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Integrated Report 2016
ANNUAL FINANCIAL STATEMENTS
(continued)
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CORPORATE INFORMATION
The consolidated financial statements of Adcock Ingram Holdings Limited (the “Company”) and Adcock Ingram Holdings Limited and its
subsidiaries, joint ventures and structured entities (the “Group”) for the year ended 30 June 2016 were authorised for issue in accordance with a
resolution of the directors on 25 August 2016. Adcock IngramHoldings Limited is incorporated and domiciled in South Africa, where its ordinary
shares are publicly traded on the Securities Exchange of the JSE Limited.
BASIS OF PREPARATION
The consolidated and separate annual financial statements (annual financial statements) are presented in South African Rands and all values
are rounded to the nearest thousand (R’000), except where otherwise indicated.
The annual financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), its interpretations
adopted by the International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and the Companies Act. The
annual financial statements have been prepared on the historical cost basis, except for the following items in the statements of financial
position:
•
Available-for-sale financial assets, financial assets and liabilities at fair value through profit or loss, and liabilities for cash-settled share-based
payments that are measured at fair value; and
•
Post-employment benefit obligations are measured in terms of the projected unit credit method.
THE GROUP
(1)
HAS MADE THE FOLLOWING ACCOUNTING POLICY ELECTION IN
TERMS OF IFRS:
•
Cumulative gains and losses recognised in other comprehensive income (OCI) in terms of a cash flow hedge relationship are transferred
from OCI and included in the initial measurement of the non-financial asset or liability.
(1)
All references to Group hereafter include the separate annual financial statements, where applicable.
NO CHANGES IN FINANCIAL POLICY IN THE CURRENT YEAR
The accounting policies adopted are consistent with those of the previous financial year.
ACCOUNTING POLICY ELECTIONS