Corresponding Amounts of Preceding Year
| 7) |
Except in the case of the first balance sheet, the corresponding amounts at the end of the immediately preceding financial year in respect of all items shown in the balance sheet shall be stated. |
Share Capital and Shares
| a) |
There shall be stated- |
| i) |
the authorised and issued share capital; |
| ii) |
the classes of shares, the respective number and nominal value into which the authorised share capital is divided and in the case of shares of no par value, the number of such shares; |
| iii) |
the number of the issued shares and the amount of the issued share capital in respect of each class of shares; |
| iv) |
the amount of the share premium account; and |
| v) |
the preliminary expenses, commission and expenses of share issue charged against the share premium account during the accounting period. |
| 9) |
In respect of shares issued during the accounting period, there shall be stated- |
| a) |
the classes of shares issued; |
| b) |
as regards each class of shares, the number issued, their aggregate nominal or stated value and the consideration received by the company for such allotment; |
| c) |
as regards no par value shares, the preliminary expenses, commission and expenses of the creation or issue of any such shares charged against the stated capital account during the accounting period; and |
| d) |
details of shares issued during the year to a director or a member of his or her immediate family. |
| a) |
In respect of any part of the issued share capital that consists of redeemable preference shares, there shall be stated- |
| i) |
the earliest and latest dates on which the company has the power to redeem those shares; |
| ii) |
whether those shares must be redeemed in any event or are liable to be redeemed at the option of the company or of the preference shareholders; |
| iii) |
the premium, if any, payable on redemption; and |
| iv) |
the dividend rights of such redeemable preference shareholders. |
| 11) |
In respect of any part of the issued share capital that consists of preference shares convertible into ordinary shares, the following information shall be given: |
| a) |
The conditions and rights of conversion; or |
| b) |
a note specifying where these conditions and rights may be inspected. |
| 12) |
With respect to any contingent right to the allotment of shares in the company, the following particulars shall be given: |
| a) |
The number and description of the shares in relation to which the right is exercisable; |
| b) |
the period during which it is exercisable; and |
| c) |
the price to be paid for the shares allotted. |
Reserves
| 13) |
There shall be stated- |
| a) |
the amount of each of the reserves as at the date of the beginning of the accounting period and as at the accounting date; |
| b) |
the source and the amount of any transfers to reserves; and |
| c) |
the application and the amount of any transfers from reserves. |
Actuarial Liabilities and Provisions in respect of Long Term Insurers
| 14) |
In the case of a long term insurer, a report by the valuator appointed in terms of the Insurance Act, 1943 (Act No. 27 of 1943), shall be included in the financial statements which shall include, inter alia, information relating to liabilities under unmatured policies, in accordance with a guideline issued by the Actuarial Society of South Africa, incorporated in guideline AC204 issued by the South African Institute of Chartered Accountants. |
Liabilities
General
| 15) |
The liabilities shall be summarised with such particulars as are necessary to disclose their general nature and shall be classified under headings and sub-headings appropriate to the company's business. |
Convertible Instruments and Debentures
| 16) |
There shall be stated- |
| a) |
the amount and classes of convertible instruments and debentures issued and the nature of the consideration received when issued otherwise than for cash in the year of issue, the conditions of conversion and the dates on which convertible instruments or debentures may, or shall, be redeemed, or where the conditions of conversion are numerous, a note where these conditions may be inspected: |
| b) |
where any of the company's convertible instruments and debentures are held by a nominee of, or trustee for, the company, the nominal amount of the convertible instruments and debentures and the amount at which they are stated in the books of the company; |
| c) |
particulars of any redeemed convertible instruments and debentures which the company has the power to re-issue; and |
| d) |
details of convertible instruments and debentures granted during the year to, or exercised by, a director or a member of his or her immediate family. |
Borrowing and Obligations
| 17) |
There shall be shown under separate headings- |
| a) |
the amounts of current borrowings, bank overdrafts and obligations including those arising from the capitalisation of leased assets, where the date of settlement, repayment or renewal is not more than one year after the accounting date; |
| b) |
the amounts of long term borrowings and obligations including those arising from the capitalisation of leased assets, where the date of settlement, repayment or renewal is more than one year after the accounting date and the rates of interest in respect thereof, the respective dates of repayment or of renewal and, if repayable in instalments, the amounts thereof; and |
| c) |
the aggregate of all interest bearing borrowings and obligations analysed between current and long term. |
Other Liabilities
| 18) |
There shall be shown under separate headings- |
| a) |
the amount which has been declared or which has been recommended for distribution by way of dividend; |
| b) |
the liability for income tax payable; |
| c) |
the liability for deferred taxation analysed by major category of timing difference; and |
| d) |
the aggregate amounts of provisions (other than provisions for depreciation or diminution in value of current assets). |
Secured Liabilities
| 19) |
Where any liability is secured by an encumbrance over any assets, that fact shall be stated, specifying the amount of the liability and the nature of the encumbrance and amount of the assets by which it is secured. |
