INTEGRATED REPORT 2019
Annexure A
| 1. | SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The significant accounting policies applied in the preparation of these Group and Company financial statements are set out below. These accounting policies have been consistently applied to all the years presented, unless otherwise stated.
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| 1.1 | Revenue and other income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1.1.1 | Revenue from contracts with customers (accounting policy applied from 1 October 2018)
Recognition of revenue The Group is in the business of providing hospital and complementary services (which include acute rehabilitation, mental healthcare, renal dialysis and oncology), healthcare services as well as diagnostic services. Revenue is measured at the amount which the Group expects to become entitled to as a result of providing those goods or services under the specific contract. Credit risk is accounted for separately as part of the impairment consideration for financial instruments. Southern Africa Hospital and complementary services These services include charges for ward, theatre, pathology, equipment, radiology and pharmaceutical goods used.
Performance obligations are measured from admission to the point when there are no further services required for the patient, which is the time of discharge. The transaction price is determined based on gross charges for services provided. The services are provided on a fee for service basis. The fees are determined on various tariff agreements with funders and/or medical aids. Certain discounts are contractually agreed upon with funders upfront and recorded as a deduction from revenue at the time the related revenues are recorded. Any settlement discounts or other ad hoc discounts approved by funders or at hospital discretion subsequent to discharge are recorded as an expense. Private patients may be required to make a co-payment or to pay a deposit upfront, and is recognised as revenue when the future goods or services are billed. Healthcare services Healthcare services comprise Life Esidimeni and Life Employee Health Solutions.
International Diagnostic services Performance obligations include the provision of diagnostic imaging services, molecular imaging services and patient services as well as the development, manufacturing and distribution of radiopharmaceuticals. Imaging services focus on magnetic resonance imaging (MRI), computerised tomography (CT) and molecular imaging via positron emission tomography-computerised tomography (PET-CT) services across the UK and Europe. These services are predominantly supplied to public funders, such as the National Health Service (NHS) in the UK and Azienda Sanitaria Locale (ASL) in Italy, and numerous public and private funders across Europe. Revenue is provided on a fixed fee basis for imaging services (per scan or per day rate) depending on the terms of the contract. Radiopharmaceuticals are developed, manufactured and distributed for PET-CT scanning operations and clinical trials. Revenue is provided on a fixed fee basis (per dose or per delivery) for manufacturing activities and on reaching contractual obligations or as a royalty percentage of sales of products for development activities. Revenue is recognised at the point of time when the goods are used, distributed or sold. Healthcare services In Poland private healthcare and medical services are provided. This includes medical consultations, primary healthcare, diagnostics, medical transportation, inpatient hospitalisation, analytical tests and home visits. Contracts with government (NHF) make up approximately 79.9% of revenue. Revenue from hospital services based on NHF contracts is provided on a fixed fee basis (per NHF procedure list or per month) and recognised over time based on the term of the contract. For these fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided. Revenue from other NHF contracts and commercial patients (private insurance companies, corporate clients and private patients) is provided on a fixed fee-for-service basis per procedure and recognised at a point in time when the services are performed. Growth initiatives Growth initiatives focus on newly developed and emerging products and services that will be rolled out into one of our current revenue streams in future. Revenue from growth initiatives mainly includes royalty charged on the worldwide sales of the medical product Neuraceq as well as proceeds from the sale of specialty components used in the manufacturing process of medical isotopes. Revenue is provided on reaching contractual obligations or as a royalty percentage of sales of products for development activities. Revenue is recognised at the point of time when the goods are dispatched or sold. Contract balances Trade receivables Where the Group has established an unconditional right to receive consideration (for example, upon discharge), a trade receivable is recognised. Thereafter, as the trade receivable is a financial asset, the recognition and measurement is as per the accounting policies detailed for financial assets (under 1.11). Revenue (accounting policy applied before 1 October 2018)
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| 1.1.2 | Other income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company financial statements Revenue comprises dividends received from Life Healthcare Group Proprietary Limited. |
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| 1.2 | Employee benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term employee benefits
Termination benefits
Post-employment benefits
Shared-based payments (IFRS 2)
