Page 160 - Adopt-a-School Foundation 2016-2017 Annual Report
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ADOPT-A-SCHOOL FOUNDATION NPC
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
for the year ended 30 June 2017
summARy of significAnt Accounting policies
1.1 Accounting policies
The principal accounting policies which have been applied in preparing the Foundation’s annual financial statements are set out below. These policies have
been consistently applied to all years presented, unless otherwise stated.
1.2 basis of preparation
The financial statements of the Foundation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standard Board (“IASB”) and in the manner required by the Companies Act No 71. of 2008 of South Africa.
The financial statements have been prepared in accordance with the going concern principle under the historical cost convention, as modified for revaluation
of land and buildings, the available-for-sale financial assets, other financial assets and financial liabilities (including derivative instruments) shown at fair value.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying accounting policies at the Foundation.
The Foundation’s financial statements are presented in South African Rands, unless otherwise stated, which is the Foundation’s presentation and functional
currency. The Foundation is incorporated and domiciled in South Africa.
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