Indebtedness to Companies in the Group
| 20) |
There shall be shown under separate headings the aggregate amount of indebtedness to- |
| a) |
the company's subsidiaries; and |
| b) |
all bodies corporate of which it is a subsidiary or a fellow subsidiary. |
Assets
General
| 21) |
The assets shall be summarised with such particulars as are necessary to disclose their general nature and shall be classified under headings and sub-headings appropriate to the company's business. |
| 22) |
Fixed assets, capitalised leased assets, current assets and assets that are neither fixed nor current shall be separately identified. |
| 23) |
The method or methods used to arrive at the amount of the fixed assets and the assets that are neither fixed nor current under each heading, shall be stated. |
Fixed Assets
| a) |
The method of arriving at the amount of any fixed asset whether tangible or intangible or any asset which is neither fixed nor current shall be to take the difference between- |
| i) |
its cost, or if it has been revalued, the amount of the valuation; and |
| ii) |
the aggregate amounts provided or written off since the date of acquisition or valuation, as the case may be, for depreciation or diminution of value. |
| b) |
In respect of the assets under each heading whose amounts are arrived at in accordance with subparagraph (1) of this paragraph, there shall be shown- |
| i) |
the aggregate of the amounts referred to in paragraph (a) of that subparagraph; and |
| ii) |
the aggregate of the amounts referred to in paragraph (b) thereof. |
| c) |
As regards any land and buildings which are fixed assets there shall also be stated- |
| i) |
a description of such land and buildings and the situation thereof; |
| ii) |
the date of their acquisition by the company; |
| iii) |
their purchase price; and |
| iv) |
the costs of additions or improvements since the date of acquisition or valuation: Provided that where there are more than five different items of land and buildings, the information may be included in a schedule or register and shall in that event state in a note to the balance sheet that the said schedule or register shall be open for inspection in terms of the provisions of section 113 of the Act: Provided further that the requirements of subparagraph(3) (b), (c) and (d) shall not apply to land and buildings acquired or used solely for the purpose of carrying on mining operations, including housing for mine employees. |
| d) |
As regards any fixed assets referred to in subparagraph (3), the amount of which is arrived at by reference to a valuation, the provisions of subparagraphs (b) and (c) thereof shall not apply, but there shall be stated- |
| i) |
the most recent year in which the assets were severally valued; |
| ii) |
in the case of assets valued in the current year, the names and qualifications of the persons who valued them; |
| iii) |
the basis of valuation: and |
| iv) |
the policy regarding the frequency of valuation: Provided that where there are more than five different items of land and buildings, the information required by subparagraph 4 (a), (b) and (c) may be included in a schedule or register and shall in that event state in a note to the balance sheet that the said schedule or register shall be open for inspection in terms of the provisions of section 113 of the Act. |
Interests in Subsidiaries
| 25) |
The aggregate amount of the interest in subsidiaries consisting of shares of, or amounts owing by its subsidiaries, distinguishing shares from indebtedness, shall be set out in the balance sheet separately from the other assets of the company. |
Indebtedness of Holding Company and Fellow Subsidiaries
| 26) |
The aggregate amount of the indebtedness to the company of all holding companies and fellow subsidiaries, shall be set out. |
Loans to, and Security for, Directors, Managers and Employees
| 27) |
The aggregate amounts of any outstanding loans under section 38(2)(b) and (c) of the Act and the particulars required by section 295 and 296 of the Act shall be shown under separate headings. |
Investments
| a) |
The company's investments shall be analysed between listed and unlisted investments. |
| b) |
In respect of investments there shall be shown- |
| i) |
in respect of listed investments, the aggregate market value where it differs from the amount of the investments as stated; and |
| ii) |
in respect of unlisted investments. the aggregate of the directors' valuation of such investments. |
| 29) |
There shall be shown the names of all companies (excluding subsidiary companies) in which the company has investments and in each case the number of shares and classes of shares so held in a listed investment or the percentage of the issued share capital and voting power held, if different, in a listed or unlisted investment: Provided that where there are more than five different listed or unlisted investments, the information may be included in a schedule or register and shall in that event state in a note to the balance sheet that the said schedule or register shall be open for inspection in terms of the provisions of section 113 of the Act. |
| 30) |
Where the carrying amount of unlisted investments is arrived at by reference to a valuation there shall be stated- |
| a) |
the policy regarding the frequency of revaluations; |
| b) |
the basis of valuation; and |
| c) |
the date of the latest revaluation. |
Inventories
| a) |
There shall be stated the amounts in respect of the following categories of inventories: |
| i) |
Raw materials (including component parts), |
| iii) |
merchandise which may itself be shown under appropriate subheadings; |
| iv) |
consumable stores (including maintenance spares); |
| v) |
work in progress (including standing crops); and |
| vi) |
contracts in progress. |
| b) |
There shall be stated for contracts in progress, whether profits or losses have been taken into account and, if so, on what basis. |
Preliminary Expenses, Commissions and Discounts
| 32) |
There shall be stated under separate subheadings so far as they are not written off- |
| a) |
