The financial report is a general purpose financial report which has been prepared in accordance with applicable Accounting Standards and Urgent Issues Group Consensus Views. The financial report has been prepared on the basis of historical cost and except where stated, does not take into account changing money values or current valuations of non-current assets.
Cost is based on fair values of the consideration given in exchange for assets.
Accounting policies are selected and applied in a manner that ensures the resultant financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions and other events are reported. Membership income is recognised on receipt, on a pro-rata basis over the subscription period. Other income is recognised when goods are provided or when fees in respect of services provided are receivable. Amounts receivable and payable in foreign currencies at balance date are translated at the rates of exchange ruling on that date. Exchange differences relating to amounts payable and receivable in foreign currencies are brought to account as exchange gains or losses in the operating statement in the financial year in which the exchange rates change.