GMHBA AnnuAL RepoRt 2010 - GMHBA Health Insurance
GMHBA AnnuAL RepoRt 2010 - GMHBA Health Insurance
GMHBA AnnuAL RepoRt 2010 - GMHBA Health Insurance
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<strong>GMHBA</strong> Limited ABN 98 004 417 092<br />
<strong>GMHBA</strong> Limited ABN 98 004 417 092<br />
Notes to the Financial Statements for the year ended 30 June <strong>2010</strong><br />
1. Summary of significant accounting policies<br />
<strong>GMHBA</strong> Limited is a not for profit company, incorporated and domiciled in Australia. Its<br />
registered office is 60-68 Moorabool Street, Geelong, Victoria, 3220.<br />
(a) Statement of compliance<br />
The Company’s financial statements are a general purpose financial report prepared in<br />
accordance with the requirements of the Corporations Act 2001 and the Australian<br />
Accounting Standards (AASBs) (including Australian Interpretations) adopted by the<br />
Australian Accounting Standards Board (AASB).<br />
The Company’s financial statements were authorised for issue on 31 August <strong>2010</strong> by the<br />
<strong>GMHBA</strong> Limited Board.<br />
(b) Basis of measurement<br />
The accounting policies adopted in the preparation of this financial report have been applied<br />
consistently by the Company and are the same as those applied for the previous reporting<br />
period unless otherwise noted. The Company’s financial statements were prepared in<br />
accordance with the historical costs convention, except for the following:<br />
• Financial instruments are measured at fair value through the income statement<br />
• Land and Buildings are recorded at fair value with movements in value taken to an asset<br />
revaluation reserve<br />
• Connect Rewards benefit provision is carried at present value<br />
The presentation currency used for the preparation of these financial statements is Australian<br />
dollars.<br />
(c) Australian Accounting Standards issued but not yet effective<br />
The following standards, amendments to standards and interpretations have been identified<br />
as those which may impact the entity in the period of initial application that are available for<br />
early adoption at 30 June <strong>2010</strong>, but have not been applied in preparing this financial report:<br />
AASB<br />
amendment<br />
AASB 2009-5<br />
Further<br />
Amendments to<br />
Australian<br />
Accounting<br />
Standards<br />
arising from the<br />
Annual<br />
Improvements<br />
Process<br />
Nature of change<br />
to accounting policy<br />
This Standard affects various AASBs resulting in<br />
minor changes for presentation, disclosure,<br />
recognition and measurement purposes. The<br />
amendments are not expected to have a<br />
significant impact on the financial statements.<br />
29<br />
29<br />
Application date<br />
of standard<br />
Application<br />
date for<br />
<strong>GMHBA</strong><br />
1 January <strong>2010</strong> 30 June 2011
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