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Racing Australia Annual Report 2015
NOTES TO AND FORMING PART OF
THE FINANCIAL STATEMENTS
For the year ended 30 June 2015
INTRODUCTION
The financial statements cover both Racing Australia
Pty Ltd as an individual entity and the consolidated
entity consisting of Racing Australia Pty Ltd and the
entities it controlled at the end of, or during the year.
Racing Australia Pty Ltd is a company, incorporated and
domiciled in Australia and is the parent entity.
The financial statements are presented in Australian
Dollars which is Racing Australia Pty Ltd’s functional and
presentational currency.
The financial report was authorised for issue by
the Directors on the date shown on the Director’s
declaration attached to the financial report.
PARENT ENTITY INFORMATION
These financial statements include the results of
both the parent entity and the consolidated entity in
accordance with Class Order 10/654 issued by the
Australian Securities and Investment Commission.
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING
POLICIES
Significant accounting policies
The principal accounting policies adopted in the
preparation of the financial statements are set out
below. These policies have been consistently applied to
all the years presented, unless otherwise stated.
New, revised or amending Accounting Standards and
Interpretations adopted
The consolidated entity has adopted all of the new,
revised or amending Accounting Standards and
Interpretations issued by the Australian Accounting
Standards Board (‘AASB’) that are mandatory for the
current reporting period.
Any new, revised or amending Accounting Standards
or Interpretations that are not yet mandatory have not
been early adopted.
Basis of preparation
In the directors’ opinion, the company and consolidated
entity are not reporting entities because there are
no users dependent on general purpose financial
statements.
These are special purpose financial statements that
have been prepared for the purpose of complying with
the Corporations Act 2001 requirements to prepare and
distribute financial statements to the owners of Racing
Australia Pty Ltd. The directors have determined that the
accounting policies adopted are appropriate to meet
the needs of the owners of Racing Australia Pty Ltd.
These financial statements have been prepared in
accordance with the recognition and measurement
requirements specified by the Australian Accounting
Standards and Interpretations issued by the Australian
Accounting Standards Board (AASB) and the disclosure
requirements of AASB 101 ‘Presentation of Financial
Statements’, AASB 107 ‘Statement of Cash Flows’,
AASB 108 ‘Accounting Policies, Changes in Accounting
Estimates and Errors’, AASB 1031 ‘Materiality’, AASB 1048
‘Interpretation of Standards’ and AASB 1054 ‘Australian
Additional Disclosures’, as appropriate for for-profit
orientated entities.
Historical cost convention
The financial statements have been prepared under the
historical cost convention, except for, where applicable,
certain classes of property, plant and equipment and
derivative financial instruments.
Critical accounting estimates
The preparation of the financial statements requires
the use of certain critical accounting estimates. It also
requires management to exercise its judgement in
the process of applying the consolidated entities and
company’s accounting policies. The areas involving a
higher degree of judgement or complexity, or areas
where assumption and estimates are significant to the
financial statements are disclosed in note 1(a).
(a) Significant judgements and key assumptions
The preparation of the financial statements requires
management to make judgements, estimates and
assumptions that affect the reported amounts in the
financial statements. Management continually evaluates
its judgements and estimates in relation to assets,
liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and
assumptions on historical experience and on other
various factors, including expectations of future events;
management believes to be reasonable under the
circumstances. The resulting accounting judgements
and estimates will seldom equal the actual results. The
judgements, estimates and assumptions that have a
significant risk of causing material adjustment to the
carrying amounts of assets and liabilities within the next
Racing Australia Pty Ltd
| ACN 105 994 330 and Controlled Entities | Annual Report for the Financial Year Ended 30 June 2015
