The ELM admitted that the annual report has not been submitted to the AG. The ELM said that the Generally Recognized Accounting Practice (GRAP) has certain basic accounting principles that should be adhered to and the ELM is of the opinion that best way is to start working on GRAP's principles is at the beginning of the financial year. On behalf of the ELM, the Chief Financial Officer reported that the financial statement will be converted to the GRAP system and that is in accordance with the direction that low- capacity municipalities should, at least, convert from IMFO to GRAP in the 2010/11 financial year.