General The Authority’s financial statements for the year ended 30 June 2015 have been prepared in accordance with Australian Accounting Standards. The term Accounting Standards’ ‘Australian includes Standards and Interpretations issued by the Australian Accounting Standards Board (AASB). The Authority has adopted any applicable new and revised Australian Accounting Standards from their operative dates. adoption of standards The Authority cannot early adopt an Australian Accounting Standard unless specifically permitted by TI 1101 Application of Australian Accounting Standards and Other Pronouncements. There has been no early adoption of Australian Accounting Standards that have been issued or amended (but not operative) by the Authority for the annual reporting period ended 30 June 2015. Note 2. Summary of Significant Accounting Policies General statement The Authority is a not-for-profit reporting entity that prepares general purpose financial statements in accordance with Australian Accounting Standards, the Framework, Statements of Accounting Concepts and authoritative pronouncements of the AASB as applied by the Treasurer's instructions. Several of these are modified by the Treasurer's instructions to vary application, disclosure, format and wording. The Financial Management Act and the Treasurer's instructions impose legislative provisions that govern the preparation of financial statements and take precedence over Australian Accounting Standards, the Framework, Statements of Accounting Concepts and other authoritative pronouncements of the AASB. Where modification is required and has had a material or significant financial effect upon the reported results, details of that modification and the resulting financial effect are disclosed in the notes to the financial statements. Basis of preparation The financial statements have been prepared on the accrual basis of accounting using the historical cost convention. The accounting policies adopted in the preparation of the financial statements have been consistently applied throughout all periods presented unless otherwise stated. The financial statements are presented in Australian dollars and all values are rounded to the nearest dollar. Management make judgements in the application of accounting policies, and do not consider that any of judgements result in a significant effect on amounts recognised in the financial statements, nor are there any sources of estimation uncertainty’ that have a significant risk of causing a material ‘Key adjustment to the carrying amounts of assets and liabilities within the next financial year. BUSINESS DEVELOPMENT CORPORATION FINANCIAL STATEMENTS for the year ended 30 June 2015 Reporting entity
General The Authority’s financial statements for the year ended 30 June 2015 have been prepared in accordance with Australian Accounting Standards. The term ‘Australian Accounting Standards’ includes Standards and Interpretations issued by the Australian Accounting Standards Board (AASB). The Authority has adopted any applicable new and revised Australian Accounting Standards from their operative dates. adoption of standards The Authority cannot early adopt an Australian Accounting Standard unless specifically permitted by TI 1101 Application of Australian Accounting Standards and Other Pronouncements. There has been no early adoption of Australian Accounting Standards that have been issued or amended (but not operative) by the Authority for the annual reporting period ended 30 June 2015. Note 2. Summary of Significant Accounting Policies General statement The Authority is a not-for-profit reporting entity that prepares general purpose financial statements in accordance with Australian Accounting Standards, the Framework, Statements of Accounting Concepts and authoritative pronouncements of the AASB as applied by the Treasurer's instructions. Several of these are modified by the Treasurer's instructions to vary application, disclosure, format and wording. The Financial Management Act and the Treasurer's instructions impose legislative provisions that govern the preparation of financial statements and take precedence over Australian Accounting Standards, the Framework, Statements of Accounting Concepts and other authoritative pronouncements of the AASB. Where modification is required and has had a material or significant financial effect upon the reported results, details of that modification and the resulting financial effect are disclosed in the notes to the financial statements. Basis of preparation The financial statements have been prepared on the accrual basis of accounting using the historical cost convention. The accounting policies adopted in the preparation of the financial statements have been consistently applied throughout all periods presented unless otherwise stated. The financial statements are presented in Australian dollars and all values are rounded to the nearest dollar. Management make judgements in the application of accounting policies, and do not consider that any of judgements result in a significant effect on amounts recognised in the financial statements, nor are there any ‘Key sources of estimation uncertainty’ that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. BUSINESS DEVELOPMENT CORPORATION FINANCIAL STATEMENTS for the year ended 30 June 2015 Reporting entity
RBDC%20Annual%20Report%202014%202015.docx