Amounts due to brokers are payables for securities purchased (in
a regular way transaction) that have been contracted for but not
yet delivered on the reporting date. Refer to the accounting policy
for 'financial liabilities, other than those classified as at fair
value through profit or loss' for recognition and measurement.
Amounts due from brokers include margin accounts and receivables
for securities sold (in a regular way transaction) that have been
contracted for but not yet delivered on the reporting date. Refer
to accounting policy for 'loans and receivables' for recognition
and measurement.
Interest revenue and expense
Interest revenue and expense are recognised in the statement of
comprehensive income for all interest-bearing financial instruments
using the effective interest method.
AFRICA OPPORTUNITY FUND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2013 THROUGH 30 JUNE 2013
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Dividend revenue and expense
Dividend revenue is recognised when the Group's right to receive
the payment is established. Dividend revenue is presented gross of
any non-recoverable withholding taxes, which are disclosed
separately in the consolidated statement of comprehensive income.
Dividend expense relating to equity securities sold short is
recognised when the shareholders' right to receive the payment is
established.
Stated capital
Ordinary shares are classified as equity.
Provision
A provision is recognised when and only when there is a present
obligation (legal or constructive) as a result of a past event, and
it is probable that an outflow embodying economic benefits will be
required to settle that obligation and a reliable estimate can be
made of the amount of the obligation. Provisions are reviewed at
each reporting date and adjusted to reflect the current best
estimate.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank. Cash
equivalents are short term, highly liquid investments that are
readily convertible to known amounts of cash and which are subject
to an insignificant risk of change in value.
Related parties
For the purposes of these consolidated financial statements,
parties are considered to be related to the Group if they have the
ability, directly or indirectly, to control the Group or exercise
significant influence over the Group in making financial and
operating decisions, or vice versa, or where the Group is subject
to common control or common significant influence. Related parties
may be individuals or other entities.
3. CHANGES IN ACCOUNTING POLICY AND DISCLOSURES
The accounting policies adopted are consistent with those of the
previous financial year, except for the following amendments to
IFRS effective as of 1 January 2012:
-- IAS 12 Income Taxes (Amendment) - Deferred Taxes: Recovery of Underlying Assets
-- IFRS 1 First-Time Adoption of International Financial
Reporting Standards (Amendment) - Severe Hyperinflation and Removal
of Fixed Dates for First-Time Adopters IFRS 7 Financial
Instruments: Disclosures (Amendments)
-- IFRS 7 Financial Instruments : Disclosures - Enhanced Derecognition Disclosure Requirements
The adoption of the standards or interpretations is described
below:
AFRICA OPPORTUNITY FUND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2013 THROUGH 30 JUNE 2013
3. CHANGES IN ACCOUNTING POLICY AND DISCLOSURES (CONTINUED)
IAS 12 Income Taxes (Amendments) - Deferred Taxes: Recovery of
Underlying Assets
The amendment clarified the determination of deferred tax on
investment property measured at fair value and introduces a
rebuttable presumption that deferred tax on investment property
measured using the fair value model in IAS 40 should be determined
on the basis that its carrying amount will be recovered through
sale. It includes the requirement that deferred tax on
non-depreciable assets that are measured using the revaluation
model in IAS 16 should always be measured on a sale basis. The
amendment is effective for annual periods beginning on or after 1
January 2012 and has had no effect on the Group's financial
position, performance or its disclosures.
IFRS 1 First-Time Adoption of International Financial Reporting
Standards (Amendment) - Severe Hyperinflation and Removal of Fixed
Dates for First-Time Adopters
The IASB provided guidance on how an entity should resume
presenting IFRS financial statements when its functional currency
ceases to be subject to hyperinflation. The amendment is effective
for annual periods beginning on or after 1 July 2011. The amendment
had no impact on the Group.
