AUSTRALIAN ANIMAL HEALTH COUNCIL LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 1. SIGNIFICANT ACCOUNTING POLICIES The financial reports of Australian Animal Health Council Limited for the year ended 30 June 2017 are issued in accordance with a directors’ resolution of 20 September 2017. The principal accounting policies adopted in the preparation of the financial statements are set out below and consistently applied to the years presented, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The company has adopted all of the new or amended Accounting Standards and interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period. (a) Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements (‘AASB-RDRs’) and Interpretations issued by the Australian Accounting Standards Board ('AASB'), and associated regulations and the Corporations Act 2001, as appropriate for not-for-profit entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB'). The financial statements are presented in Australian dollars. (b) Statement of Compliance The company is a not-for-profit, private sector entity. Therefore the financial statements of the company are tier 2 general purpose financial statements which have been prepared in accordance with AASB–RDRs (including Australian Interpretations) adopted by the AASB and the Corporations Act 2001. (c) Use of estimates and judgements The preparation of financial statements in conformity with AASB-RDRs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on experience and other factors that are believed to be reasonable in the circumstances, the results of which form the basis of judgements regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. These accounting policies have been consistently applied by the company. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. (d) Revenue Industry levies collected by the Commonwealth - The Australian government collects levies from AHA ‘industry levy members’ under the authority of the Australian Animal Health Council (Live-stock Industries) Act 1996. AHA receives an amount equal to levies collected. Revenue received in accordance with the Act is treated as a non-reciprocal transfer and recognised as income when received. Direct member subscriptions - Core subscriptions for all classes of members are set by the company at general meeting. Subscriptions are recognised as income when the subscription becomes receivable. - 10 - 90 ANNUAL REPORT 2016-17
95 Publizr Home