GENERALLY RECOGNISED ACCOUNTING PRACTICE (GRAP)

1 GENERALLY RECOGNISED . ACCOUNTING PRACTICE . (GRAP). Disclosure/Compliance Checklist For The Financial Year Ended 2018. GRAP Disclosure/Compliance Checklist IMPORTANT CONSIDERATIONS. The references in the body of the document are in relation to the Standards of GRAP as at 31 March 2015 and thus incorporate the latest improvements to the Standards. The specific Standards impacted by the ASB's 2013's improvements project are as listed below: GRAP 1 Presentation of Financial Statements (Consequential Amendments). GRAP 2 Cash Flow Statements GRAP 3 ACCOUNTING Policies, Changes in ACCOUNTING Estimates and Errors GRAP 7 Investments in Associates GRAP 10 Financial Reporting in Hyperinflationary Economies GRAP 11 Construction Contracts GRAP 13 Leases GRAP 17 Property Plant and Equipment GRAP 19 Provisions, contingent Liabilities and contingent Assets GRAP 21 Impairment of Non-cash-generating Assets GRAP 23 Revenue from Non-exchange Transactions GRAP 24 Presentation of Budget Information in Financial Statements GRAP 25 Employee Benefits GRAP 26 Impairment of Cash-generating assets GRAP 31 Intangible Assets GRAP 103 Heritage Assets GRAP 104 Financial Instruments Note.

2 The effective date for the improvements and updates to the abovementioned Standards is only 1 April 2015, the Disclosure/Compliance checklist has been developed to facilitate early adoption of those Standards that are approved but not yet effective. The checklist includes all New Standards and amendments to existing Standards with an effective date of 1 April 2015 as per ASB's 2013's improvement project. Standards that have a future reporting period such as GRAP 20 on Related Party Transactions, GRAP 32. on Service Concession Arrangements: Grantor, GRAP 108 on Statutory Receivables have been included, however these approved and not yet effective GRAP Standards should be utilised to the extent that the National Treasury Guide on the Application of the GRAP Reporting Framework provides prescription. This guide is available as an attachment of this document or is available online at.

3 Updated December 2015 Page 2 of 248. GRAP Disclosure/Compliance Checklist DISCLAIMER. This document serves as a checklist to assist in determining that the minimum requirements of the effective Standards of GRAP have been complied with. It should NOT be considered in isolation as a control for compliance or disclosure purposes. It is strongly recommended, that the Disclosure/Compliance Checklist be utilised in conjunction with the Applicable GRAP Standard(s) and that reliance be placed on the requirements of the individual GRAP Standard(s) rather than solely on this Disclosure/Compliance Checklist. The full list of GRAP Standards is available on: Updated December 2015 Page 3 of 248. GRAP Disclosure/Compliance Checklist TABLE OF CONTENTS. SECTION A General and ACCOUNTING Policies .. 6. General .. 6. Prior period errors.

4 11. ACCOUNTING policies ..13. Going concern ..21. Consistency of presentation ..21. Materiality and aggregation ..22. Comparative information ..23. The effects of changes in foreign exchange rates ..24. Financial reporting in hyperinflationary economies ..30. SECTION B Statement of financial performance .. 32. General ..32. Revenue from exchange transactions ..34. Revenue from non-exchange transactions (taxes and transfers) ..38. Construction Segment Reporting ..47. Discontinued Operations ..51. Employee Benefits ..53. Financial instruments ..56. SECTION C Statement of financial position .. 58. General ..58. Property, plant and equipment ..63. Borrowing Leases ..76. Investment property ..85. Impairment of non-cash-generating Impairment of cash-generating Updated December 2015 Page 4 of 248. GRAP Disclosure/Compliance Checklist Inventories.

