Notes to the Company annual financial statements | Note 10

Accounting policy

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 60 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period.

Trade and other payables are classified as financial liabilities measured at amortised cost.

Trade payables are recognised initially at fair value, and subsequently measured at amortised cost using the effective interest method.

The fair value of trade and other payables approximates their carrying amounts.

Exposure to currency risk

The carrying amounts of trade and other payables are denominated in South African rand.