IFRS 7 Financial Instruments: Disclosures - Enhanced
Derecognition Disclosure Requirements
The amendment requires additional disclosure about financial
assets that have been transferred but not derecognised to enable
the user of the Group's financial statements to understand the
relationship with those assets that have not been derecognised and
their associated liabilities. In addition, the amendment requires
disclosures about the entity's continuing involvement in
derecognised assets to enable the users to evaluate the nature of,
and risks associated with, such involvement. The amendment is
effective for annual periods beginning on or after 1 July 2011. The
Group does not have any assets with these characteristics so there
has been no effect on the presentation of its financial
statements.
Standards issued but not yet effective
The standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Group's financial
statements are disclosed below.
IAS 1 Presentation of Items of Other Comprehensive Income -
Amendments to IAS 1
The amendments to IAS 1 change the grouping of items presented
in other comprehensive income (OCI). Items that will never be
reclassified (or 'recycled') to profit or loss at a future point in
time (for example, actuarial gains and losses on defined benefit
plans and revaluation of land and buildings) would be presented
separately from items that could be reclassified (for example, net
gain on hedge of net investment, exchange differences on
translation of foreign operations, net movement on cash flow hedges
and net loss or gain on available-for-sale financial assets). The
amendment affects presentation only and has no impact on the
Group's financial position or performance. The amendment became
effective for annual periods beginning on or after 1 July 2012, and
has been applied in the Group's first annual report after becoming
effective.
AFRICA OPPORTUNITY FUND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2013 THROUGH 30 JUNE 2013
3. CHANGES IN ACCOUNTING POLICY AND DISCLOSURES (CONTINUED)
IAS 19 Employee Benefits (Revised)
The IASB has issued numerous amendments to IAS 19. These range
from fundamental changes such as removing the corridor mechanism
and the concept of expected returns on plan assets to simple
clarifications and re-wording. The amendment becomes effective for
annual periods beginning on or after 1 January 2013. This standard
is not applicable to the Group.
Standards issued but not yet effective
IAS 28 Investments in Associates and Joint Ventures (as revised
in 2011)
As a consequence of the new IFRS 11 Joint Arrangements, and IFRS
12 Disclosure of Interests in Other Entities, IAS 28 Investments in
Associates, has been renamed IAS 28 Investments in Associates and
Joint Ventures, and describes the application of the equity method
to investments in joint ventures in addition to associates. The
revised standard becomes effective for annual periods beginning on
or after 1 January 2013. This standard has no effect on the
Group.
IAS 32 Offsetting Financial Assets and Financial Liabilities -
Amendments to IAS 32
These amendments clarify the meaning of "currently has a legally
enforceable right to set-off". The amendments also clarify the
application of the IAS 32 offsetting criteria to settlement systems
(such as central clearing house systems) which apply gross
settlement mechanisms that are not simultaneous. These amendments
are not expected to impact the Group's financial position or
performance and become effective for annual periods beginning on or
after 1 January 2014.
IFRS 1 Government Loans - Amendments to IFRS 1
These amendments require first-time adopters to apply the
requirements of IAS 20 Accounting for Government Grants and
Disclosure of Government Assistance, prospectively to government
loans existing at the date of transition to IFRS. Entities may
choose to apply the requirements of IFRS 9 (or IAS 39, as
applicable) and IAS 20 to government loans retrospectively if the
information needed to do so had been obtained at the time of
initially accounting for that loan. The exception would give
first-time adopters relief from retrospective measurement of
government loans with a below-market rate of interest. The
amendment is effective for annual periods on or after 1 January
2013. The amendment has no impact on the Group.
IFRS 7 Disclosures - Offsetting Financial Assets and Financial
Liabilities - Amendments to IFRS 7
These amendments require an entity to disclose information about
rights to set-off and related arrangements (e.g., collateral
agreements). The disclosures would provide users with information
that is useful in evaluating the effect of netting arrangements on
an entity's financial position. The new disclosures are required
for all recognised financial instruments that are set off in
accordance with IAS 32 Financial Instruments: Presentation. The
disclosures also apply to recognised financial instruments that are
subject to an enforceable master netting arrangement or similar
agreement, irrespective of whether they are set off in accordance
with IAS 32. These amendments will not impact the Group's financial
position or performance and become effective for annual periods
beginning on or after 1 January 2013.
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