b"NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting StandardsSimplified Disclosures and Interpretations issued by the Australian Accounting Standards Board (AASB), the Aged Care Act 1997 and the Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act 2012).The Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards. Due to the application of Australian specific provisions for not-for-profits entities contained only within Australian Accounting Standards, the financial report and notes thereto are not necessarily compliant with all International Financial Reporting Standards. The financial statements, except for cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of financial assets and financial liabilities.(b) Adoption of new and revised Accounting Standards The Company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 EntitiesThe company has adopted AASB 1060 from 1 July 2021. The standard provides a new Tier 2 reporting framework with simplified disclosures that are based on the requirements of IFRS for SMEs. As a result, there is increased disclosure in these financial statements for leases and auditor remuneration. Conceptual Framework for Financial Reporting (Conceptual Framework) The company has adopted the revised Conceptual Framework from 1 July 2021. The Conceptual Framework contains new definition and recognition criteria as well as new guidance on measurement that affects several Accounting Standards, but it has not had a material impact on the company's financial statements. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. (c) Accounting Standards and Interpretations issued but not yet effective Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Company for the annual reporting period ended 30 June 2022. The Company assessment of the impact of the new or amended Accounting Standards and Interpretations, most relevant to the company is not material. (d) Fair values of assets and liabilities Fair values may be used for financial asset as liability measurement as well as for sundry disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is based on the presumption that the transaction takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market. The principal or most advantageous market must be accessible to, or by, the Company.Page | 23"