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Housing : June 2009
HIA CONCISE FINANCIAL REPORT For the Year Ended 31 December 2008 Rendering of services Revenue from the rendering of services is recognised as and when the services are provided. Subscriptions Subscriptions are issued on the basis of anniversary date of joining. All subscriptions received during the year are brought to account on the basis of date of receipt. Royalties Revenue from royalties is also recognised on the basis of date of receipt. Interest Revenue is recognised when control of the right to receive the interest payment is established. Government grants Government grants are recognised in accordance with AASB1004 Contributions, which requires not-for-profit entities to recognise non-reciprocal contributions as revenues when the entity gains control over the funding, and the amount can be measured reliably. Other funding is recognised as income when conditions attached are met. Segment information The consolidated entity, consisting of Housing Industry Association Limited (the Association) and its subsidiaries, operates in one business and one geographical segment being the promotion of industrial resources in Australia’s building industry through associating the members of the residential building, renovation and development industry for purposes of mutual advantage and cooperation and to develop and maintain within the building industry a high appreciation of the objectives and responsibilities of builders, renovators and developers in providing the highest standards of professional and commercial conduct. NOTE 2 REVENUE CONSOLIDATED 2008 Sale of goods Rendering of services Royalties Finance revenue Total revenue 2,629,882 86,930,660 160 277,928 89,838,630 NOTE 3 SUBSEQUENT EVENTS There have been no significant events after balance date. 2007 $$ 2,812,900 81,737,700 284 267,754 84,818,638 80 HOUSING JUNE 2009