The financial statements are for the entity AAF Company (the Company) as an individual entity. The Company is a company limited by guarantee, subject to the Corporations Act 2001 and domiciled in Australia. It is registered as a charity with the Australian Charities and Not-for-profit Commission.
The sole activity of the Company is to act as the trustee for the Army Amenities Fund and Messes Trust Fund.
Basis of preparation
The financial statements are general purpose – reduced disclosure regime financial statements and have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars.
New Accounting Standards
Adoption of New Australian Accounting Standard Requirements
No accounting standard has been adopted earlier than the application date as stated in the standard.
The Company has applied the requirements of AASB 9 Financial Instruments from 1 July 2018. Management has revisited the recognition and measurement requirements for its instruments including investments and has assessed that the implementation of this new standard, and other new-amending standards and interpretations did not have a material impact on the financial statement as that date.
Future Australian Accounting Standard Requirements
All new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to the future reporting period(s) are not expected to have a future material impact on the AAF Company’s financial statements.
The AAF Company is Income Tax exempt but not exempt from Fringe Benefits Tax and the Goods and Services Tax.
Events after the reporting period
There was no subsequent event that had the potential to significantly affect the ongoing structure and financial activities of the AAF Company.