Basis of Preperation
The Company is a Commonwealth company as defined in the Public Governance, Performance and Accountability Act 2013 and is subject to the Corporations Act 2001. The Company applied the Australian Accounting Standards - Reduced Disclosure Requirements, including the Australian Accounting Interpretations.
The financial report is a general purpose financial report which has been prepared in accordance with the Corporations Act 2001, Australian Charities and Not-for-profits Commission Act 2012, Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board. The Company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.
The financial report has been prepared on an accruals basis and is based on 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 financial position. The financial statements are presented in Australian dollars.
The following is a summary of the material accounting policies adopted by the Company in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.
The financial statements were authorised for issue on 16 September 2019 by the directors of the Company.