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RACING AUSTRALIA ANNUAL REPORT 2016
(q) Trade and other Receivables
Trade receivables are initially recognised at fair value
and subsequently measured at amortised cost using
the effective interest method, less any provision for
impairment. Trade receivables are generally due for
settlement within 30 days.
Collectability of trade receivables is reviewed on
an ongoing basis. Debts which are known to be
uncollectable are written off using the carrying amount
directly.
Other receivables are recognised at amortised cost,
less any provision for impairment.
(r) Borrowings
Loans and borrowings are initially recognised at the fair
value of the consideration received, net of transaction
costs. They are subsequently measured at amortised
cost using the effective interest method.
(s) Provisions
Provisions are recognised when the consolidate
entity has a present (legal or constructive) obligation
as a result of a past event. It is probable that the
consolidated entity will be required to settle the
obligation, and a reliable estimate can be made of the
amount of the obligation. The amount recognised as
a provision is the best estimate of the consideration
required to value the present obligation at the reporting
date, taking into account the risks and uncertainties
surrounding the obligation. If the time value of money
is material, provisions are discounted using a current
pre-tax rate specific to the liability. The increase in
the provision resulting from the passage of time is
recognised as a finance cost.
(t) Comparative information
On 17 September 2014, Racing Information Services
Australia Pty Ltd (RISA), purchased the Australian Stud
Book (ABN 64 358 205 057) (ASB) and all of the shares
in capital of Australian Genetics Testing Pty Ltd
(ABN 83 138 140 762) (AGT).
The Consolidated Entity comparative figures presented
in these financial statements for the financial year
ended 30 June 2015 incorporate the operations of the
Australian Stud Book and Australian Genetics Testing
Pty Ltd from 17 September 2014 to 30 June 2015.
The Consolidated Entity 2016 figures reflect a full
12 months of operations.
On 13 April 2015, the Australian Racing Board Limited
and Racing Information Services Australia Pty Ltd
merged. Racing Information Services Australia Pty Ltd
was renamed Racing Australia Pty Ltd.
On 18 September 2015 Racing Australia Pty Ltd
converted to an unlisted public company limited by
shares, Racing Australia Limited.
The Consolidated Entity and Parent Entity comparative
figures presented in these financial statements for the
financial year ended 30 June 2015 incorporate the
operations of the Australian Racing Board Limited from
13 April 2015 to 30 June 2015. The 2016 figures reflect a
full 12 months of operations.
NOTES TO AND FORMING PART OF
THE FINANCIAL STATEMENTS
For the year ended 30 June 2016
Racing Australia Limited
| ACN 105 994 330 and Controlled Entities | Annual Report for the Financial Year Ended 30 June 2016