2016 RASV Annual Report
The Royal Agricultural Society of Victoria (RASV) promotes and celebrates agriculture through events which connect industry with consumers and ultimately aims to improve the quality and increase demand for Victorian agricultural produce.
The Royal Agricultural Society of Victoria (RASV) promotes and celebrates agriculture through events which connect industry with consumers and ultimately aims to improve the quality and increase demand for Victorian agricultural produce.
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NOTES TO THE<br />
FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 31 MARCH <strong>2016</strong><br />
1. A) CORPORATE INFORMATION<br />
The financial report of the Company for the year ended 31 March <strong>2016</strong> was authorised for issue in accordance with a resolution of the<br />
Directors on the same date as the directors’ declaration.<br />
The Company is a company limited by guarantee incorporated and domiciled in Australia.<br />
The nature of operations and principal activities of the Company are described in the Directors’ report.<br />
The Company’s registered office and principal place of business is at Melbourne Showgrounds, Epsom Road, Ascot Vale, Victoria, 3032.<br />
1. B) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br />
(a)<br />
(b)<br />
(c)<br />
Basis of Preparation<br />
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and<br />
Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the Australian Charities and Not-for-Profit<br />
Commission Act 2012.<br />
The financial statements have been prepared under historical cost convention.<br />
The <strong>RASV</strong> has early adopted AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments<br />
to AASB 101. The financial report has been re-ordered this year and significant accounting policies are now provided throughout<br />
the notes to the financial statements.<br />
Reclassification<br />
Comparative figures have been adjusted to conform to changes in presentation for the current financial year on the statement<br />
of financial position in accordance with Accounting Standards. The reclassifications have not had any impact on net assets or<br />
retained earnings.<br />
Significant Accounting Judgements and Estimates<br />
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the<br />
reported amounts in the financial statements. The key estimates and assumptions which are material to the financial reports are<br />
found in the following notes:<br />
• Note 5 : Trade and Other Receivables<br />
• Note 7 : Property, Plant and Equipment<br />
• Note 10 : Provision for Employee Benefits<br />
52 The Royal Agricultural Society of Victoria Limited
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