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164 AUSTRALIAN SPORTS COMMISSION ANNUAL REPORT 201415 CHAPTER 5 AUSTRALIAN SPORTS FOUNDATION AUSTRALIAN SPORTS FOUNDATION LIMITED NOTES TO AND FORMING PART OF THE FINANCIAL REPORT For the year ended 30 June 2015 Note 1 Summary of Significant Accounting Policies 1.1 Objective of the Australian Sports Foundation Limited The Australian Sports Foundation Limited the Foundation is a public company limited by guarantee. The objective of the Foundation is to assist eligible sporting community educational and other government organisations to raise funds for the development of sport in Australia. The Foundation was established by Section 10 of the Australian Sports Commission Act 1989. 1.2 Basis of Preparation of the Financial Report The Foundation is a Commonwealth company as defined in the Public Governance Performance and Accountability Act 2013 and is subject to the Corporations Act 2001. This general purpose Financial Report has been prepared in accordance with the Corporations Act 2001 and Australian Accounting Standards and Interpretations of the Australian Accounting Standards Board. The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. Material accounting policies adopted in the preparation of this Financial Report is presented below and have been consistently applied unless stated otherwise. The Financial Report has been prepared on an accrual basis and in accordance with the historical cost convention except for certain assets and liabilities at fair value. Except where stated no allowance is made for the effect of changing prices on the results or the financial position. These accounting policies have been consistently applied and are consistent with those of the previous year. The Financial Report is presented in Australian dollars and values. Unless an alternative treatment is specifically required by an accounting standard 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 Foundation 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. Assets and liabilities that are unrecognised are reported in the Schedule of Commitments or the Contingencies note. Unless 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. The Financial Report was authorised for issue by the Directors of the Foundation on 26th August 2015.