2013 AnnuAl RepoRt - Australian Grand Prix

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2013as statutory receivables or payables that arise as a result of statutory requirements imposed bygovernments) are not financial instruments.Financial LiabilityA financial liability is any liability that is:(a) A contractual obligation:i. To deliver cash or another financial asset to another entity; orii. To exchange financial assets or liabilities with another entity under conditions that arepotentially unfavourable to the entity; or(b) A contract that will or may be settled in the entity’s own equity instruments and is:i. A non-derivative for which the entity is or may be obliged to deliver a variable numberof the entity’s own equity instruments; orii. A derivative that will or may be settled other than by the exchange of a fixed amountof cash or another financial asset for a fixed number of the entity’s own equityinstruments. For this purpose the entity’s own equity instruments do not includeinstruments that are themselves contracts for the future receipt or delivery of the entity’own equity instruments.Financial StatementsDepending on the context of the sentence where the term ‘financial statements’ is used, it mayinclude only the main financial statements (i.e. comprehensive operating statement, balancesheet, cash flow statements and statement of changes in equity); or it may also be used toreplace the old term ‘financial report’ under the revised AASB 101 (September 2007), whichmeans it may include the main financial statements and the notes.GrantsGrants can either be operating or capital in nature. Grants can be paid as general purposegrants which refer to grants that are not subject to conditions regarding their use. Alternatively,they may be paid as specific purpose grants which are paid for a particular purpose and/or haveconditions attached regarding their use.Intangible AssetsIntangible assets represent identifiable non-monetary assets without physical substance.Interest IncomeInterest revenue includes interest received on bank term deposits, interest from investments andother interest received.Net Acquisition of Non-Financial Assets (from transactions)Purchases (and other acquisitions) of non-financial assets less sales (or disposals) of non-financialassets less depreciation plus changes in other movements in non-financial assets. Includes onlythose increases or decreases in non-financial assets resulting from transactions and thereforeexcludes write-offs, impairment write-downs and revaluations.Net ResultNet result is a measure of financial performance of the operations for the period. It is the net resultof items of revenue, gains and expenses (including losses) recognised for the period, excludingthose that are classified as ‘other non-owner changes in equity’.6464Australian Grand Prix Corporation Annual Report 2013