2013 Apr 15 Annual Report 2012 - Phosphagenics

Notes to the consolidated fi nancial statements
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basis of Preparation of the financial report
The fi nancial report is a general-purpose fi nancial report, which has been prepared in accordance with
the requirements of the Corporations Act 2001, Australian Accounting Standards, and other authoritative
pronouncements of the Australian Accounting Standards Board. The fi nancial report has also been
prepared on a historical cost basis, with the exception of Available-for-sale fi nancial assets which are
carried at fair value.
The fi nancial report is presented in Australian dollars and all values are rounded to the nearest thousand
dollars ($’000) unless otherwise stated.
(a) Compliance with IFRS
The fi nancial report also complies with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board
(b) New Accounting Standards and Interpretations
i) Changes in accounting policy and disclosure
The accounting policies adopted are consistent with those of the previous fi nancial year. The Group has not
adopted any new or amended Australian Accounting Standards and AASB Interpretations during the year.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS