Page 64 - Playhouse Annual Report 2021:22

Annual Financial Statements for the year ended 31 March 2022 Accounting Policies (continued)
GRAP 37 Joint Arrangements
GRAP 38 Disclosure of Interest in Other Entities
GRAP 100 Discontinued Operations
GRAP 105 Transfers of Functions between Entities Under Common Control
GRAP 106 Transfers of Functions between Entities not Under Common Control
GRAP 107 Mergers
GRAP 109 Accounting by Principals and Agents
GRAP 110 Living and Non-living Resources
IFRS 4 Insurance Contracts
IFRS 6 Exploration for and Evaluation of Mineral Resources
IAS 12 Income Taxes
IFRIC 4 Determining whether an Arrangement contains a Lease
IFRIC 12 Service Concession Arrangements
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
IFRIC 23 Uncertainty over income tax treatments
SIC 25 Income Taxes - Changes in the Tax Status of an Entity or its Shareholders
SIC 29 Service Concession Arrangements – Disclosures
IGRAP 17 Service Concession Arrangements Where a Grantor Controls a Significant Residual Interest in an Asset. IGRAP 18 Recognition and Derecognition of Land
IGRAP 19 Liabilities to Pay Levies
IGRAP 20 Accounting for Adjustments to Revenue
Guideline Accounting for Arrangements Undertaken in terms of the National Housing Programme
The following statements of Generally Recognised Accounting Practice (GRAP) issued by the Accounting Standards Board are in effect but are not yet applicable in full to schedule 3A and 3C public entities and constitutional institutions:
Guideline Accounting for Landfill Sites
Effective Date
TBC
The recognition and measurement principles in the above GRAP statements does not result in material differences in items presented and disclosed in the financial statements.
1.2 Use of estimates and judgements
The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future period if the revision affects both current and future periods.
In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are described in the following note:
Note 1.3 Property, plant and equipment Note 1.5 Intangible assets
Note 1.13 Provisions
62 The Playhouse Company