Accompanying notes for the year ended 30 June 2009

1. Basis of preparation of concise financial report

The concise financial report has been prepared in accordancewith Accounting Standard AASB 1039 ‘Concise Financial Reports’. The concise financial report, including the financial statements and specific disclosures included in the concise financial report, has been derived from the Engineers Australia group’s full financial report for the financial year.

All amounts are presented in Australian dollars.

Accounting Standards include Australian equivalents to International Financial Reporting Standards (“A-IFRS”). The financial statements have been prepared on the historical cost basis except that land and buildings have been measured at fair value.

A full description of accounting policies adopted by the group may be found in the group’s full financial report. These accounting policies have been consistently applied by each entity in the group and, except where there is a change in accounting policy, are consistent with those of the previous year.

(a) Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

In particular, information about significant areas of estimation of uncertainty and critical judgements in applying accounting policies that have the most effect on the amount recognised in the financial statements are described in the following notes to the Engineers Australia group’s full financial report: Note 12: valuation of buildings

(b) Functional and presentation currency
These financial statements are presented in Australian Dollars, which is the Institution’s functional currency and the functional currency of the Group.

2. Adoption of new and revised Accounting Standards

In the current year, the consolidated entity has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board that are relevant to its operations and effective for the current annual reporting period. The adoption of these new and revised Standards and Interpretations has not resulted in any changes to the entity’s accounting policies.

3. Dividends

The payment of dividends is not permitted under the Royal Charter of the Institution. Accordingly no dividend was paid or provided for during the financial year.

4. Segment Reporting

Engineers Australia is a member based national professional body of engineers. Engineers Australia operates predominately in one geographical segment, namely Australia, however groups of overseas members meet in various parts of the world.