YMAC Annual Report 2022

Notes to the Consolidated Financial Statements
as at 30 June 2022
The financial statements cover the consolidated financial statements of Yamatji Marlpa Aboriginal
Corporation (YMAC) as a Group. YMAC is an association incorporated under the Corporations
(Aboriginal and Torres Strait Islander) Act 2006 (CATSI) with its principal place of business and
registered address at Level 8, 12-14 The Esplanade, Perth WA 6000.
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.1 Basis of Preparation of the Consolidated Financial Statements
The consolidated financial statements are required by clause 1(b) of Schedule 1 to the
Commonwealth Authorities and Companies Act general purpose financial statements.
The statements have been prepared in accordance with:
(i)
Finance Minister’s Orders (or FMO); and
(ii) Australian Accounting Standards and interpretations issued by the Australian Accounting
Standards Board (AASB) that apply for the reporting period.
The consolidated financial statements have been prepared on an accrual basis and in
accordance with historical cost convention, except for certain assets at fair value. Except
where stated, no allowance is made for the effect of changing prices on the results or the
financial position. Amounts shown in these financial statements may not add to the correct
sub-totals or totals due to rounding
Assets and liabilities are recognised in the statement of financial position for not-for-profit
report entities when and only when it is probable that future economic benefits will flow to
the entity or a future sacrifice of economic benefits will be required and the amounts of the
assets or liabilities can be reliably measured. However, assets and liabilities arising under
agreements equally proportionately unperformed are not recognised unless required by an
accounting standard. Liabilities and assets that are unrecognised are reported in the
Schedule of Commitments.
Unless alternative treatment is specifically required by an accounting standard, income and
expenses are recognised in the statement of comprehensive income when, and only when,
the flow, consumption or loss of economic benefits has occurred and can be reliably
measured.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the
Corporation and entities (including structured entities) controlled by the Corporation
and its subsidiaries. Control is achieved when the Corporation:
• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.
The Corporation reassesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control listed above.
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