EN - Business (Report) - Flipbook - Page 21
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2022
NOTE 1. GENERAL INFORMATION
The Royal Agricultural Society of Western Australia
("RASWA") is a not-for-profit, incorporated association
operating in Western Australia.
Its principal place of business is :
Claremont Showground, Claremont, WA 6010
RASWA's principal activities relate to education and
the promotion of state agriculture together with using
the Showground as an exhibition and trade
promotion centre.
NOTE 2. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
FINANCIAL REPORTING FRAMEWORK
For the purpose of preparing the financial statements,
RASWA is a not-for-profit entity.
RASWA is not a reporting entity because in the opinion
of the Councillors there are unlikely to exist users
of the financial report who are unable to command
the preparation of reports tailored so as to satisfy
specifically all of their information needs. Accordingly,
these special purpose financial statements have been
prepared to satisfy the reporting requirements of the
Australian Charities and Not-for-Profits Commission
Act 2012 and the Society's Constitution.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in
accordance with the recognition and measurement
requirements specified by all Australian Accounting
Standards and Interpretations, and the disclosure
requirements of Accounting Standards AASB 101:
'Presentation of Financial Statements', AASB 107:
'Statement of Cash Flows', AASB 108: 'Accounting
Policies, Changes in Accounting Estimates and Errors',
AASB 1048: 'Interpretation of Standards' and AASB
1054: 'Australian Additional Disclosures'.
The financial statements were authorised for issue by
Council in May 2022.
GOING CONCERN
These financial statements are prepared on a going
concern basis as RASWA has sufficient cash reserves to
pay its debts as and when they fall due. It has significant
unencumbered (saleable) assets, the ability to borrow
should it be appropriate and possible access to
government assistance.
PRESENTATION OF CONSOLIDATED
FINANCIAL STATEMENTS
The Royal Agricultural Society of Western Australia has
established two separate Trusts. The Society controls
the Trusts through the Trustees (Refer to Note 16).
However, Accounting Standard AASB 127 Consolidated
and Separate Financial Statements has not been
adopted in the preparation of these special purpose
financial statements.
BASIS OF PREPARATION
The financial report has been prepared on an accruals
basis and is based on historical cost. Cost is based on
the fair values of the consideration given in exchange for
assets. All amounts are presented in Australian dollars.
Accounting policies are selected and applied in a
manner which ensures that the resulting information
satisfies the concepts of relevance and reliability,
thereby ensuring that the substance of the underlying
transactions or other events is reported.
CRITICAL ACCOUNTING JUDGEMENTS AND
KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of RASWA's accounting policies,
which are described below, management is required to
make judgements, estimates and assumptions about
carrying values of assets and liabilities that are not
readily apparent from other sources. The estimates
and associated assumptions are based on historical
experience and various other factors that are believed
to be reasonable under the circumstance, the results of
which form the basis of making the judgements. Actual
results may vary from these estimates.
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 if the revision affects only that period, or in the
period of the revision and future periods, if the revision
affects both current and future periods.
ADOPTION OF NEW AND REVISED
ACCOUNTING STANDARDS
The AASB has issued a number of standards and
amendments to standards that are mandatory for the
first time in the reporting period commenced 1 April 2021.
RASWA has assessed and determined that there are no
new or amended standards applicable for the first time
for the 31 March 2022 year report that materially affect
RASWA’s accounting policies or any of the amounts
recognised in the financial statements.
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