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AFRICAN DAWN ANNUAL REPORT 14

Notes to the Financial Statements 2. New Standards and Interpretations continued IFRIC 21 Levies The interpretation provides guidance on accounting for levies payable to government. It specifies that the obligating event giving rise to a liability to pay a levy is the activity that triggers the payment of the levy, as identified by the legislation. A constructive obligation for levies that will be triggered by operating in future is not raised by virtue of the entity being economically compelled to operate in future or for being a going concern. Furthermore, if the obligating event occurs over a period of time, then the liability is recognised progressively. An asset is recognised if an entity has prepaid a levy before the obligating event. This accounting also applies to interim reporting. The effective date of the interpretation is for years beginning on or after 1 January 2014. The group expects to adopt the interpretation for the first time in the 2015 financial statements. It is unlikely that the interpretation will have a material impact on the company's financial statements. IFRS 10, IFRS 12 and IAS 27 - Investment Entities The amendments define an investment entity and introduce an exception to consolidating particular subsidiaries for investment entities. These amendments require an investment entity to measure those subsidiaries at fair value through profit or loss in accordance with IFRS 9 Financial Instruments in its consolidated and separate financial statements. The amendments also introduce new disclosure requirements for investment entities in IFRS 12 and IAS 27. The effective date of the amendments is for years beginning on or after 1 January 2014. The group expects to adopt the amendments for the first time in the 2015 financial statements. It is unlikely that the amendment will have a material impact on the company's financial statements. AFRICAN DAWN 4 6 ANNUAL REPORT 2014


AFRICAN DAWN ANNUAL REPORT 14
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