Page 81 - KZN Film A Report

Notes to the Financial Statements (continued)
2. New standards and interpretations (continued)
The effective date of the interpretation is for years beginning on or after 1 April 2020.
The entity has adopted the interpretation for the first time in the 2020/2021 annual financial statements. The impact of the standard is not material.
GRAP 35: Consolidated Financial Statements
The objective of this Standard is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.
To meet this objective, the Standard:
• Requires an entity (the controlling entity) that controls one or more other entities (controlled entities) to present consolidated
financial statements;
• Defines the principle of control, and establishes control as the basis for consolidation;
• Sets out how to apply the principle of control to identify whether an entity controls another entity and therefore must
consolidate that entity;
• Sets out the accounting requirements for the preparation of consolidated financial statements; and
• Defines an investment entity and sets out an exception to consolidating particular controlled entities of an investment entity.
It furthermore covers Definitions, Control, Accounting requirements, Investment entities: Fair value requirement, Transitional provisions and Effective date.
The effective date of the standard is for years beginning on or after 1 April 2020.
The entity has adopted the standard for the first time in the 2020/2021 annual financial statements. The impact of the standard is not material.
GRAP 38: Disclosure of Interests in Other Entities
The objective of this Standard is to require an entity to disclose information that enables users of its financial statements to evaluate:
• The nature of, and risks associated with, its interests in controlled entities, unconsolidated controlled entities, joint
arrangements and associates, and structured entities that are not consolidated; and
• The effects of those interests on its financial position, financial performance and cash flows.
It furthermore covers Definitions, Disclosing information about interests in other entities, Significant judgements and assumptions, Investment entity status, Interests in controlled entities, Interests in joint arrangements and associates, Interests in structured entities that are not consolidated, Non-qualitative ownership interests, Controlling interests acquired with the intention of disposal, Transitional provisions and Effective date.
The effective date of the standard is for years beginning on or after 1 April 2020.
The entity has adopted the standard for the first time in the 2020/2021 annual financial statements. The impact of the standard is not material.
GRAP 36: Investments in Associates and Joint Ventures
The objective of this Standard is to prescribe the accounting for investments in associates and joint ventures and to set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures.
It furthermore covers Definitions, Significant influence, Equity method, Application of the equity method, Separate financial statements, Transitional provisions and Effective date.
The effective date of the standard is for years beginning on or after 1 April 2020.
KWAZULU-NATAL FILM COMMISSION
(Registration number M3/15/32 (834/15)) Annual Financial Statements for the year ended 31 March 2021
KZN FILM COMMISSION ANNUAL REPORT 2020/2021
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