Cellmid 2017 Annual Report 37

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.