Home' Slater and Gordon Annual Report : Slater and Gordon AR 2016 Contents Notes to the Financial Statements
For the year ended 30 June 2016
Slater and Gordon Limited
Note 1: Basis of Preparation
This note sets out the accounting policies adopted by Slater and Gordon Limited (the “company” or “parent”) and its
consolidated entities (the “consolidated entity” or the “Group”) in the preparation and presentation of the financial report.
Where an accounting policy is specific to one note, the policy is described within the note to which it relates.
The financial report was authorised for issue by the directors as at the date of the Directors’ Report.
Slater and Gordon Limited is a company limited by shares, incorporated and domiciled in Australia whose shares are
publicly traded on the Australian Securities Exchange.
1.1 Basis of Accounting
This financial report is a general purpose financial report, for a ‘for-profit’ entity, which has been prepared in accordance
with Australian Accounting Standards, Interpretations and other applicable authoritative pronouncements of the
Australian Accounting Standards Board and the Corporations Act 2001. The consolidated financial statements of Slater
and Gordon Limited also comply with the International Financial Reporting Standards (“IFRS”) issued by the International
Accounting Standards Board (“IASB”) .
The financial report has been prepared under the historical cost convention, except where noted.
This year the Group’s financial statements have been presented in a more streamlined manner by changing the format
and the layout to simplify the information disclosed and make it more relevant to users. Similar notes have been grouped
into sections with relevant accounting policies and judgement and estimate disclosures incorporated within the notes to
which they relate.
Comparatives have been updated for changes in accounting policies as described in Note 1.3 below.
The parent entity and the consolidated entity have applied the relief available under ASIC Corporations (Rounding in
Financial/Directors’ Reports) Instrument 2016/191 and accordingly, amounts in the consolidated financial statements and
Directors’ Report have been rounded off to the nearest thousand dollars, or in certain cases, to the nearest dollar.
The financial report has been prepared on a going concern basis.
The Directors, having given consideration to the current financial forecasts for the Group, the engagement with the
banking syndicate and its financial advisers, the comprehensive review, and the performance improvement programmes
being implemented by management, consider the going concern basis of preparation is appropriate. Refer to Note 5.2 for
1.2 Basis of Consolidation
The consolidated financial statements comprise the financial statements of the parent entity and of all entities which the
parent entity controls. The Group controls an entity when it is exposed, or has rights, to variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent
accounting policies. Adjustments are made to bring into line any dissimilar accounting policies which may exist.
All inter-company balances and transactions, including any unrealised profits or losses, have been eliminated on
consolidation. Subsidiaries are consolidated from the date on which control is established and are de-recognised from
the date that control ceases.
Non-controlling interests in the results of subsidiaries are shown separately in the consolidated statement of
comprehensive income and consolidated statement of financial position.
Any changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the
subsidiaries are accounted for as equity transactions.
1.3 Adoption of New Accounting Standards
The Group adopted all the new mandatory standards and interpretations for the current reporting period. The adoption of
these standards and interpretations did not result in a material change on the reported results and position of the Group
as they did not result in any changes to the Group’s existing accounting policies.
54 Slater and Gordon Limited
Annual Report 2016
Links Archive Slater and Gordon AR 2015 Navigation Previous Page Next Page