All monetary amounts are expressed
in millions of Rands |
| 49. |
STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED STANDARDS THAT ARE NOT YET EFFECTIVE AND STANDARDS
EARLY ADOPTED |
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| 49.1 |
Standards, interpretations and amendments not yet effective, as applicable to Murray & Roberts |
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Certain new accounting standards, amendments and interpretations to existing standards have been published that are
mandatory for the Group's accounting periods beginning on or after 1 July 2007 or later periods but which the Group has not
early adopted, are as follows: |
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IAS 23 (Amendment) Borrowing Costs (effective from 1 January 2009) |
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The amendment to IAS 23 removes the option of immediately recognising as an expense borrowing costs that are directly
attributable to the acquisition, construction or production of a qualifying asset. A qualifying asset is one that takes a substantial
period of time to get ready for use or sale. The revised Standard does not require the capitalisation of borrowing costs relating
to assets measured at fair value, and inventories that are manufactured or produced in large quantities on a repetitive get ready
for use or sale. Management is currently assessing the impact of IAS 23 on the Group's operations. |
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IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to IAS 1, Presentation of Financial Statements
- Capital Disclosures (effective from 1 January 2007) |
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IFRS 7 introduces new disclosures to improve the information about financial instruments. It requires the disclosure of qualitative
and quantitative information about exposure to risks arising from financial instruments, including specified minimum disclosures
about credit risk, liquidity risk and market risk, including sensitivity analysis to market risk. The amendment to IAS 1 introduces
disclosures about the level of an entity's capital and how it manages capital. The Group assessed the impact of IFRS 7 and the
amendment to IAS 1 and concluded that the main additional disclosures will be the sensitivity analysis to market risk and the
capital disclosures required by the amendment of IAS 1. The Group will apply IFRS 7 and the amendment to IAS 1 from annual
periods beginning 1 July 2007. |
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IFRS 8, Operating Segments (effective from 1 January 2009) |
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IFRS 8 requires identification of operating segments based on internal reports that are regularly reviewed by the entity's chief
operating decision maker in order to allocate resources to the segment and assess its performance. This includes a component
of an entity that sells primarily or exclusively to other operating segments of the entity in the definition of an operating segment
if the entity is managed that way. |
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The statement requires: |
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reconciliations of total reportable segment revenues, total profit or loss, total assets, and other amounts disclosed for
reportable segments to corresponding amounts in the entity's financial statements, |
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an explanation of how segment profit or loss and segment assets are measured for each reportable segment, |
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a report on information about the revenues derived from its products or services (or groups of similar products and services), |
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about the countries in which it earns revenues and holds assets, |
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about major customers, regardless of whether that information is used by management in making operating decisions |
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descriptive information about: |
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the way that the operating segments were determined, |
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the products and services provided by the segments, |
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differences between the measurements used in reporting segment information and those used in the entity's financial
statements, and |
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changes in the measurement of segment amounts from period to period. |
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Management is currently assessing the impact of IFRS 8 on the Group’s operations. |
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IFRIC 14: IAS 19 - The limit of a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective
1 January 2008) |
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IFRIC 14 provides general guidance on how to assess the limit in IAS 19 Employee Benefits on the amount of the surplus
that can be recognised as an asset. It also explains how the pensions asset or liability may be affected when there is a statutory
or contractual minimum funding requirement. Management is currently assessing the impact of IFRIC 14 on the Group's operations. |
