68 / 86
66 |
RACING AUSTRALIA ANNUAL REPORT 2016
NOTES TO AND FORMING PART OF
THE FINANCIAL STATEMENTS
For the year ended 30 June 2016
INTRODUCTION
The financial statements cover both Racing Australia
Limited as an individual entity and the consolidated
entity consisting of Racing Australia Limited and the
entities it controlled at the end of, or during the year.
Racing Australia Limited 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 Limited’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.
Basis of preparation
The financial statements are general purpose financial
statements that have been prepared in accordance with
Australian Accounting standards – Reduced Disclosure
Requirements of the Australian Accounting Standards
Board (AASB) and the Corporations Act 2001. The
company is a not-for -profit entity for financial reporting
purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting
policies that the AASB has concluded would result in
financial statements containing relevant and reliable
information about transactions, events and conditions.
Material accounting policies adopted in the preparation
of these financial statements are presented below and
have been consistently applied unless stated otherwise.
The financial statements, except for the cash flow
information, have been prepared on an accruals basis
and are based on historical costs, modified, where
applicable, by the measurement at fair value of selected
non-current assets, financial assets and financial
liabilities. The amounts presented in the financial
statements have been rounded to the nearest dollar.
The financial statements were authorised for issue on
14 September 2016 by the directors of the company.
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
financial year are discussed below.
Racing Australia Limited
| ACN 105 994 330 and Controlled Entities | Annual Report for the Financial Year Ended 30 June 2016