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100 AUSTRALIAN SPORTS COMMISSION ANNUAL REPORT 201415 CHAPTER 4 FINANCIAL PERFORMANCE AUSTRALIAN SPORTS COMMISSION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2015 The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified. Unless an alternative treatment is specifically required by an accounting standard or the FRR assets and liabilities are recognised in the Statement of Financial Position when and only when it is probable that future economic benefits will flow to the Commission or a future sacrifice of economic benefits will be required and the amounts of the assets or liabilities can be reliably measured. However assets and liabilities arising under executory contracts are not recognised unless required by an accounting standard. Liabilities and assets that are unrecognised are reported in the schedule of commitments or the contingencies note. Unless an alternative treatment is specifically required by an accounting standard income and expenses are recognised in the Statement of Comprehensive Income when and only when the flow consumption or loss of economic benefits has occurred and can be reliably measured. 1.3 Significant accounting judgements and estimates In the process of applying the accounting policies listed in this note the Commission has made the following judgements that have the most significant impact on the amounts recorded in the financial statements a The fair value of buildings has been taken to be the depreciated replacement cost as determined by an independent valuer. The Commission uses this valuation methodology as the buildings are purpose built and may in fact realise more or less than the market value. b The Commission assesses impairment of all assets at each reporting date by evaluating conditions specific to the Commission and to the particular asset that may lead to impairment. If an impairment trigger exists then the recoverable amount is restated. No accounting assumptions or estimates have been identified that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting period. 1.4 New Australian Accounting Standards Adoption of new Australian Accounting Standard Requirements No accounting standard has been adopted earlier than the application date as stated in the standard. The following new standards amendments to standards or interpretations were issued prior to the signing of the Statement by the Chair of the Board Chief Executive Officer and the Chief Financial Officer and are applicable to the current reporting period and had a material effect on the entitys financial statements AASB 1055 Budgetary Reporting which requires the reporting of budgetary information by the not-for- profit sector within the General Government sector including the original budget presented to Parliament the variance of actual figures from the budget figures and explanations of all significant variances. Retrospective application was not required for this standard.