NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2007 1. DATE AUTHORISED FOR ISSUE The financial report of Dairy Australia Limited for the year ended 30 June 2007 was authorised for issue in accordance with a resolution of the directors on 30 August 2007. 2. CORPORATE INFORMATION Dairy Australia Limited is a company limited by guarantee incorporated in Australia. The principal activities of the Company during the year were: o acting as industry services body for the Australian dairy industry; o contributing to the promotion and development of the Australian dairy industry and Australian dairy produce by: • funding research, development and extension activities for the benefit of the Australian dairy industry and the Australian community generally; • carrying out activities to develop the Australian national market for, and international trade in, Australian dairy produce; • providing information and other services; and • carrying out other activities for the benefit of the Australian dairy industry; and o administration of the Dairy Structural Adjustment Fund (DSAF), as trustee (refer to note 22). These activities are aimed at developing and driving industry services and innovation for the ultimate benefit of dairy levy payers. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) BASIS OF PREPARATION The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standards. The financial report is presented in Australian dollars and has been prepared in accordance with the historical cost convention, except for available-for-sale investments, which have been measured at fair value. The amounts in the financial report have been rounded to the nearest thousand dollars ($'000) unless otherwise stated under the option available to the Company under ASIC Class Order 98/0100. The Company is an entity to which the Class Order applies. (B) STATEMENT OF COMPLIANCE Except for the amendments to AASB 101 Presentation of Financial Statements and AASB 2007-4 Amendments to Australian Accounting Standards arising from ED 151 and Other Amendments, which the Company has early adopted, Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Company for the annual reporting period ending 30 June 2007. These are outlined in the table below.
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