Integrated Reports Senwes Financial Review 2018 - Page 59

FINANCIAL REVIEW to pay rentals with a corresponding asset for both types of leases - Effective date 1 January 2019; Amendment to IAS 12 - Accounting for the tax implications of dividends; and Amendment to IAS 23 - Capitalisation of borrowing cost in respect of specific borrowings. Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures - Entities are required to apply IFRS 9 to other financial instruments in an associate or joint venture that forms part of the long-term interest in the associate or joint venture and to which the equity method is not applied. IFRS 9 is applied before a share of losses are recognised or the im- pairment requirements in IAS 28 are applied - Effective date 1 January 2019; IFRIC 23 Uncertainty over Income Tax Treatments - This interpretation deals with the ac- counting treatment for prepayments required in respect of disputed tax liabilities (pay now argue later provisions in terms of s164 of the Tax Administration Act). The accounting treat- ment of a tax uncertainty must reflect the entity’s view on whether it is probable that the tax authorities will accept an uncertain treatment - Effective date 1 January 2019; IFRS 17 Insurance Contracts - Revised standard that prescribes the recognition, measurement, presentation and disclosure of insurance contracts to replace IFRS 4, which was always in- tended to be an interim standard. IFRS 4 allowed national practice to be followed to account for insurance contracts, while IFRS 17 prescribes a common global standard - Effective date 1 January 2021; and IFRS Practice Statement 2 Making Material Judgement - This practice statement provides guidance and an approach to entities in exercising material judgment. The following standards are new or were also amended during the year, but