NOTES TO THE FINANCIAL STATEMENTS
For the year ending 30 June
The financial statements cover the association of The Almond Board of Australia Incorporated . The Association is a not-for-profit association incorporated in South Australia under the Associations Incorporation Act 1985 . The financial statements and have been prepared to meet the requirements of the Associations Incorporation Act 1985 and Australian Accounting Standards ( AASB ).
Comparatives are consistent with prior years , unless otherwise stated .
1 Basis of preparation
The Financial Statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards - Simplified Disclosures and the Corporations Act .
The financial statements have been prepared on an accruals basis and are based on historical costs modified , where applicable , by the measurement at fair value of selected non-current assets , financial assets and financial liabilities .
Significant accounting policies adopted in the preparation of these financial statements are presented below and are consistent with prior reporting periods unless otherwise stated .
2 Summary of significant accounting policies
Income tax
The association is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997 .
Revenue and other income
Revenue is recognised when the amount of the revenue can be measured reliably , it is probable that economic benefits associated with the transaction will flow to the Association and specific criteria relating to the type of revenue as noted below , has been satisfied .
Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns , discounts and rebates .
Goods and services tax ( GST )
Revenue , expenses and assets are recognised net of the amount of goods and services tax ( GST ), except where the amount of GST incurred is not recoverable from the Australian Taxation Office ( ATO ).
Receivables and payables are stated inclusive of GST .
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