Basis of preparation
The reviewed condensed Group financial statements for the year ended 31 May 2017 have been prepared in accordance with the requirements of the JSE Limited Listings Requirements for provisional reports and the requirements of the Companies Act of South Africa. The Listings Requirements require provisional reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), the preparation and disclosure requirements of IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by Financial Reporting Standards Council (“FRSC”).
The accounting policies applied in the preparation of the reviewed condensed Group financial statements are in terms of IFRS and are consistent with those applied in the previous consolidated annual financial statements as at 31 May 2016. The Group has adopted all new and amended accounting pronouncements issued by the IASB that are effective for financial years commencing 1 June 2016. None of the new or amended accounting pronouncements that are effective for the financial year commencing 1 May 2016 had a material impact on the Group.
These condensed Group financial statements for the year ended 31 May 2017 have been reviewed by PricewaterhouseCoopers Inc., and their unmodified review conclusion is included on page 7.