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Restatement Of The 2017 Consolidated Annual Financial Statements - BICITY
THE CITY OF CAPE TOWN METROPOLITAN MUNICIPALITY
(A Municipality in terms of Section 155 of the Constitution of the
Republic of South Africa, duly established by notice in the
Provincial Notice 479/2000 dated 22nd September 2000, of the
Western Cape, pursuant to Section 12(1) and Section 14(2) of the
Local Government: Municipal Structures Act, 1998 (Act 117 of 1998)
as amended)
Instrument Code: CCT01 ISIN: ZAG000054982
Instrument Code: CCT02 ISIN: ZAG000068719
Instrument Code: CCT03 ISIN: ZAG000075995
Instrument Code: CCT04 ISIN: ZAG000145376
(“CCT”) or (“the Municipality”)
RESTATEMENT OF THE 2017 CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
(“AFS”)
Holders are advised that CCT published its 2017 Annual Report for
the year ended 30 June 2017 (“the Report”) on the Municipality’s
website.
The Report is available on CCT’s website at the following link:
http://www.capetown.gov.za/local%20and%20communities/meet-the-
city/city-reports/annual-reports
The CCT received an unqualified audit opinion for its consolidated
annual financial statements, and thus received an unmodified
opinion.
The following matters have been described in the annual report:
Correction of error
Indigent relief was identified as a non-cash item. Cash received
from customers and cash paid to suppliers has been adjusted
accordingly in the cash flow statement.
The Cape Town International Convention Centre(CTICC), a municipal
entity of the City of Cape Town, adjusted its financial statements
after submission to the CCT.
Reclassification
CCT has implemented the restatements of the mSCOA classification
framework on 1 July 2015, the new general ledger accounts with
mSCOA-specified definitions. GRAP 3 requires the City to
retrospectively apply any classification changes in the prior-year
comparative figures. These corrections had no effect on the
carrying value of the statement of financial position. The
adjustments and reclassification are presented in note 44.2 of the
year ended 2017 AFS.
Contingent liabilities
Contractual disputes and outstanding insurance claims are
currently in dispute, CCT has given a provisional estimated
based assessment as liability cannot be confirmed and the merits
must still be determined for the insurance claims.
Cape Town
1 March 2018
Debt Sponsor
The Standard Bank of South Africa Limited
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