Notes to and forming part of the financial statements
Basis of preparation
The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
The financial statements have been prepared in accordance with the:
a) Public Governance, Performance and Accountability (Financial Reporting) Rule 2015; and
b) Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements 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
All new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect on the CGC’s financial statements.
The CGC is exempt from all forms of taxation except fringe benefits tax and the goods and services tax (GST).
Events after the reporting period
There were no events that occurred after the balance date that would affect the balances in the financial statements.