Basis of preparation
The summarised Group financial statements have been prepared in accordance with the requirements of section 8.57 of the JSE Limited Listings Requirements, the presentation and disclosure requirements of IAS 34 – Interim Financial Reporting and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council. The summarised Group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act, No 71 of 2008.
These summarised Group financial statements have been prepared in accordance with the going concern principle, under the historical cost convention. The accounting policies and methods of computation are consistent with those applied in the annual financial statements for the year ended 31 May 2015 and with those applied in the previous summarised Group financial statements, with the exception of the standards that are effective for the first time in the current period. These have been disclosed in note 10 to the Group annual financial statements for the year ended 31 May 2016.
A copy of the Group financial statements can be obtained from the registered offices of the Company during office hours and on the Company’s website www.bluelabeltelecoms.co.za at no charge.