57 / 136
55
Notes to the
Financial Statements
Basis of preparation
This financial report is a general purpose financial report which:
4
has been prepared in accordance with the requirements of the
Corporations Act 2001
, Australian
Accounting Standards and other authoritative pronouncements of the Australian Accounting
Standards Board (AASB);
4
complies with International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB);
4
has been prepared on a for profit basis;
4
is presented in Australian dollars with all values rounded to the nearest thousand dollars ($’000), or
in certain cases, to the nearest dollar, unless otherwise stated, in accordance with
ASIC Corporations
(Rounding in Financial/Directors’ Reports) Instrument 2016/191
;
4
presents reclassified comparative information where required for consistency with the current year’s
presentation;
4
adopts all new and amended Accounting Standards and Interpretations issued by the AASB that
are relevant to the operations of the Group and effective for reporting periods beginning on or after
1 August 2015;
4
does not adopt any Accounting Standards and Interpretations that have been issued or amended
but are not yet effective such as
AASB 15 Revenue from Contracts with Customers; AASB 9 Financial
Instruments
(December 2010) as amended by 2013-9 and
AASB 16 Leases
. Refer to note 35 – Other
accounting policies for more information;
4
has been prepared on a historical cost basis except for the following items, which are measured
on an alternative basis.
Item
Measurement basis
Long term equity investments
Fair value
Held for sale equities
Fair value
Trading equities
Fair value
Investment properties
Fair value
Inventories
Net realisable value
4
where Parent company information is disclosed, relevant accounting policies are described when
different to the Group accounting policies.