Integrated Reports Senwes Financial Review 2018 - Page 58

FINANCIAL REVIEW 58 ACCOUNTING POLICY 1. BASIS OF PRESENTATION The financial statements are prepared on the historical cost basis, except for derivative financial instru- ments and available-for-sale financial assets measured at fair value. The carrying values of designated hedged assets and liabilities are adjusted to reflect changes in the fair values resulting from the hedged risks. The financial statements are presented in South African rand terms and all values are rounded to the nearest million (R’m), except where stated otherwise. 1.1 Statement of compliance The financial statements of Senwes Limited and all its subsidiaries, joint ventures and associate (“group”) have been prepared in accordance and in compliance with the requirements of Interna- tional Financial Reporting Standards (IFRS) as issued by the International Ac