Boral Limited
1. Introduction
Boral Limited (Boral) is the largest building and construction materials company in Australia. The company is principally engaged in supplying and manufacturing, construction and building materials. The products offered by the company include pre-mix concrete and asphalt, flyash, cement, quarry products, timber, windows, plasterboard, concrete masonry products, clay and concrete roof tiles, clay bricks, and pavers. It serves customers in the construction and building industries. It consists of seven key operating divisions, namely, Australian Construction Materials Timber, Cement, Construction Related Business, Clay & Concrete Products, USA and Plasterboard.
2. Key accounting policies and standards
Boral Limited’s consolidated financial report of the Company for the year ended 30 June 2009 comprises the Company and its controlled entities. The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards adopted by the Australian Accounting Standards Board and the Corporations Act 2001. The financial report of the Group and the Company comply with International Financial Reporting Standards (IFRS) and interpretations adopted by the International Standards Board.
2.1 Revenue recognition (AASB118)
Revenue is recognized at fair value of the consideration received net of the amount of goods and services tax (GST). When events occurred like risks or rewards of ownership were transferred to buyer, revenues are recognised. Revenues from dividends are recognised upon declaration by controlled entities.
2.2 Goodwill (AASB 1013)
Goodwill represents difference between fair values of net identifiable assets acquired and related cost. With vague useful life, goodwill is systematically tested for impairment at annually balance sheet date. Negative goodwill emerging on an acquisition is recognised in income statement.
2.3 Property, Plant and Equipment (AASB 116)
Accounting
Boral Limited (Boral) is the largest building and construction materials company in Australia. The company is principally engaged in supplying and manufacturing, construction and building materials. The products offered by the company include pre-mix concrete and asphalt, flyash, cement, quarry products, timber, windows, plasterboard, concrete masonry products, clay and concrete roof tiles, clay bricks, and pavers. It serves customers in the construction and building industries. It consists of seven key operating divisions, namely, Australian Construction Materials Timber, Cement, Construction Related Business, Clay & Concrete Products, USA and Plasterboard.
2. Key accounting policies and standards
Boral Limited’s consolidated financial report of the Company for the year ended 30 June 2009 comprises the Company and its controlled entities. The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards adopted by the Australian Accounting Standards Board and the Corporations Act 2001. The financial report of the Group and the Company comply with International Financial Reporting Standards (IFRS) and interpretations adopted by the International Standards Board.
2.1 Revenue recognition (AASB118)
Revenue is recognized at fair value of the consideration received net of the amount of goods and services tax (GST). When events occurred like risks or rewards of ownership were transferred to buyer, revenues are recognised. Revenues from dividends are recognised upon declaration by controlled entities.
2.2 Goodwill (AASB 1013)
Goodwill represents difference between fair values of net identifiable assets acquired and related cost. With vague useful life, goodwill is systematically tested for impairment at annually balance sheet date. Negative goodwill emerging on an acquisition is recognised in income statement.
2.3 Property, Plant and Equipment (AASB 116)
Accounting