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Note 1 suMMary Of significant
accOunting pOlicies
stockland was established for the purpose
of facilitating a joint quotation of stockland
Corporation limited and its controlled entities
(“the Corporation”) and stockland trust and
its controlled entities (“the trust”) on the
Australian securities exchange (“AsX”).
both the Corporation and the trust were
incorporated/formed and are domiciled in
Australia. the Constitutions of stockland
Corporation limited and stockland trust
ensure that, for so long as the two entities
remain jointly quoted, the number of shares
in the Corporation and the number of units
in the trust shall be equal and that the
shareholders and unitholders be identical.
both the Corporation and the responsible
entity of the trust must at all times act in the
best interest of stockland. the stapling
arrangement will cease upon the earliest of
either the winding up of the Corporation or
the trust or either entity terminating the
stapling arrangements.
the Financial report of stockland as at and
for the financial year ended 30 June 2009
comprises the consolidated Financial report
of the stockland Corporation limited (“the
Company”) and its controlled entities
including the trust, which form the
consolidated entity (“stockland” or
“consolidated entity”).
this Financial report has been prepared
based upon a business combination of the
parent entity, the Company, and stockland
trust and their controlled entities, in
accordance with Australian Interpretation
(“AI”) 1013 “Consolidated Financial reports
in relation to pre-date-of-transition stapling
Arrangements”.
the Financial report as at and for the
financial year ended 30 June 2009 was
authorised for issue by the directors on
12 August 2009.
(a) Statement of compliance
the Financial report is a general purpose
financial report which has been prepared in
accordance with Australian Accounting
standards (“AAsbs”) (including Australian
Interpretations) adopted by the Australian
Accounting standards board (“AAsb”) and
the Corporations Act 2001. the Financial
report of the consolidated entity and the
Company comply with the International
Financial reporting standards (“IFrss”) and
interpretations adopted by the International
Accounting standard board (“IAsb”).
(b) New accounting standards
Certain new or amended accounting
standards have been published that are not
mandatory for this reporting period. the
impact of these new or amended standards
(to the extent relevant to stockland) and
interpretations are set out below.
AAsb 8 “operating segments” (“AAsb 8”)
introduces the “management approach”
to segment reporting. AAsb 8 will require
the disclosure of segment information
based on the internal reports regularly
reviewed by stockland’s managing
director in order to assess each
segment’s performance and to allocate
resources to them. Currently stockland
presents segment information in respect
of its business and geographical
segments (refer note 3). AAsb 8 will
become mandatory for stockland’s
30 June 2010 Financial report.
revised AAsb 101 “presentation of
Financial statements” (“AAsb 101”)
introduces as a financial statement
(formerly “primary” statement) the
“statement of Comprehensive Income”.
the revised standard does not change the
recognition, measurement or disclosure of
transactions and events that are required
by other AAsbs. the revised AAsb 101
will become mandatory for stockland’s
30 June 2010 Financial report.
revised AAsb 123 “borrowing Costs”
(“AAsb 123”) removes the option to
expense borrowing costs and requires
that an entity capitalises borrowing costs
directly attributable to the acquisition,
construction or production of a qualifying
asset as part of the cost of that asset. the
revised AAsb 123 will become mandatory
for stockland’s 30 June 2010 Financial
report.
revised AAsb 3 “business
Combinations” (“AAsb 3”) changes the
application of acquisition accounting for
business combinations and the
accounting for non-controlling (minority)
interests. Key changes include: the
immediate expensing of all transaction
costs; measurement of contingent
consideration at acquisition date with
subsequent changes through the income
statement; measurement of non-
controlling (minority) interests at full fair
value or the proportionate share of the fair
value of the underlying net assets;
guidance on issues such as reacquired
rights and vendor indemnities; and the
inclusion of combinations by contract
alone and those involving mutual entities.
the revised standard becomes
mandatory for stockland’s 30 June 2010
Financial report.
revised AAsb 127 “Consolidated and
separate Financial statements” (“AAsb
127”) changes the accounting for
investments in subsidiaries. Key changes
include: the remeasurement to fair value
of any previous/retained investment when
control is obtained/lost, with any resulting
gain or loss being recognised in the
Income statement; and the treatment of
increases in ownership interest after
control is obtained as transactions with
equity holders in their capacity as equity
holders. the revised standard will
become mandatory for stockland’s
30 June 2010 Financial report.
AAsb 2008-1 “Amendments to Australian
Accounting standard – share-based
payment: vesting Conditions and
Cancellations” (“AAsb 2008-1”) changes
the measurement of share-based
payments that contain non-vesting
conditions. AAsb 2008-1 becomes
mandatory for stockland’s 30 June 2010
Financial report.
AAsb 2008-5 and AAsb 2008-6
Amendments to Australian Accounting
standards arising from the Annual
Improvement projects: the improvement
project is an annual project that provides
a mechanism for making non urgent, but
necessary, amendments to IFrss. these
standards will become mandatory for
stockland’s 30 June 2010 Financial
report.
these recently issued or amended standards
are not expected to have a significant impact
on the amounts recognised or disclosures
made in these Financial statements when
restated for the application of these new or
amended accounting standards.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2009
Stockland Corporation Limited and its controlled entities (including Stockland Trust)

 

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