ITF

ITF FINANCIAL STATEMENTS 57 6. Significant accounting judgements, estimates and assumptions The preparation of the ITF's financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future. Judgements In the process of applying the ITF's accounting policies, management has made the following judgments, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements: Trade receivables valuation Provisions have been made for those trade receivables where the recoverability is considered uncertain. Provisions The provision for dilapidations has been calculated using an estimate for the costs that would be payable under the terms of the existing lease. Taxation Some of the ITF's subsidiaries are subject to routine tax audits and also a process whereby tax computations are discussed and agreed with the proper authorities. Whilst the ultimate outcome of such tax audits and discussions cannot be determined with certainty, management estimates the level of provisions required for both current and deferred tax assets on the basis of professional advice on the nature of current discussions with the authority concerned. Estimates and assumptions The key sources of estimation uncertainty at the balance sheet date, that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the valuation of hedging instruments and are discussed in note 5(m). 7. Sponsorship, Competition and Television income NOTES (FORMING PART OF THE FINANCIAL STATEMENTS) 2014 2013 $000 $000 Sponsorship rights 17,889 20,139 Receipts from events 6,823 5,114 Hopman Cup 7,108 8,741 Television and licensing income 8,430 7,123 40,250 41,117

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