2010 Report - Essendon Football Club

1. STATEmENT OF SIGNIFICANT ACCOUNTING POLICIES
in accordance with Australian Accounting Standards – Reduced disclosure
Corporations Act 2001.
The Essendon Football Club is an unlisted public company limited by guarantee and
incorporated and domiciled in Australia. The Financial Report of Essendon Football
and economic data. Actual results may differ from these estimates.
The following is a summary of the material accounting policies adopted by the
of accounts are described in the following note.
Adoption of AASb 1053 Application of Tiers of Australian Accounting Standards
and AASb 2010-2 Amendment to Australian Accounting Standards arising from
Reduced Disclosure Requirements
The Essendon Football Club has adopted the new Australian Accounting Standard -
disclosure requirements applicable in prior years.
(c) Financial Instruments
out below.
FINANCIAL REPORT
selling in the short term or if so designated by management within the requirements
payment is established.
this category.
this category.
considered to determine whether an impairment has arisen. Impairment losses are
is reduced by the impairment loss through the use of an allowance account.
allowance account. Changes in the carrying amount of the allowance account are
amortisation and impairment losses.
Land
depreciated.
depreciation and impairment losses.
to the Company commencing from the time the asset is held ready for use.
Class of Fixed Assets Depreciation Rate
heritage and tradition success professionalism community Essendon Football Club Annual Report 2010 11