Rental Bond Board Annual Report 2006 – 2007 - NSW Fair Trading ...

RENTAL BOND BOARD
FOR THE YEAR ENDED 30 JUNE 2007
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Reporting Entity
The Rental Bond Board as a Reporting Entity comprises all activities under its control. The
Board is a not-for-profit entity. It is considered that there is only one cash generating unit.
The administrative functions for the Board are performed by the Office of Fair Trading and
costs associated with these functions are paid for on an operational basis in relation to
activities performed (Note 8).
This financial report for the year ended 30 June 2007 has been authorised for issue by the
Commissioner for Fair Trading on the 19 October 2007.
(b) Basis of Preparation
The financial report is a general purpose financial report, which has been prepared in
accordance with:
• Applicable Australian Accounting Standards (which include Australian equivalents to
International financial Reporting Standards (AEIFRS));
• the requirements of the Public Finance and Audit Act 1983, the Public Finance and
Audit Regulation 2005 and the Financial Reporting Directions issued by the Treasurer
under Section 9 (2) (n) of the Act.
Where there are inconsistencies between the above requirements, the legislative
provisions have prevailed.
In the absence of a specific accounting standard, other authoritative pronouncements of
the Australian Accounting Standards Board, the hierarchy of other pronouncements as
outlined in AASB 108 "Accounting Policies, Changes in Accounting Estimates and
Errors" is considered.
Property, plant and equipment, investment property, assets (or disposal groups) held for
sale and financial assets held for trading and available for sale are measured at fair value.
Other financial statements items are prepared in accordance with the historical cost
convention.
Judgement, key assumptions and estimations management has made are disclosed in the
relevant notes to the financial statements. All amounts are rounded to the nearest one
thousand dollars and are expressed in Australian currency.
The following is a summary of the material accounting policies adopted by the Board in
the preparation of the financial report. The accounting policies have been consistently
applied, unless otherwise stated.
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