(a) Statement of compliance
This general purpose financial report has been prepared in accordance with:
- Australian Accounting Standards issued by the Australian Accounting Standards Board (AASB); and
- The Corporations Act 2001 (Cth).
The financial statements of the Company also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
(b) Historical cost convention
These financial statements have been prepared under the historical cost basis, except for the following:
- land and buildings - measured at fair value; and
- financial assets and liabilities (including derivative instruments) - measured at fair value.
(c) Significant accounting estimates and judgements
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. Estimates or judgements which are material or have the potential to be material to the financial report are found in the following notes:
Accounting estimates and judgements
Fair value of land and buildings
(d) Significant accounting policies
Accounting policies are selected and applied in a manner that ensures that the resulting financial information satisfies the concepts of relevance and reliability. Unless otherwise stated, the Company has consistently applied the accounting policies to all periods presented in these financial statements.
Significant accounting policies are contained in the notes to the financial statements to which they relate and Note 15. Other significant accounting policies.
The Company has initially applied AASB 15 (see Note 5(a)) (5. Financial performance) and AASB 9 (see Note 7. Financial assets and financial liabilities) from 1 July 2018. Due to the transition methods chosen by the Company in applying these standards, comparative information throughout these financial statements has not been restated to reflect the requirements of the new standards. The effect of initially applying these standards has impacted disclosure and presentation only.