Interfront Annual Report 2022

PART E: FINANCIAL INFORMATION 98 International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2022 7. Intangible Assets 2022 2021 Cost/ Valuation Accumulated amortisation and accumulated impairment Carrying Value Cost/ Valuation Accumulated amortisation and accumulated impairment Carrying Value Intellectual property and other rights 73 582 623 (63 435 342) 10 147 281 73 582 623 (56 077 080) 17 505 543 IT software 8 392 416 (6 990 880) 1 401 536 8 392 416 (6 098 088) 2 294 328 Total 81 975 039 (70 426 222) 11 548 817 81 975 039 (62 175 168) 19 799 871 Reconciliation of intangible assets - March 2022 Opening Balance Additions Changes in estimate Amortisation Total Intellectual property and other rights 17 505 543 - - (7 358 262) 10 147 281 IT software 2 294 328 - 690 (893 482) 1 401 536 19 799 871 - 690 (8 251 744) 11 548 817 Reconciliation of intangible assets - March 2021 Opening Balance Additions Changes in estimate Amortisation Total Intellectual property and other rights 24 863 805 - - (7 358 262) 17 505 543 IT software 2 961 598 331 645 - (998 915) 2 294 328 27 825 403 331 645 - (8 357 177) 19 799 871 Impairment As per GRAP26 management assessed whether there was any indication that the intangible assets were impaired. No such indications were identified. Trade payables 1 192 501 1 501 099 Accrued leave pay 3 193 216 3 264 437 PAYE payable 1 860 891 1 752 089 Other accruals 287 819 820 210 Revenue billed in advance 7 381 401 4 337 752 13 915 828 11 675 587 Payables are carried at invoice amounts, which approximates fair value due to their short-term nature. Revenue billed in advance relates to our services provided to SARS which are still a work in progress. 8. Payables from Exchange Transactions Figures in Rand 2022 2021