45 #LoveOfTheHorse AnnuAl RePORT 2017 – 2018 12 EQUESTRIAN AUSTRALIA LIMITED ABN 19 077 455 755 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards Reduced Disclosure Requirements, Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The financial report was approved by the directors as at the date of the directors' report. The financial report is for the entity Equestrian Australia Limited as an individual entity. Equestrian Australia Limited is a company limited by guarantee, incorporated and domiciled in Australia. Equestrian Australia Limited is a not for profit entity for the purpose of preparing the financial statements. The following is a summary of the material accounting policies adopted by the company in the preparation and presentation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. (a) Basis of preparation of the financial report Historical Cost Convention The financial report has been prepared under the historical cost convention, as modified by revaluations to fair value for certain classes of assets as described in the accounting policies. (b) Revenue Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Risks and rewards of ownership are considered passed to the buyer at the time of delivery of the goods to the customer. Branch levies and related contributions revenue is recognised in the period in which the service is provided. Sponsorships revenue is recognised as and when received. Revenue from organising and hosting events is recognised in the period in which the events are held. Interest revenue is recognised when it becomes receivable on a proportional basis taking in to account the interest rates applicable to the financial assets. All revenue is stated net of the amount of goods and services tax (GST).