ITF

2018 ITF Trust Annual Report and Financial Statements

Issue link: http://itf.uberflip.com/i/1122517

Contents of this Issue

Navigation

Page 37 of 38

Notes (Forming part of the financial statements) 37. CONTINGENCIES There were no con ngencies provided for at 31 December 2018. 38. subsequent events There were no material subsequent events a er the balance sheet date. 39. related parties The ITF is a member organisa on and undertakes rou ne transac ons every year with its members such as subscrip on income and prize money payable for team compe ons. Where the group enters into a transac on with a member organisa on which is not rou ne it shall be disclosed separately in the financial statements. During the year, the Kazakhstan Tennis Federa on, whose president Mr Bulat Utemuratov is a director of ITF Limited, provided funding to the group of $721,000 for the 12-and-under team compe on development programme. No other non-rou ne member organisa on transac ons arose during the year. 40. changes in accounting policies (a) IFRS 9 Financial Instruments IFRS 9 replaces the provisions of IAS 39 that relate to the recogni on, classifica on and measurement of financial assets and financial liabili es, derecogni on of financial instruments, impairment of financial assets and hedge accoun ng. The adop on of IFRS 9 Financial Instruments from 1 January 2018 resulted in changes in accoun ng policies. The new accoun ng policies are set out in note 5(g), (i) and (o). The group has adopted the new rules retrospec vely but has not restated compara ves for the 2017 financial year or a balance sheet at the date of ini al applica on. There were no adjustments calculated on the adop on of the new accoun ng policies. (b) IFRS 15 Revenue from contracts with customers The group has adopted IFRS 15 Revenue from contracts with customers from 1 January 2018 which has resulted in changes in accoun ng policies, but has not resulted in adjustments to the amounts recognised in the financial statements. In accordance with the transi on provisions in IFRS 15, the group has adopted the new rules retrospec vely but has not restated compara ves for the 2017 financial year or the balance sheet at the date of ini al applica on. The adjustments calculated were deemed to be too immaterial to be recognised in the balance sheet at the date of ini al applica on or the compara ve year. ITF ANNUAL REPORT AND FINANCIAL STATEMENTS / 36

Articles in this issue

view archives of ITF - 2018 ITF Trust Annual Report and Financial Statements