the preliminary expenses; |
| b) |
any expenses incurred in connection with any issue of shares or debentures; |
| c) |
any sums paid by way of commission in respect of any shares or debentures; and |
| d) |
any sums allowed by way of discount in respect of any issued shares and debentures. |
Other
Shares, Convertible Instruments or Debentures Held by Subsidiary
| 33) |
There shall be stated the percentage held, description and amount of shares, convertible instruments and debentures of the company held by its subsidiaries or their nominees, but excluding any such shares, convertible instruments or debentures in respect of which the subsidiary is concerned in a representative capacity or as a trustee under a trust in which neither the company nor any subsidiary thereof is beneficially interested otherwise than by way of security for the purposes of a transaction entered into by it in the ordinary course of business which includes the lending of money. |
Directors' Authority to Issue Shares
| 34) |
The amount of any share capital or the number of shares which the directors are authorised to issue, the terms of such authority and the period for which it was granted, shall be stated. |
Arrear Dividends
| 35) |
The amount of any arrears of cumulative dividends on each class of the company's shares and the period for which the dividends are in arrear shall be stated. |
Encumbrances, Contingencies and Commitments
Encumbrances
| 34. |
Particulars of any encumbrance on the assets of the company to secure the liabilities of any other person, including where practicable, the amount secured, shall be stated. |
Contingencies
| 36) |
Particulars of any contingencies not already recognised in the financial statements shall be stated, including-- |
| a) |
the nature of the contingency; |
| b) |
the uncertain factors that may affect the future outcome; and |
| c) |
the estimated amount and its effect, before and after taxation. |
Commitments
| 37) |
Where practicable the aggregate amount or estimated amount of contracts for capital expenditure, not otherwise provided for and the aggregate amount or estimated amount of capital expenditure authorised by the directors which has not been contracted for, shall be stated. There shall also be stated the source from which funds to meet such expenditure will be provided. |
Loans and Security to be disclosed by Subsidiary
| 38) |
The following particulars in respect of any funds employed in a loan or security provided by a company shall, if the provisions of section 37 of the Act apply to such loan or security, be stated: |
| a) |
The name of the company or other body corporate to which the loan was directly or indirectly made, or in connection with an obligation of which security was directly or indirectly provided to another person; |
| b) |
the group relationship between the subsidiary and the company or other body corporate contemplated in subparagraph (a); |
| c) |
when funds of the subsidiary have been employed in a loan- |
| ii) |
the name of the intermediary concerned if the loan was made indirectly; |
| iii) |
the amount of the loan outstanding at the end of the financial year, |
| iv) |
the highest outstanding balance under the loan during the financial year, |
| v) |
the rate at which interest was or is to be paid, the amount paid as interest, and any other consideration which was or is to be given by the borrowing company or body corporate, in respect of all transactions transacted during the whole financial year, |
| vi) |
the security, if any, obtained in respect of the loan, and if no security was obtained. a statement of that fact; and |
| vii) |
the terms upon which the loan is being or is to be repaid, and, if such terms have not been complied with, the extent of such non-compliance: Provided that, if more than one loan was made by the subsidiary to any particular company or other body corporate on identical terms, such loans may, for purposes of this paragraph, be combined; |
| d) |
when security has been provided by the subsidiary- |
| i) |
the name of the person to whom the security was provided; |
| ii) |
the nature of the security, |
| iii) |
the date upon which the security was provided; |
| iv) |
the amount for which the security was provided; |
| v) |
the period for which the security will subsist or, if terminated, the date of such termination; |
| vi) |
the obligation in connection with which security was provided; |
| vii) |
the consideration, if any, which was or is to be received by the subsidiary for providing the security; and |
| viii) |
the payments, if any, made by the subsidiary under or by virtue of its liability in terms of the security, and the amounts, if any, recovered thereafter under or by virtue of any right of recourse. |
Foreign Currency Denominated Items
| 39) |
There shall be stated the nature, the exchange rates used on conversion and amounts of uncovered foreign currency monetary items at the balance sheet date. |
Retirement Benefit Information
| 40) |
There shall be stated sufficient information concerning retirement benefit plans to provide broad understanding of the significance of retirement benefit costs in the accounting period .and of actual and contingent liabilities and commitments at the accounting date |
| 41) |
There shall be stated - |
| a) |
whether or not the retirement benefit plan is governed by the pension funds act, 1956 (Act No. 24 of 1956); |
| b) |
the nature of the retirement benefit plan whether it is a defined contribution plan or a defined benefit plan; |
| c) |
any commitment of the company formal or otherwise, to meet unfunded benefits: |
| d) |
an indication of the proportion of the company's employees covered by retirement benefit plans; |
| e) |
the effective date of the most recent actuarial valuation; |
| f) |
the opinion of the actuary as to whether or not the plan was in a sound financial position; |
| g) |
any alteration as to the contribution rate recommended by the actuary specifying the nature, amount and duration of the alteration and whether or not the recommendation is being implemented; and |
| h) |
the year of the next actuarial valuation. |
Contingency Fees Act, 1997
