Page 50 - OSISA Annual Report 2015-2018

Financial Statements 2015-2018
Organisation and Principal Activities
The Open Society Initiative for Southern Africa (hereafter OSISA or Trust) was established as a not for profit organisation in 1997. It operates in 11 Southern Africa countries: Angola, Botswana, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mozambique, Namibia, Swaziland, Zambia and Zimbabwe.
OSISA’s vision is to promote and sustain the ideals, values, institutions and practice of open society, with the aim of establishing a vibrant Southern African society in which people, free from material and other deprivation, understand their rights and responsibilities and participate democratically in all spheres of life.
Key Accounting Policies
Statement of compliance
The financial statements have been prepared in accordance with the Open Society Foundations’ Accounting Policies.
The Open Society Foundations’ Accounting Policies are designed to follow the fundamental recognition principles laid down in International Financial Reporting Standards (IFRS) for Assets, Liabilities, Revenues and Expenses; however, they are not meant to comply with all the disclosure requirements of IFRS.
Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the measurement of investment properties and certain financial instruments at fair value, and incorporate the principal accounting policies set out below. These accounting policies are consistent with the previous period.
Basis of accounting
The Trust prepares its financial statements using the accrual basis of accounting.
Going concern
The Trust prepares its financial statements on a going concern basis.
Functional currency and presentation currency
The functional currency of the Trust is the United States Dollar (USD), as it is the currency of the primary economic environment in which the Trust operates.
Transactions in foreign currencies and foreign exchange differences
Transactions in foreign currencies are translated to the functional currency at the exchange rate at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the spot rate on that date. Foreign exchange differences arising upon the translation and
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OPEN SOCIETY INITIATIVE FOR SOUTHERN AFRICA – 2015-2018 REPORT