Bradken Limited Annual Report 2015 - page 66

31 l BRADKEN LIMITED ANNUAL REPORT 2015
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
1 Corporate information
The nature of the operations and principal activities of the Group are described in the Directors’ report.
2 Summary of significant accounting policies
(a) Basis of preparation
(i)
Compliance with IFRS
(ii) Changes in accounting policies, disclosures, new and amended standards and interpretations
The accounting policies adopted are consistent with those of the previous financial year except as follows:
New and amended standards and interpretations
(iii) Historical cost convention
(iv) Critical accounting estimates
(b) Principles of consolidation
(i)
Subsidiaries
The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These
policies have been consistently applied to all years presented, unless otherwise stated. The financial statements are for the
consolidated entity consisting of Bradken Limited and its subsidiaries.
The consolidated financial statements of the Bradken Limited group also comply with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These general purpose financial
statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board and the Corporations Act 2001.
These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial
assets and liabilities (including derivative instruments) at fair value through profit or loss.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the group’s accounting policies. The areas involving a higher degree of
judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in
note 4.
The consolidated financial statements of Bradken Limited and its subsidiaries (collectively referred to as the Group) for the year
ended 30 June 2015 were authorised for issue in accordance with a resolution of the directors on 10 August 2015.
Bradken Limited (the Company or the parent) is a for profit company limited by shares incorporated in Australia whose shares
are publicly traded on the Australian Stock Exchange.
The adoption of these standards did not have a significant impact on the Group's financial results, balance sheet or disclosures.
All other accounting policies are consistent with those adopted and disclosed in the annual financial report for the year ended
30 June 2014. Accounting policies are applied consistently by each entity in the Group.
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 30 June 2015.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if
the Group has:
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)
Exposure, or rights, to variable returns from its involvement with the investee, and
The ability to use its power over the investee to affect its returns
AASB 1031 Materiality
AASB 2013-3 Amendments to AASB 136 - Recoverable Amount Disclosures for Non-Financial Assets
AASB 2014-1 Amendments to Australian Accounting Standards - Part A Annual Improvements to IFRSs 2010 - 2012 Cycle and
2011 - 2013 Cycle
AASB 2012-3 Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities
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