Financial Report Template Page 26
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80NOTES TO THE FINANCIAL STATEMENTS
(CONT)
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 1 CORPORATE INFORMATION
Where the Group has less than a majority of the voting or similar
rights of an investee, the Group considers all relevant facts and
Shine Corporate Limited (the Company or the parent) is a
circumstances in assessing whether it has the power over an
company limited by shares incorporated in Australia whose
investee, including:
shares are publicly traded on the Australian Stock Exchange.
• the contractual arrangement with the other vote holders
The consolidated financial statements of Shine Corporate Limited
of the investee;
and its subsidiaries (collectively, the Group) for the year ended
• rights arising from other contractual arrangements; and
30 June 2015 were authorised for issue on 27 August 2015 in
accordance with a resolution of the directors of the company.
• the Groups voting rights and potential voting rights.
NOTE 2 SUMMARY OF SIGNIFICANT
The assets, liabilities and results of all subsidiaries are fully
ACCOUNTING POLICIES
consolidated into the financial statements of the Group from the
date on which control is obtained by the Group. Where
Basis of Preparation
controlled entities have entered or left the Group during the
The financial statements are general purpose financial statements
year, the financial performance of those entities is included only
that have been prepared in accordance with Australian Accounting
for the period of the year that they were controlled. Accounting
Standards, Interpretations of the Australian Accounting Standards
policies of subsidiaries have been changed and adjustments
Board, other authoritative pronouncements of the Australian
made where necessary to ensure uniformity of the accounting
Accounting Standards Board (AASB) and the Corporations Act
policies adopted by the Group.
2001. The Group is a for-profit entity for financial reporting
In preparing the consolidated financial statements, all intragroup
purposes under Australian Accounting Standards.
balances and transactions between entities in the consolidated
The financial report is presented in Australian dollars.
group have been eliminated in full on consolidation.
Australian Accounting Standards set out accounting policies that
Business Combinations
the AASB has concluded would result in financial statements
Business combinations occur where an acquirer obtains control
containing relevant and reliable information about transactions,
over one or more businesses.
events and conditions. Compliance with Australian Accounting
A business combination is accounted for by applying the
Standards ensures that the financial statements and notes also
acquisition method, unless it is a combination involving entities
comply with International Financial Reporting Standards as
or businesses under common control. The business
issued by the IASB. Material accounting policies adopted in the
combination will be accounted for from the date that control is
preparation of the financial statements are presented below and
attained whereby the fair value of the identifiable assets acquired
have been consistently applied unless stated otherwise.
and liabilities (including contingent liabilities) assumed is
The financial statements were prepared on a going concern
recognised (subject to certain limited exemptions).
basis. The Group’s finance facilities mature in March 2016. The
When measuring the consideration transferred in the business
directors are confident, given the advanced discussions with the
combination, any asset or liability resulting from a contingent
financier, that the finance facilities will be renewed in due course
consideration arrangement is also included. Subsequent to initial
prior to maturity.
recognition, contingent consideration classified as equity is not
Except for cash flow information, the financial statements have
remeasured and its subsequent settlement is accounted for within
been prepared on an accruals basis and are based on historical
equity. Contingent consideration classified as an asset or liability is
costs, modified, where applicable, by the measurement at fair
remeasured each reporting period to fair value, recognising any
value of selected non-current assets, financial assets and
change to fair value in profit or loss. Deferred consideration is a
financial liabilities.
financial liability in accordance with note 2 (i) (iv).
(a) Principles of Consolidation
All transaction costs incurred in relation to business
The consolidated financial statements incorporate the assets,
combinations, other than those associated with the issue of a
liabilities and results of entities controlled by Shine Corporate
financial instrument, are recognised as expenses in profit or loss
Limited at the end of the reporting period. Control is achieved
when incurred.
when the Group is exposed, or has rights, to variable returns
The acquisition of a business may result in the recognition of
from its involvement with the investee and has the ability to
goodwill or a gain from a bargain purchase.
effect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the
Group has:
• powers over the investee that give it the ability to direct
the relevant activities of the investee;
• exposure, or rights, to variable returns from its involvement
with the investee; and
• the ability to use its power over the investee to affect
its returns.
SHINE CORPORATE LTD | FINANCIAL REPORT | 2015
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