2013 AnnuAl RepoRt - Australian Grand Prix

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2013Statement of Changes in EquityThe statement of changes in equity presents reconciliations of each non-owner and ownerchanges in equity from opening balance at the beginning of the reporting period to theclosing balance at the end of the reporting period. It also shows separately changes due toamounts recognised in the ‘Comprehensive Result’ and amounts recognised in ‘Othereconomic flows - other movements in equity’ related to ‘Transactions with owner in itscapacity as owner’.Rounding of AmountsAmounts in the financial statements (including the notes) have been rounded to the nearestthousand dollars, unless otherwise stated. Figures in the accounts may not equate due torounding.(e) Events after Reporting DateAssets, liabilities, income or expenses arise from past transactions or other past events.Disclosure is made about events between the reporting date and the date the statements areauthorised for issue where the events relate to conditions which arose after the reporting dateand which may have a material impact on the results of subsequent years.(f) Goods and Services Tax (GST)Income, expenses and assets are recognised net of the amount of associated GST, unless theGST incurred is not recoverable from the taxation authority. In this case it is recognised as partof the cost of acquisition of the asset or as part of the expense.Receivables and payables are stated inclusive of the amount of GST receivable or payable.The net amount of GST recoverable from, or payable to, the taxation authority is included withother receivables or payables in the balance sheet.Cashflows are presented on a gross basis. The GST components of cash flows arising frominvesting or financing activities which is recoverable from, or payable to, the taxationauthority are presented as operating cash flow.(g) Income TaxThe Corporation is exempt from income tax under Section 24AR of Division 1B of the IncomeTax Assessment Act, 1936.(h) Income from TransactionsIncome is recognised to the extent that it is probable that the economic benefits will flow tothe Corporation and the income can be reliably measured.Sales and Sponsorship/Commercial RevenueSales and sponsorship revenues are not controlled by the Corporation until the event hasoccurred. Hence, such revenues are recognised in the financial year in which an event isconducted.Australian Grand Prix Corporation Annual Report 2013 3333