text: **1.** **SUMMARY OF ACCOUNTING POLICIES**
  
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              [html]<thead><tr><td>financial report is a general parpuse financial report which has been perpared in accordance the Corporations Law, application Account Standards and Urgent Issues Group Consensuss, and complies with other requirements of the last.</td></tr></thead><tbody><tr><td>financial report has been prepared on the basis of historical cost and except where stated, does rake into account changing money values or current valuations of non - current assess. Cost is I on the fair values of the consideration given i</td></tr><tr><td>ificant Accounting Policies</td></tr><tr><td>outring policies are selected and applied in a manner which ensures that the resulting financial martion satisfies the concepts of relevance and reliability, thereby ensuring that the substance of inderlying transaction or other ever</td></tr><tr><td>following significant accounting policies have been adopted in the preparation and presentation. e fimancial report :</td></tr><tr><td>Accounts Payable</td></tr><tr><td>Trade payables and other accounts payable are recognised when the economic entity becomes obliged to make future pyments resulting from the purchase of goods and services.</td></tr><tr><td>Acquisition of Assets</td></tr><tr><td>Assets acquired are recorded at the cost of acquisition, being the purchase consideration determined as at the date of acquisition plus costs incidental to the acquisition.</td></tr><tr><td>In the event that set / lement of all or part of the cash consideration given in the acquisition of an asset is deferred, the far value of the purchase consideration is determined by docounting the amounts pusable in the future to their presen</td></tr><tr><td>Borrowings</td></tr><tr><td>Bills of exchange are recorded at an amount equal to the net proceeds received, with the premium or discount amortised over the period ural manarity. Intenst expense is recognised on an effective yield basis.</td></tr><tr><td>Debentures, bank loans and other loans are recorded at an amount equal to the net proceeds received. Interest expense is recognised on an accrual basis.</td></tr><tr><td>Ancillary costs incurred in connection with the arrangement of borrowings are deferred and anortised over the period of the borrowings.</td></tr><tr><td>Capital Gains Tax</td></tr><tr><td>No provision has been made for capital gains tax which may arise in the event of sale of revalued assets as no decision has been made to sell any of these assets.</td></tr><tr><td>Capitalisation of Borrowing Costs</td></tr><tr><td>Bomwing costs directly atributable to building under construction are capitalised as part of the cost of those assets.</td></tr></tbody>
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