5 120. Provisions, contingent liabilities and contingent Discontinued operations ..131. Agriculture ..133. Intangible assets ..136. Has the entity disclosed the aggregate amount of research and development expenditure RECOGNISED as an expense during the period? ..150. Employee Benefits ..151. Financial Instruments ..169. Heritage SECTION D Statement of changes in net assets/equity .. 192. SECTION E Cash flow 194. General ..194. SECTION F Notes .. 199. General ..199. Events after the reporting date ..200. Transfer Of Functions Between Entities Under Common Control ..201. Transfer of Functions between Entities Not Under Common Control ..205. Mergers ..212. SECTION G Consolidated and separate financial statements .. 216. Presentation of consolidated financial statements ..216. SECTION H Consolidated Accounts Associates and Joint Ventures.

6 225. ACCOUNTING for investments in associates ..225. Financial reporting of interests in joint ventures ..231. SECTION I Standards Approved But Not Effective .. 239. Related Party Disclosures ..239. Service Concession Arrangement: Grantor ..244. Statutory Receivables ..246. Updated December 2015 Page 5 of 248. GRAP Disclosure/Compliance Checklist SECTION A General and ACCOUNTING Policies Yes/No/ Ref Comments NA. A1 General Components of financial statements Have the following components been included in the financial statements: (a) statement of financial position? (a). (b) statement of financial performance? (b). (c) statement of changes in net assets? (c). (d) cash flow statement? (d). (e) where the entity makes publicly available N/A for (e). its approved budget, a comparison of 2008/09. budget and actual amounts, either as a FY.

7 Separate additional financial statement or as a budget column in the financial statements? (f) notes disclosing, in summary, significant (f). ACCOUNTING policies? (g) comparative information in respect of the (f). preceding period Fair presentation and compliance with the Standards of GRAP. Have the financial statements presented fairly the financial position, financial performance and cash flows of the entity? Note: the appropriate application of GRAPs, with additional disclosures where necessary, is presumed to result in financial statements that achieve a fair presentation [ ]. Have the financial statements complied with all the requirements of Standards of GRAP? Where the financial statements comply with GRAPs, has this fact been disclosed? Updated December 2015 Page 6 of 248. GRAP Disclosure/Compliance Checklist Yes/No/ Ref Comments NA.

8 Note: financial statements should not be described as complying with GRAPs unless they comply with all the requirements of each applicable GRAP [ ]. Note: inappropriate ACCOUNTING treatments are not rectified either by disclosure of the ACCOUNTING policies used, or by notes or explanatory material [ ]. In the extremely rare circumstances in which management concludes that compliance with a requirement in an GRAP would be so misleading that it would conflict, with the objective of financial statements set out in GRAP 1 Presentation of Financial Statements, and where the relevant regulatory framework requires, or otherwise does not prohibit, such as a departure, has following been disclosed: (a) that management has concluded that (a). the financial statements fairly present the entity's financial position, financial performance and cash flows?

9 (b) that the entity has complied with (b). applicable GRAPs except that it has departed from a particular requirement in order to achieve a fair presentation? (c) the title of the GRAP from which the (c). entity has departed, the nature of the departure, including the treatment that the GRAP would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in GRAP 1. Presentation of Financial Statements, and the treatment adopted? Updated December 2015 Page 7 of 248. GRAP Disclosure/Compliance Checklist Yes/No/ Ref Comments NA. (d) the financial impact of the departure on (d). each item in the financial statements that would have been reported in complying with the requirement for each period presented? Where an entity has departed from a requirement of a GRAP in a prior period, and that departure affects the amounts RECOGNISED in the financial statements for the current period, has the following been disclosed: (a) the title of the GRAP from which the (c).

10 Entity has departed, the nature of the departure, including the treatment that the GRAP would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in GRAP 1, and the treatment adopted? (b) the financial impact of the departure on (d). each item in the financial statements that would have been reported in complying with the requirement for each period presented? Identification of financial statements Have the financial statements been clearly identified, and distinguished from other information in the same published document? Has each component of the financial statements been clearly identified? Updated December 2015 Page 8 of 248. GRAP Disclosure/Compliance Checklist Yes/No/ Ref Comments NA. Has the following information been prominently displayed, and repeated where it is necessary for a proper understanding of the information presented: (a) the name of the reporting entity or other (a).