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| Group accounting | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1.3 | Consolidation Subsidiaries and trust beneficiary accounts Initial recognition and measurement Entities (including structured entities) over which the Group has control are consolidated in the Group annual financial statements. The Group applies the acquisition method to account for business combinations. The financial results of the Group and its subsidiaries are consolidated into the Group’s results from acquisition date until control ceases. The financial statements of the subsidiaries (excluding the financial statements of Dadley Investments Limited (Dadley)) are prepared for the same period as the parent company. The financial statements of Dadley are prepared for the period ended 31 December using consistent accounting policies. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group’s accounting policies. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date and the adjustment is recognised in profit or loss. At the date of acquisition, acquired deferred income tax assets may not be fully recognised under IFRS. Adjustments to the initial recognition of acquired deferred tax assets under IFRS, subsequent to the acquisition date, are recognised in profit or loss unless the adjustment qualifies as a measurement period adjustment in which case it is recognised as an adjustment to goodwill. Company financial statements In the financial statements of the Company, investments in subsidiaries are accounted for at cost less impairment. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Non-controlling interest On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. Contingent consideration Contingent consideration is recognised at fair value at the acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and the settlement thereof is accounted for wholly within equity. Alternatively other contingent considerations are remeasured at fair value at each reporting date and subsequent changes in fair value are recognised in profit or loss. Gain on bargain purchase In the case of a bargain purchase, where the fair value of the net assets of the subsidiary acquired is more than the total of:
the difference is recognised in profit or loss. Inter-company transactions Inter-company transactions, balances and unrealised gains or losses on transactions between Group companies are eliminated on consolidation. Changes in ownership without change in control Transactions with non-controlling interests that do not result in a loss of control are accounted for as equity transactions, that is, as transactions with the owners in their capacity as owners. The difference between the fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interest are also recorded in equity. Loss of control When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets and liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. The profit or loss realised on disposal or termination of an entity is calculated after taking into account the carrying amount of any related goodwill. |
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| 1.4 | Equity accounting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-accounted investments consist of associates and joint ventures. The accounting policies of the associated companies do not differ materially from the Group’s accounting policies. The Group adjusts for these differences in accounting policies to align with those of the Group. Initial recognition and measurement Investments in associates and interests in joint ventures are initially recognised at cost in accordance with the equity method of accounting. Changes in ownership interest If the ownership interest in an associate or joint venture is reduced but significant influence or joint control is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit and loss where appropriate. If the ownership interest is increased, without gaining control, the cost of the additional interest is added to the carrying value of the associate or joint venture. Subsequent measurement Subsequent to initial recognition, the Group recognises its share of profit or loss and other comprehensive income until the date on which joint control or significant influence ceases. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. The Group does not recognise further losses, when the Group’s share of losses in an associate or joint venture equals or exceeds its interest in the associate or joint venture, unless the Group has incurred legal or constructive obligations, issued guarantees or made payments on behalf of the associate or joint venture. Impairment The Group determines at each reporting date whether there is any objective evidence that the investment in the associate or joint venture is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value and recognises the amount in “share of associates’ or joint ventures’ net profit/loss after tax” in profit or loss. Unrealised gains and losses Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in the associates and joint ventures. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
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| 1.5 | Translation of foreign operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Procedures followed to translate to presentation currency The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency using the following procedures:
The resulting differences in translation between these rates are recognised in the foreign currency translation reserve in other comprehensive income. Exchange differences on monetary items Exchange differences arising on a monetary item that forms part of a net investment in a foreign operation are recognised initially in other comprehensive income and recognised in profit or loss on disposal of the net investment as part of the gain or loss on the sale. Cash flows The cash flows of a foreign subsidiary are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case cash flows are translated at the dates of the transactions). |
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| Operating assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1.6 | Property, plant and equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Replacements of linen, cutlery and crockery and certain medical instruments are charged as an expense in the profit or loss over a 12-month period from the date of purchase. |
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| 1.7 | Intangible assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs associated with the developing or maintaining of computer software programs are recognised as an expense as incurred. Costs that are directly associated with the production of identifiable and unique software and internally generated intangible assets in respect of product development costs controlled by the Group that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets when the criteria per IAS 38 have been met. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Other development expenditures that do not meet these criteria are recognised as an expense, in profit or loss, as incurred. |
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| 1.8 | Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Group is the lessee of various hospital and administrative office properties leased under non-cancellable leases that are classified as operating leases. The Group is also the lessee of other assets that meet the definition of a finance lease. At inception of an arrangement, the Group determines whether the arrangement is or contains a lease. Any contingent rentals are expensed in the period they are incurred. Finance leases – lessee
