Page 63 - Playhouse Annual Report 2021:22

Annual Financial Statements for the year ended 31 March 2022
Accounting Policies for the year ended 31 March 2022
1. Accounting Policies
1.1 The financial statements have been prepared in accordance with the effective Standards of Generally Recognised Accounting Practices (GRAP) including any interpretations, guidelines and directives issued by the Accounting Standards Board in accordance with Section 55(1)(b) of the Public Finance Management Act, (Act No.1 of 1999 as amended by Act No. 29 of 1999). Assets, liabilities, revenues and expenses have not been offset except where offsetting is required or permitted by a Standard of GRAP. The accounting policies are applied consistent with those used to present the previous year’s financial statements, unless explicitly stated. The details of any changes in accounting policies are explained in the relevant policy.
The annual financial statements have been prepared on an accrual basis of accounting and are in accordance with historical cost convention, except for financial instruments that have been measured at fair value.
These accounting policies are consistent with the previous year.
Standard of GRAP approved by the Accounting Standards Board and applicable to The Playhouse Company.
GRAP 1 Presentation of financial statements
GRAP 2 Cash flow statements
GRAP 3 Accounting policies, changes in accounting estimates and errors GRAP 4 The effects of changes in foreign exchange rates
GRAP 9 Revenue from exchange transactions
GRAP 12 Inventories
GRAP 13 Leases
GRAP 14 Events after the reporting date
GRAP 17 Property, plant and equipment
GRAP 19 Provisions, contingent liabilities and contingent asset
GRAP 20 Related Party Disclosure
GRAP 23 Revenue from Non-Exchange Transactions Taxes and Transfers GRAP 24 Presentation of Budget Information
GRAP 25 Employee Benefits
GRAP 26 Impairment of Cash-generating Assets
GRAP 31 Intangible Assets
GRAP 103 Heritage Assets
GRAP 104 Financial Instruments
GRAP 108 Statutory Receivables
IFRIC 22 Foreign Currency Valuations and advance consideration
The following statements of Generally Recognised Accounting Practice (GRAP) issued by the Accounting Standards Board are in issue but not applicable to The Playhouse Company:
GRAP 5 Borrowings
GRAP 6 Consolidated financial statements and accounting for controlled entities GRAP 7 Accounting for investments in associates
GRAP 8 Financial reporting of interests in joint ventures
GRAP 10 Financial reporting in Hyperinflationary Economies
GRAP 11 Construction Contracts
GRAP 16 Investment Property
GRAP 18 Segment Reporting
GRAP 21 Impairment of Non-cash-generating Assets
GRAP 27 Agriculture
GRAP 32 Service Concession Arrangements: Grantor
GRAP 34 Separate Financial Statements
GRAP 35 Consolidated Financial Statements
GRAP 36 Investments in Associates and Joint Ventures
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