ITF

54 I ITF FINANCIAL STATEMENTS Notes (forming part of the fi nancial statements) INTERNATIONAL TENNIS FEDERATION • ANNUAL REPORT AND ACCOUNTS 2015 4. Changes in accounting policies The accounting policies adopted are consistent with those of the previous fi nancial year. 5. Summary of signifi cant accounting policies a) Revenue recognition Revenue is recognised to the extent that the revenue can be reliably measured in the year to which it relates. The following specifi c recognition criteria must also be met before revenue is recognised: i) Subscriptions & authorisation fees The annual contributions from the ITF member nations and the Offi cial and Recognised Tennis Championships of the ITF are recognised in the period for which they are due. ii) Sponsorship, competition & television income Sponsorship income is recognised in accordance with the terms of the contract and the accounting period to which it relates. Television income is recognised on delivery of the programmes to broadcasters in accordance with the terms of the contract. Competition income is recognised in the period in which the competition took place. iii) Grand Slam Development Fund & Wheelchair Tennis Development Fund income The Grand Slam Development Fund and Wheelchair Tennis Development Fund income and expenditure are shown through the ITF's income and expenditure statement. Income is recognised when qualifying expenditure is made, with any difference between income and expenditure held on the balance sheet as deferred income or a debtor. As at 31 December 2015, the Grand Slam Development Fund had a reserve of $717,000 (2014: $633,000), and the Wheelchair Tennis Development Fund had a surplus of $52,000 (2014: $82,000). The mission of the Grand Slam Development Fund is to increase competitive tennis opportunities worldwide. iv) Anti-Doping income Anti-Doping income is recognised in accordance with the terms of the agreement and the accounting period to which it relates, where anti-doping services are provided for specifi c events. Anti-Doping income relating to penalties is recorded once it is probable that the economic benefi t associated with the transaction will fl ow to the Group. v) Data Sales income Data Sales income is recognised in accordance with the terms of the contract and the accounting period to which it relates. vi) Technical & sundry income Technical income is derived from testing tennis equipment and is recognised in accordance with the terms of the agreement and the accounting period to which it relates. Sundry income is derived mainly from recharges to the Grand Slam Board and Tennis Integrity Unit for offi ce and administration costs. Rent is charged and recognised as per the terms of the lease and the accounting period to which it relates. Also included within Technical and sundry income is iCoach online memberships, and subscription monies for the ITF Foundation which allows members to consult and collaborate with the ITF in the process of manufacturing tennis equipment. vii) Olympic income Olympic income, net of directly attributable expenses, is released to the income and expenditure statement over the four years of the Olympiad, starting in the year the games are held. Note 30 provides further information on Olympic income.

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