Operating leases – lessee and lessor Initial measurement and recognition Operating lease income and expenses under operating leases are recognised in profit or loss on a straight-line basis over the term of the relevant lease. The difference between the amounts recognised as an expense and the contractual payments are recognised as an operating lease asset or operating lease liability in the statement of financial position. Neither the asset nor the liability is discounted. |
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| 1.9 | Inventories | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories are measured at the lower of cost or net realisable value on the first-in-first-out basis. All medical consumables are carried at cost which is lower than the net realisable value. The cost of inventories written off as expired stock, is recorded as an expense and included in drugs and consumables in profit or loss. |
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| 1.10 | Assets held for sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets and disposal groups are classified as assets held for sale, if their carrying amount will be recovered principally through a sale transaction rather than continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Immediately before classification as held for sale, the assets (and all assets and liabilities in a disposal group) are measured in terms of the applicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognised at the lower of the carrying amount and the fair value less costs to sell. |
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| 1.11 | Financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets (accounting policy applied from 1 October 2018) The Group has the following financial assets:
Initial recognition and measurement Financial assets in the Group are classified at initial recognition and subsequently measured as either amortised cost or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing it. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. On initial recognition:
Subsequent measurement Financial assets are subsequently measured as either:
Financial assets at amortised cost The Group’s financial assets at amortised cost includes trade and other receivables, loans to associates, loans receivable and cash and cash equivalents. The Group measures financial assets at amortised cost if both of the following conditions are met:
This assessment is referred to as the SPPI test (solely payments of principal and interest) and is performed at an instrument level. If it fails the criteria as indicated here it will be classified as fair value through profit or loss. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss Within the Group, this category comprises derivative instruments which include interest rate swaps and foreign option exchange contracts. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with changes in fair value recognised in the statement of profit or loss. Derecognition The Group derecognises a financial asset (ie removed from the Group’s consolidated statement of financial position) when:
When the Group has transferred its rights to receive cash flows from an asset it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Impairment of financial assets The Group recognises an allowance for ECLs for all financial assets not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. Trade receivables Further disclosures relating to impairment of financial assets are also provided in the following notes:
For trade receivables, the Group applies a simplified approach in calculating ECLs. The provision matrix is initially based on the Group’s historical observed default rates. The Group adjusts the historical credit loss experience with forward-looking information including macro-economic factors affecting the ability of the customer to settle outstanding balances. For instance, if the forecast economic conditions (ie GDP, unemployment, repo rate) are expected to lead to an increased number of defaults, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. Therefore, the Group does not track significant increases in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the trade receivables and the economic environment. The Group considers a financial asset in default when contractual payments are past due which differ for each region. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. The Group considers the following factors:
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. This is when the Group has exhausted all options regarding the debt, and it also includes the following factors:
Financial assets (accounting policy applied before 1 October 2018) Financial assets and financial liabilities are recognised in the Group’s statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Derecognition Financial assets are derecognised when the rights to receive cash flows from the financial asset have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial liabilities (accounting policy the same for 2019 and 2018) The Group has the following financial liabilities:
Initial recognition and measurement Financial assets are derecognised when the rights to receive cash flows from the financial asset have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. On initial recognition:
Subsequent measurement Financial liabilities are subsequently measured as either:
Financial liabilities at amortised cost Within the Group, this category applies to interest-bearing borrowings, redeemable preference shares, trade and other payables and bank overdrafts. After initial recognition, these financial liabilities are subsequently measured at amortised cost, using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the EIR amortisation process. This EIR amortisation is included as finance costs in the statement of profit or loss. Amortised cost is calculated by taking into account any discount or premium on acquisition, and fees or costs that are an integral part of the EIR. Financial liabilities at fair value through profit or loss Within the Group, this category applies to contingent consideration liabilities and derivative liabilities. The Group has derivative financial instruments that are not designated as hedging instruments in hedge relationships. These liabilities are mandatorily measured at fair value through profit or loss in terms of IFRS 9. As a