SA GAAP definition

SA GAAP means the South African Statements of Generally Accepted Accounting Practice, as adopted from time to time by the Accounting Practices Board or its successor body.

Examples of SA GAAP in a sentence

  • These accounting policies and the applicable disclosures have been based on the South African Statements of Generally Accepted Accounting Practices (SA GAAP) including any interpretations of such Statements issued by the Accounting Practices Board.

  • Under IFRS4, the group continues to account for long-term insurance contracts and investment contracts with discretionary participation features using SA GAAP.

  • Information in respect of earlier financial periods remains that reported in accordance with SA GAAP.

  • SA GAAP recommends the accounting treatment to be applied to material account balances and classes of transactions contained in the accounting records of an entity and ultimately reported in financial statements (par 30 of the Framework).The Framework, as approved for issue by the Accounting Practices Board, inter alia, “sets out the concepts that underlie the preparation and presentation of financial statements for external users” (par 1(f) Framework).

  • SA GAAP includes both a Framework for the Preparation and Presentation of Financial Statements (“the Framework”) as well as individual accounting standards, which provide specific guidance on accounting practice.

  • A rehabilitation provision of R600 000 relating to activities of quarries was recognised under IFRS according to IAS 37, but was not recognised under previous SA GAAP.

  • This process continued until May 2011 when the APB ceased approving individual IFRS as SA GAAP.

  • Accordingly, SA GAAP will no longer apply to financial year reporting commencing December 1, 2012.

  • The APB has responded to a need for an authoritative interpretation of SA GAAP for specific aspects that only occur in the South African context.

  • The disclosures required by IFRS 1 concerning the transition from SA GAAP to IFRSs are given in note 32.

Related to SA GAAP

  • PRC GAAP means the generally accepted accounting principles in the PRC.

  • GAAP means United States generally accepted accounting principles.

  • U.S. GAAP means United States generally accepted accounting principles.

  • Canadian GAAP means Generally Accepted Accounting Principles as provided in the Handbook of the Canadian Institute of Chartered Accountants.

  • UK GAAP means generally accepted accounting principles in the United Kingdom.

  • Brazilian GAAP means, collectively, the accounting principles prescribed by Brazilian Corporate Law, the rules and regulations issued by applicable regulators, including the CVM, as well as the technical releases issued by the Brazilian Institute of Accountants (Instituto Brasileiro de Contadores), in each case as in effect from time to time.

  • Mexican GAAP means generally accepted accounting principles in Mexico in effect on the Issue Date.

  • IFRS means the International Financial Reporting Standards as issued by the International Accounting Standards Board.

  • Fixed GAAP Date means the Issue Date; provided that at any time after the Issue Date, the Company may by written notice to the Trustee elect to change the Fixed GAAP Date to be the date specified in such notice, and upon such notice, the Fixed GAAP Date shall be such date for all periods beginning on and after the date specified in such notice.

  • SAP means the SAP entity that has entered into this Agreement, as well its Affiliates.

  • Accounting Principles means the international financial reporting standards (IFRS) within the meaning of Regulation 1606/2002/EC (or as otherwise adopted or amended from time to time).

  • Fixed GAAP Terms (a) the definitions of the terms “Capitalized Lease Obligation,” “Consolidated Depreciation and Amortization Expense,” “Consolidated Interest Expense,” “Consolidated Net Income,” “Consolidated Tangible Assets,” “Consolidated Working Capital,” “EBITDA,” “ECF CNI,” “Excess Cash Flow,” “Fixed Charge Coverage Ratio,” “Fixed Charges,” “Funded Debt,” “Indebtedness,” “Investments,” “Net Income,” “Senior Secured Indebtedness” and “Senior Secured Indebtedness to EBITDA Ratio,” (b) all defined terms in this Agreement to the extent used in or relating to any of the foregoing definitions, and all ratios and computations based on any of the foregoing definitions, and (c) any other term or provision of this Agreement or the other Loan Documents that, at the Borrower’s election, may be specified by the Borrower by written notice to the Administrative Agent from time to time.

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4.

  • IAS means International Accounting Standards.

  • Agreed Accounting Principles means GAAP; provided, however, that, with respect to any matter as to which there is more than one generally accepted accounting principle, Agreed Accounting Principles means the generally accepted accounting principles consistently applied in the preparation of the Latest Audited Company Balance Sheet; provided, further, that, for purposes of the Agreed Accounting Principles, no known adjustments for items or matters, regardless of the amount thereof, shall be deemed to be immaterial.

  • Year-End Financial Statements has the meaning set forth in Section 3.06.

  • Pro Forma Financial Statements shall have the meaning set forth in Section 5.5(b) hereof.

  • Applicable Accounting Principles means, with respect to the Borrower, those accounting principles required by the ICA and prescribed by the SEC for the Borrower and, to the extent not so required or prescribed, GAAP.

  • Accounting Policies means GAAP, applied in a manner consistent with the accounting policies, principles, practices and methodologies used in the preparation of the Audited Balance Sheet.

  • Current Financials means, at any time, the consolidated Financial Statements of the Companies most recently delivered to Administrative Agent under Section 7.1(a) or 7.1(b), as the case may be.

  • Most Recent Financial Statements has the meaning set forth in Section 4(g) below.

  • Consolidated Financial Statements means, with respect to any Person, collectively, the consolidated financial statements and notes to those financial statements, of that Person and its Consolidated Subsidiaries prepared in accordance with GAAP.

  • Financial Statements Date shall have the meaning ascribed to it in Section 3.7.

  • UK generally accepted accounting principles and practices means the principles and practices prevailing from time to time in the United Kingdom which are generally regarded as permissible or legitimate by the accountancy profession irrespective of the degree of use.

  • Quarterly Financial Statements is defined in Section 6.2(a).

  • Financials means the annual or quarterly financial statements, and accompanying certificates and other documents, of the Borrower and its Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b).