Home' Huon Aquaculture : 2015 Annual Report Contents 65
Annual Repor t 2015
Notes to the financial statements
For the year ended 30 June 2015
About this report
These consolidated financial statements and notes represent those of Huon Aquaculture Group Limited and Controlled Entities
(the ‘consolidated group’). Huon Aquaculture Group Limited is a company limited by shares, incorporated and domiciled in Australia.
On 12th September 2014 Huon Aquaculture Group Pty Ltd changed its name to Huon Aquaculture Group Limited. At the same time
the company changed its status from a proprietary company to an unlisted public company. On 23 October 2014 the company listed
on the Australian Stock Exchange and is now a listed public company.
The separate financial statements and notes of Huon Aquaculture Group Limited have been presented within this financial repor t
as an individual parent entity (‘Parent Entity’).
The financial statements were authorised for issue on 27 August 2015 by the directors of the company.
All press releases and other information are available on our website www.huonaqua.com.au
Basis of Preparation
These general purpose financial statements have been prepared in accordance with the Corporations Act 2001, Australian Accounting
Standards and Interpretations of the Australian Accounting Standards Board and also comply with International Financial Repor ting
Standards as issued by the International Accounting Standards Board. The consolidated group is a for-profit entity for financial repor ting
purposes under Australian Accounting Standards. Material accounting policies adopted in the preparation of these financial statements
are presented below and have been consistently applied unless stated other wise.
The financial statements except for cash flow information, have been prepared on an accruals basis and are based on historical costs
(unless other wise stated).
The functional currency of each group entity is measured using the currency of the primary economic environment in which that
entity operates. The consolidated financial statements are presented in Australian dollars which is the parent entity’s functional and
Principles of Consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Huon Aquaculture Group Limited (parent
entity) as at 30 June 2015 and the results of all subsidiaries for the year then ended. Huon Aquaculture Group Limited and its subsidiaries
together are referred to in this financial repor t as the consolidated group.
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities
of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from
the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the group.
Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses
are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries
have been changed where necessar y to ensure consistency with the policies adopted by the group.
Application of new and revised Accounting Standards
Amendments to AASBs and the new Interpretation that are mandatorily effective for the current year:
In the current year, the Group has applied a number of amendments to A ASBs and a new Interpretation issued by the Australian
Accounting Standards Board (AASB) that are mandatorily effective for an accounting period that begins on or after 1 Jul y 2014,
and therefore relevant for the current year end.
AASB 2012-3 ‘Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities’
The amendments to A ASB 132 clarify the requirements relating to the offset of financial assets and financial liabilities. Specifically, the
amendments clarify the meaning of ‘currently has a legally enforceable right of set-off ’ and ‘simultaneous realisation and settlement ’.
AASB 2013-3 ‘Amendments to A ASB 136 – Recoverable Amount Disclosures for Non-Financial Assets’
The amendments to A ASB 136 remove the requirement to disclose the recoverable amount of a cash-generating unit (CGU) to which
goodwill or other intangible assets with indefinite useful lives had been allocated when there has been no impairment or reversal
of impairment of the related CGU. Fur thermore, the amendments introduce additional disclosure requirements applicable to when
the recoverable amount of an asset or a CGU is measured at fair value less costs of disposal. These new disclosures include the
fair value hierarchy, key assumptions and valuation techniques used which are in line with the disclosure required by AASB 13
‘Fair Value Measurements’.
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