## Notes to the Financial Statements (continued) 

1. Statement of Significant Accounting Policies (continued) 

(y) Changes in Accounting Policies 

The accounting policies adopted are consistent with those of the previous year except for the accounting policies with respect to the provision for dividends and employee benefits. 

## Provision for Dividends 

The consolidated entity has adopted the new Accounting Standard AASB 1044 “Provisions, Contingent Liabilities and Contingent Assets” which has resulted in a change in the accounting for the provision of dividends. Previously, the consolidated entity recognised a provision for dividend based on the amount that was proposed or declared after the reporting date. In accordance with the requirements of the new Standard, a provision for dividends will only be recognised at the reporting date where the dividends have been declared, determined or publicly recommended prior to the reporting date. The effect of the adoption of AASB 1044 has been to increase consolidated retained profits and decrease provisions at the beginning of the year by $26,397,336 (refer to Note 28). In accordance with AASB 1044, no provision for dividend has been recognised for the year ended 30 June 2003. 

## Employee Benefits 

The consolidated entity has adopted the revised Accounting Standard AASB 1028 “Employee Benefits”, which has resulted in a change in the accounting policy for the measurement of employee benefit liabilities. Previously, the consolidated entity measured the provision for employee benefits based on remuneration rates at the date of recognition of the liability. In accordance with the requirements of the revised standard AASB 1028, the provision for employee benefits is now measured based on the remuneration rates expected to be paid when the liability is settled. 

By applying the revised standard, there has been no adjustment to the consolidated retained profits or to the employee benefit liabilities at the beginning of the year. 

(z) Comparative Amounts 

Where necessary, comparatives have been reclassified and repositioned for consistency with current year disclosures. 

## AASB 1044 

As a result of the first time application of AASB 1044 “Provisions, Contingent Liabilities and Contingent Assets”, comparatives for provisions, as set out in Note 20, have been repositioned to be consistent with current year disclosures. 

