Cellmid 2017 Annual Report 37
Statement of compliance
Cellmid Limited is a public company, listed on the Australian Stock Exchange, limited by shares and incorporated and
domiciled in Australia.
The financial statements are general purpose financial statements that have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) and the Corporations
Act 2001, as appropriate for for profit oriented entities. These financial statements also comply with International Financial
Reporting Standards as issued by the International Accounting Standards Board (“IASB”).
The financial statements cover Cellmid Limited as a Group, consisting of Cellmid Limited and the entities it controlled at the
end of, or during the year.
The financial statements were authorised for issue by the directors on 30th August 2017.
Basis of Preparation
Historical Cost Convention
The financial statements have been prepared on an accruals basis and are based on historical costs, except for certain non
current assets and financial instruments that are measured at re valued amounts or fair values. Historical cost is generally based
on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless
otherwise noted.
Critical Accounting Estimates
The preparation of financial statements in conformity with Australian International Financial Reporting Standards “AIFRS”
requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of
applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial statements, are disclosed in the relevant notes.
Parent Entity Information
In accordance with the Corporations Act 2001, these financial statements present the results of the Consolidated Group only.
Supplementary information about the parent entity is included in Note 2.
New, revised or amending Accounting Standards and Interpretations adopted
The Group adopted AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure initiative: Amendments to
AASB 101 with a date of initial application of 1 July 2016. This has had an impact on the general form and presentation of the
financial report only.
(a) Going concern
The Directors have prepared the financial statements on a going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.
The cash flow forecast for the next twelve months prepared by management indicates that the Group will have sufficient cash
assets to be able to meet its debts as and when they become due.
(b) Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Cellmid Limited (“the
Company”) as at 30 June 2017 and the results of all subsidiaries for the year then ended. Cellmid Limited and its subsidiaries
together are referred to in these financial statements as the Group.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to
the Group. They are de-consolidated from the date that control ceases.