result, gains or losses on the liabilities are recognised in the statement of profit or loss. The Group has not designated any financial liability at fair value through profit or loss. Trade and other payables include: Other related liabilities The employee-related payables represent the pro rata portion of a 13th cheque, accrued annual leave, a performance bonus scheme, as well as long-term incentive schemes for the international senior employees. Insurance Judgement is required in estimating the insurance provision. This is calculated based on the probability of future claims arising, taking into consideration the Group insurance excess applicable to the claim and the liability is the present value of the exposure at a market-related discount rate. Derecognition Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or has expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and liabilities are offset and the net amount is reported in the statement of financial position only when there is a legally enforceable right to offset, an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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| 1.12 | Capital and reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated capital comprises ordinary share capital, share premium and treasury shares. Share capital and equity Share capital issued by the Company is recorded at the proceeds received, net of issue costs. Incremental costs directly attributable to the issue of new shares or options, other than in connection with a business combination, are shown in equity as a deduction, net of tax, from the proceeds. Treasury shares Treasury shares held by subsidiary companies and special purpose entities are treated as a deduction from the issued and weighted average number of ordinary shares. The consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from the Group’s total equity until the shares are cancelled, disposed of or vest in accordance with the terms of the Life Healthcare employee share trust or long-term incentive schemes. |
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| 1.13 | New and amended accounting standards adopted by the Group | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 October 2018. The nature and effect of the changes as a result of adoption of the new accounting standard are described below. IFRS 9 Financial Instruments IFRS 9 replaces the requirements of IAS 39 that relate to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, and impairment of financial assets. Classification and measurement The Group currently recognises the following financial assets – trade and other receivables, cash and cash equivalents and other assets which include loans to associates, loans receivable and derivative assets. In terms of IFRS 9, all these financial assets will be measured at amortised cost, with the exception of derivative instruments which are recognised at fair value through profit or loss. This is because the objective of the business model is to hold these financial assets for the collection of the contractual cash flows, and the contractual cash flows represent payments of principal and interest. Consequently, the subsequent measurement (ie amortised cost) is the same under IAS 39 and IFRS 9. Derivative financial assets are measured at fair value through profit or loss under IAS 39 and IFRS 9, and therefore no reclassification or remeasurement is required. In summary, upon the adoption of IFRS 9, the Group had the following measurement categories:
See the discussion on impairment below for more details. Impairment of financial assets Under IFRS 9, the Group was required to revise its impairment methodology from an incurred loss model to an expected loss model. The adoption of IFRS 9 has resulted in a decrease in the impairment provision of R20 million relating to trade receivables. In calculating the provision on transition to IFRS 9, the Group applied the simplified approach to measure the ECLs, which uses a lifetime expected loss allowance. While the remaining financial assets held at amortised cost are also subject to the impairment requirements under IFRS 9, the impairment provision on transition was determined to be immaterial. Transition It was determined that on transition to IFRS 9, it would not be possible to restate comparatives without the use of hindsight. As a result, the Group did not restate prior periods, and rather recognised differences on initial application of IFRS 9 in opening retained earnings. Consequently, the decrease in the ECL provision (outlined here) on the initial application of IFRS 9 resulted in an increase in trade receivables and retained earnings of R20 million. The impact of the changes on the Group’s retained earnings is as follows:
IFRS 15 Revenue from Contracts with Customers IFRS 15 requires entities to recognise revenue, to depict the transfer of promised goods or services to customers, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This core principle is achieved through a five-step methodology that is required to be applied to all contracts with customers. The application of IFRS 15 will depend on the facts and circumstances present in a contract and will require the exercise of judgement. Impact All contracts with customers within the Group were assessed against the new standard. It was determined that the implementation of IFRS 15 does not have an impact on the Group’s revenue recognition and measurement. Therefore, no adjustments were required and no practical expedients, as made available by IFRS 15, were used. The presentation and disclosure requirements in IFRS 15 are more detailed than under the previous standard and where required, the Group’s presentation and disclosures have been updated. Transition The Group has applied the modified retrospective approach which will reflect the cumulative effect of IFRS 15 on adoption. There was no resultant impact on equity. Other standards adopted
Impact The implementation of these standards and amendments had no material financial impact on the Group. |
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| 1.14 | New accounting standards and IFRIC interpretations not yet effective | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following new accounting standards are expected to impact the Group: IFRS 16 Leases
The following amendments and IFRICs are effective for annual periods beginning on or after 1 January 2019:
All the amendments and IFRICs listed above are not expected to have a material impact on the Group in the current or future periods. |
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