Page 120 - TKZN Annual Report 2023/2024

KWAZULU-NATAL TOURISM AUTHORITY
Trading as Tourism KwaZulu-Natal
Annual Financial Statements for the year ended 31 March 2024
Significant Accounting Policies
1.20 Events after reporting date (continued)
• those that are indicative of conditions that arose after the reporting date (non-adjusting events after the reporting date).
The entity will adjust the amount recognised in the financial statements to reflect adjusting events after the reporting date once the event occurred.
The entity will disclose the nature of the event and an estimate of its financial effect or a statement that such estimate cannot be made in respect of all material non-adjusting events, where non-disclosure could influence the economic decisions of users taken on the basis of the financial statements.
1.21 Assumptions and sources of estimation affecting the future
In cases where the entity makes use of assumptions and estimates,such assumptions are well documented and highlighted for users of the annual financial statements awareness.
1.22 Change in accounting estimates
A change in an accounting estimate is an adjustment of the carrying amount of an asset or liability, or the amount of periodic consumption, resulting from assessing the present status of, and the expected future benefits and obligations associated with, the asset or liability
The change is recognised prospectively in surplus or deficit .
1.23 Prior period errors
Prior period errors are omissions from and misstatements in, an entity’s financial statements for one or more prior periods arising from failure to use/misuse of reliable information that:
• was available when the financial statements for that period are authorised for issue; and
• obtained and taken into account in the preparation and presentation of the financial statements.
Prior period errors are corrected retrospectively. Comparative amounts need to be restated for prior periods in which error occurred OR if the error occurred before that date, restate opening balance of assets, liabilities and net assets for the earliest period presented .
118 TOURISM KWAZULU-NATAL ANNUAL REPORT 2023/2024