Annexure H

Standards and Interpretations

1. New and revised Standards and Interpretations adopted

The following new and revised Standards and Interpretations have been adopted in these financial statements. Their adoption has not had any significant impact on the amounts reported or disclosed in these financial statements.

Standard

Annual periods beginning on or after

IAS 17 - Leases

01-Jan-16

IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations

01-Jan-16

IFRS 7 - Financial Instruments: Disclosures

01-Jan-16

IFRS 10 - Consolidated Financial Statements

01-Jan-16

IFRS 11 - Joint Arrangements

01-Jan-16

IFRS 12 - Disclosure of Interests in Other Entities

01-Jan-16

IFRS 14 - Regulatory Deferral Accounts

01-Jan-16

IAS 1 - Presentation of Financial Statements

01-Jan-16

IAS 7 - Statement of Cash Flows

01-Jan-17

IAS 12 - Income Taxes

01-Jan-17

IAS 16 - Property, Plant and Equipment

01-Jan-16

IAS 19 - Employee Benefits

01-Jan-16

IAS 27 - Separate Financial Statements

01-Jan-16

IAS 28 - Investments in Associates and Joint Ventures

01-Jan-16

IAS 34 - Interim Financial Reporting

01-Jan-16

IAS 38 - Intangible Assets

01-Jul-16

2. Standards and Interpretations in issue not yet adopted:

The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective.

Standard

Annual periods beginning on or after

IFRS 2 - Shared-Based Payments (Revised)

31-Dec-17

IFRS 4 - Insurance Contracts

31-Dec-17

IFRS 9 - Financial Instruments

01-Jan-18

IFRS 12 - Disclosure of Interests in Other Entities

01-Jan-18

IFRS 15 - Revenue from Contracts with Customers

01-Jan-18

IFRS 16 – Leases

01-Jan-19

IFRS 17 – Insurance

01-Jan-21

IAS 7 - Statement of Cash Flows

01-Jan-18

IAS 12 - Income Taxes

01-Jan-18

IAS 28 - Investments in Associates & Joint Ventures (Revised)

01-Jan-18

IAS 40 - Investment Property (Revised)

31-Dec-17

IFRIC 22 - Foreign Currency Transactions and Advance Consideration

01-Jan-18

With regards to IFRS 16 – Leases , the Group is currently in the process of performing a more detailed assessment of the impact of this new standard on the amounts reported in these financial statements and will provide more information in the year ending 31 March 2019 financial statements. It is noted that the requirements of this standard is not yet applicable to the 2018 financial statements. The future minimum payments under non-cancellable operating lease agreements of land and buildings which the Group has entered into amounted to R389 million (2017: R451 million). There will be no impact at a company level.

With regards to IFRS 9 – Financial Instruments and IFRS 15 – Revenue from Contracts with Customers , the Group has performed an assessment of the impact of these new standards on the amounts reported in these financial statements, the outcome of which indicated that there would not be a significant impact on the amounts recognised. There will be no impact at a company level.