a) The entity did not accrue for interest in revenue using the effective interest rate method as required by GRAP 9 Revenue from exchange transactions. b) The entity recognises the accrued interest on student loans in the financial statements only when a loan repayment is initiated, and not over the term of the loan. c) The revenue from interest income on student loans was materially misstated by R565,6 million (R2008-9: R437 million).