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Housing : June 2009
HIA CONCISE FINANCIAL REPORT For the Year Ended 31 December 2008 Notes to and Forming Part of the Concise Financial Statements FOR THE HOUSING INDUSTRY ASSOCIATION LIMITED ACN 004 631 752 FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The concise financial report of Housing Industry Association Limited (the Association) for the year ended 31 December 2008 has been prepared in accordance with the requirements of the Corporations Act 2001 and Accounting Standard AASB 1039 “Concise Financial Reports”. The Association is a company limited by guarantee incorporated in Australia. Presentation currency The Group's functional and presentation currency is AUD ($). Basis of preparation The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards. The financial report has also been prepared on a historical cost basis, except for land and buildings and available-for-sale assets, which have been measured at fair value. The financial report is presented in Australian dollars. Statement of compliance The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report, comprising the financial statements and notes thereto, complies with International Financial Reporting Standards. Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ending 31 December 2008. It is anticipated that there will be no material impact on the profit and loss or the financial position of the Group upon their adoption. Basis of consolidation The consolidated financial statements comprise the financial statements of Housing Industry Association Limited (the Association) and its subsidiaries as at 31 December each year (the Group). The financial statements of the subsidiaries are prepared for the same reporting period as the Association, using consistent accounting policies. In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit and losses resulting from intragroup transactions have been eliminated in full. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised: Sale of goods Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Risks and rewards of ownership are considered passed to the buyer at the time of delivery of the goods to the customer. HOUSING JUNE 2009 79