CTFA Annual Report 2021

1. General information Cosmetic Toiletry and Fragrance Association of South Africa is a non - profit organisation incorporated in South Africa. 2. Basis of preparation The financial statements of Cosmetic Toiletry and Fragrance Association of South Africa have been prepared in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities and the Association's constitution. The financial statements have been prepared under the historical cost convention. They are presented in South African Rand. The preparation of financial statements in conformity with the International Financial Reporting Standard for Small and Medium-sized Entities requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the association's accounting policies. ACCOUNTING POLICIES COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 29