IOOF  | Annual Report 2012 Notes to the financial statements For the year ended 30 June 2012 1  Reporting entity (d) Use of estimates and judgements Amounts included in narratives are expressed as whole dollars  but rounded to the nearest thousand unless otherwise stated. IOOF Holdings Ltd (the “Parent” or the “Company”) is a  company domiciled in Australia. The consolidated financial  statements of the Company as at and for the year ended 30  June 2012 comprise the Company and its subsidiaries (together  referred to as “IOOF” or the “Group”) and the Group’s interest in  associates.  The preparation of financial statements in conformity with  AASBs 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. The Group is a for-profit entity and primarily is involved in the  provision of wealth management services. Estimates and underlying assumptions are reviewed on  an ongoing basis. Revisions to accounting estimates are  recognised in the period in which the estimates are revised  and in any future periods affected. The Company’s registered office and its principal place of  business are as follows: Level 6  161 Collins Street  MELBOURNE VIC 3000 Information about critical judgements in applying accounting  policies that have the most significant effect on the amounts  recognised in the financial statements is included in the  following notes: •  note 3(q) - Deferred acquisition costs •  note 3(l) - Revenue (upfront service fees) •  note 3(w) - Liability to buy back vested shares  •  note 17 - Goodwill •  note 18 - Other intangible assets •  note 31 - Share-based payments 2  Basis of preparation (a) Statement of compliance The consolidated financial statements are general purpose  financial statements which have been prepared in accordance  with Australian Accounting Standards (AASBs) adopted by  the Australian Accounting Standards Board (AASB) and the  Corporations Act 2001. The consolidated financial statements  comply with International Financial Reporting Standards (IFRS)  adopted by the International Accounting Standards Board  (IASB). Information about assumptions and estimation uncertainties  that have a significant risk of resulting in a material adjustment  within the next financial year are included in the following  notes: The consolidated financial statements were authorised for  issue by the Board of Directors on 23 August 2012. The consolidated financial statements have been prepared on  the historical cost basis except for the following material items  in the statement of financial position: The accounting policies set out below have been applied  consistently to all periods presented in these consolidated  financial statements, and have been applied consistently by  Group entities.  3  Significant accounting policies (b) Basis of measurement •  note 3 (o) - Utilisation of tax losses and uncertain tax  position; •  note 17 & 18 - Key assumptions used in discounted cash  flow projections; and •  note 23 & 37 - Provisions and contingencies. •  financial instruments at fair value through profit or loss are  measured at fair value; •  available-for-sale financial assets are measured at fair value;  and •  share-buy back liabilities are measured at fair value. Certain comparative amounts have been reclassified to  conform with the current year’s presentation. The statement of financial position is presented in order of  liquidity. (a) Basis of consolidation (c) Functional and presentation currency The consolidated financial statements incorporate the assets  and liabilities of all subsidiaries of the Company as at 30 June  2012 and the results of all controlled subsidiaries for the year  then ended. This includes the benefit funds of its subsidiary,  IOOF Ltd, and any controlled trusts.  These consolidated financial statements are presented in  Australian dollars, which is the Company’s functional currency. The Company is of a kind referred to in ASIC Class Order 98/100  dated 10 July 1998 and in accordance with that Class Order, all  financial information presented in Australian dollars has been  rounded to the nearest thousand unless otherwise stated.  page 61