Accounting policies
Summary of accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The accounting policies of the company are the same as those of the group.
Basis of the preparation
The consolidated financial statements of CA Sales Holdings Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), interpretations issued by the IFRS Interpretations Committee (“IFRIC”) and the South African Companies Act, No 71 of 2008, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and the Financial Pronouncements as issued by the Financial Reporting Standards Council. The Botswana Stock Exchange (“BSE”) and the JSE Limited (“JSE”) listings requirements were also taken into consideration in the presentation. The consolidated and separate financial statements have been prepared under the historical cost convention.
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 the group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the note on “Critical accounting estimates and judgements”.
International financial reporting standards
(a) There are no new and amended standards relevant to the group that were implemented for the first time for its annual reporting period commencing 1 January 2023, apart from the below:
- Disclosure of accounting policies - amendments to IAS 1 and IFRS Practise statement 2
- Definition of accounting estimates – amendments to IAS 8
- Deferred tax related to assets and liabilities arising from a single transaction – amendments to IAS 12
(b) The following standards are not yet effective and would not be expected to have a material impact on the group in the current or future reporting periods and on foreseeable future transactions:
- Non-current liabilities with covenants – amendments to IAS 1
- Classification of liabilities as current or non-current - amendments to IAS 1
- Lease liability in a sale and leaseback – amendment to IFRS 16
- Supplier finance arrangements – amendments to IAS 7 and IFRS 7
- Lack of exchangeability – amendments to IAS 21
- General requirements for disclosure of sustainability-related financial information – IFRS S1
- Climate-related Disclosures – IFRS S2