b'EQUESTRIAN AUSTRALIA LIMITED ABN 19 077 455 755NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 20191.STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)Accountsreceivableareinitiallyrecognisedatfairvalueandsubsequentlymeasuredat amortised cost using the effective interest method, less any provision for impairment. Refer to Note 1(g) for further discussion on the determination of impairment losses.(l) Income TaxThe Company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.(m) Goods and services tax (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.Cash flows are presented on a gross basis. The GST components of cash flows arising from investingor financingactivitieswhichare recoverablefrom, orpayableto, theATOare presentedasoperatingcashflowsincludedinreceiptsfromcustomersorpaymentsto suppliers.Revenues, expenses and assets are recognised inclusive of the GST amounts.(n) Comparative FiguresWhen required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.(o) Accounts Payable and Other PayablesAccounts payable and other payables represent the liabilities outstanding at the end of the reporting period for goods and services received by the Company during the reporting period that remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.(p) ProvisionsProvisions are recognised when the Company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. \x03\x0361'