Annual Report - The Greens The Entrance

The accompanying notes form part of these financial statements.The Entrance Bowling Club LimitedABN 29 000 956 052Notes to the Financial StatementsFor The Year Ended 30 June 2011The financial statements are for The Entrance Bowling Club Limited as an individual entity,incorporated and domiciled in Australia. The Entrance Bowling Club Limited is a companylimited by guarantee.Note 1.Summary of Significant Accounting PoliciesBasis of PreparationThe Entrance Bowling Club Limited has elected to early adopt the pronouncementsAASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2:Amendments to Australian Accounting Standards arising from Reduced DisclosureRequirements to the annual reporting period beginning 1 January 2010.The financial statements are general purpose financial statements that have beenprepared in accordance with Australian Accounting Standards – Reduced DisclosureRequirements of the Australian Accounting Standards Board and the Corporations Act2001.Australian Accounting Standards set out accounting policies that the AASB hasconcluded would result in financial statements containing relevant and reliable informationabout transactions, events and conditions. Material accounting policies adopted in thepreparation of these financial statements are presented below and have beenconsistently applied unless otherwise stated.The financial statements have been prepared on an accruals basis and are based onhistorical costs, modified, where applicable, by the measurement at fair value of selectednon-current assets, financial assets and financial liabilities.Accounting Policies(a)InventoriesInventories are measured at the lower of cost and net realisable value.(b)Income TaxThe company is exempt from income tax, as it is an organisation that solely encouragesand promotes the game of lawn bowls in accordance with Section 50-45 of the IncomeTax Assessment Act (1997). The Directors believe that for the current financial year thecompany has preserved its exempt status.1129