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DISCLOSURES AND LEGAL COMPLIANCE
Notes to the Financial Statements
For the year ending 31 July 2012
Australian Accounting Standards
General
RWWA’s financial statements for the year ended 31 July
2012 have been prepared in accordance with Australian
Accounting Standards. The term ‘Australian Accounting
Standards’ includes Standards and Interpretations issued by
the Australian Accounting Standard Board (AASB).
RWWA has adopted any applicable, new and revised
Australian Accounting Standards from their operative dates.
Early adoption of standards
RWWA cannot early adopt an Australian Accounting
Standard unless specifically permitted by Treasurer’s
Instruction (TI) 1101 ‘Application of Australian Accounting
Standards and Other Pronouncements’. There has been no
early adoption of Australian Accounting Standards that have
been issued or amended (but not operative) by RWWA for
the annual reporting period ended 31 July 2012.
1. Summary of Significant Accounting Policies
(a) General Statement
RWWA prepares general purpose financial statements in
accordance with the Australian Accounting Standards, the
Framework, Statements of Accounting Concepts and other
authoritative pronouncements of the Australian Accounting
Standards Board as applied by the Treasurer’s Instructions.
Several of these are modified by the Treasurer’s Instructions
to vary application, disclosure, format and wording.
The Financial Management Act and the Treasurer’s
Instructions impose legislative provisions that govern the
preparation of financial statements and take precedence
over the Australian Accounting Standards, the Framework,
Statements of Accounting Concepts and other authoritative
pronouncements of the AASB.
Where modification is required and has had a material or
significant financial effect upon the reported results, details
of that modification and the resulting financial effect are
disclosed in the notes to the financial statements.
(b) Basis of Preparation
The financial statements have been prepared on the
accrual basis of accounting (except for Grant Income which
is recognised on a cash basis) using the historical cost
convention, except for land, building and infrastructure
which have been measured at fair value.
The accounting policies adopted in the preparation of
the financial statements have been consistently applied
throughout all periods presented unless otherwise stated.
The financial statements are presented in Australian dollars
and all values are rounded to the nearest thousand dollars
($’000).
The preparation of financial statements requires
management to make judgements, about the application
of accounting policies that have a significant effect on the
amounts recognised in the financial statements. RWWA
evaluates these judgements regularly.
Key estimates and assumptions concerning the future are
based on historical experience and various other factors that
have a significant risk of causing a material adjustment to
the carrying amount of assets and liabilities within the next
financial year.
Employee Benefits Provision
These calculations include estimates on the discount rates,
future salary rates and the settlement of leave liabilities.
(c) Reporting Entity
The reporting entity comprises Racing and Wagering Western
Australia.
(d) Income
Revenue
This represents revenue earned from the sale of goods and
services net of returns, allowances and duties and taxes paid.
Betting receipts are only recognised as revenue when the
events to which they relate are finalised.
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