised as an
adjustment to equity at the date of initial application (1 May 2019). Comparative figures
for the year ended 30 April 2019 are not restated to reflect the adoption of IFRS 16, but
instead continue to reflect the accounting policies under IAS 17 Leases.
The impact of this new standard on the financial statements are as follows:
2020
Statement of financial position
R'm
Non-current Assets
Right of use asset 12
Impact on total assets 12
Non-current Liabilities
10
Lease liabilities
Current Liabilities
2
Short-term portion of lease liabilities
Impact on total liabilities
12
Statement of comprehensive income
Net impact on profit for the year
* -
* The increase in expenses are below R0,5 million.
By order of the board:
AJ Kruger
Chairman
NDP Liebenberg
Vice-Chairman
Klerksdorp
5 December 2019
DIRECTORS:
AJ Kruger (Chairman), NDP Liebenberg (Vice-Chairman), JDM Minnaar, JJ Minnaar,
TF van Rooyen and WH van Zyl.
REGISTERED OFFICE:
1 Charel de Klerk Street, Klerksdorp, 2570
Postal address: PO Box 31, Klerksdorp, 2570
Telephone: (018) 464 7800
TRANSFER SECRETARIES:
The Company Secretary
Senwesbel Limited
PO Box 31
Klerksdorp
2570
Telephone: (076) 212 1776
SENWESBEL INTERIM RESULTS 31 OCTOBER 2019
9