NOTESTOTHECONSOLIDATED FINANCIAL STATEMENTS 1. Corporate information The consolidated financial statements of Perth Markets Group Limited (PMGL) and its subsidiaries (Group) for the year ended 30 June 2022 were authorised for issue in accordance with a resolution of the directors on 30 August 2022. PMGL is a public unlisted for-profit company limited by shares and incorporated and domiciled in Australia. Further information on the nature of the operations and principal activities of the Group is provided in the Directors’ report. 2. Significant accounting policies 1. Basis of preparation The financial report is a general purpose financial report, which 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). These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standard Board (IASB). This financial report has been prepared on a historical cost basis, except for investment properties, derivative financial instruments, debt and equity financial assets, and contingent consideration that have been measured at fair value. The carrying values of recognised assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortised cost are adjusted to recognise changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. The financial report is presented in Australian dollars and all values are rounded to the nearest thousand ($k), except when otherwise indicated under the option available to the company under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. 2. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and each of its wholly owned subsidiaries as at 30 June 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: » Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) » Exposure, or rights, to variable returns from its involvement with the investee » The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 24
RkJQdWJsaXNoZXIy MTI3ODI1