Adcock Ingram Integrated Report 2018

73 ADCOCK INGRAM  Integrated Report 2018 CORPORATE INFORMATION The consolidated financial statements of Adcock Ingram Holdings Limited (the“Company”) and Adcock Ingram Holdings Limited and its subsidiaries, joint ventures, associate and structured entities (the“Group”) for the year ended 30 June 2018 were authorised for issue in accordance with a resolution of the directors on 28 August 2018. Adcock Ingram Holdings 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 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. CHANGES IN ACCOUNTING POLICIES The accounting policies adopted are consistent with those of the previous financial year, except where the Group has adopted IFRS and IFRIC interpretations and amendments that became effective during the year. The following amendments had no material impact on the reported results: IAS 7: Statement of cash flows – Disclosure Initiative Amendments IAS 12: Income taxes – Recognition of deferred tax assets for unrealised loss – Amendments Refer to Annexure I for the complete set of accounting policies. Accounting policy elections