Page 262 - SAMRC Annual Report 2023-24

ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE ANNUAL FINANCIAL STATEMENTS

2. New standards and interpretations
2.1 Standards and interpretations effective and adopted in the
current year

In the current year, the entity has adopted the following standards and interpretations that are effective for the current
financial year and that are relevant to its operations:

EFFECTIVE DATE:
YEARS BEGINNING
STANDARD/INTERPRETATION: ON OR AFTER EXPECTED IMPACT:
iGRAP 21: The Effect of Past Decisions on Materiality 1 April, 2023 The adoption of this standard has not had a material
impact on the results of the entity, but has resulted
in more disclosure than would have previously been
provided in the financial statements
GRAP 25 (as revised): Employee Benefits 1 April, 2023 The adoption of this standard has not had a material
impact on the results of the entity, but has resulted
in more disclosure than would have previously been
provided in the financial statements

iGRAP 7 (as revised): Limit on defined benefit asset, 1 April, 2023 The adoption of this standard has not had a material
minimum funding requirements and their interaction impact on the results of the entity, but has resulted
in more disclosure than would have previously been
provided in the financial statements
Improvements to the Standards of GRAP (2020) 1 April, 2023 The impact of the standard
is not material.
GRAP 1 (amended): Presentation of Financial 1 April, 2023 The adoption of this standard has not had a material
Statements (Materiality) impact on the results of the entity, but has resulted
in more disclosure than would have previously been
provided in the financial statements

The following standards and interpretations have been published and are mandatory for the entity’s accounting periods
beginning on or after 1 April, 2024 or later periods but are not relevant to its operations:

EFFECTIVE DATE:
YEARS BEGINNING
STANDARD/INTERPRETATION: ON OR AFTER EXPECTED IMPACT:
GRAP 106 Transfer of Functions Between Undetermined Unlikely there will be a material impact
Entities Not Under Common Control
GRAP 105 Transfer of Functions Between Undetermined Unlikely there will be a material impact
Entities Under Common Control
GRAP 2023 Improvements to the Standards Undetermined Impact is currently being
of GRAP 2023 assessed
GRAP 1 (amended): Presentation of Financial Undetermined Unable to reliably estimate the impact
Statements (Going Concern)
GRAP 103 (as revised): Heritage Assets Undetermined Unlikely there will be a material impact
iGRAP 22 Foreign Currency Transactions 1 April, 2025 Unable to reliably estimate the impact
and Advance Consideration
GRAP 104 (as revised): Financial Instruments 1 April, 2025 Unable to reliably estimate the impact
Guideline on The Application of Materiality Undetermined Unable to reliably estimate the impact
to Financial Statements

260 SAMRC ANNUAL REPOR T 2023-24