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TOTAL STAFFING SOLUTIONS LIMITED
Statement of Recognised Income and Expense For the year ended 30 June 2009
Note
Consolidated 2009
Consolidated 2008
Parent 2009
Parent 2008
$
$
$
$
-
-
(3,720,309)
-
(11,647,203)
(9,519,309)
(11,647,203)
(3,720,309)
(9,519,309)
(4,144,750) 424,441
(11,647,203)
(9,519,309)
-
-
(11,647,203)
(3,720,309)
(9,519,309)
Net (expense)/ income recognised directly in equity
Loss for the year
Total recognised income and expense for the year Total recognised income and expense for the year attributable to:
Equity holders of Total Staffing Solutions Ltd
Minority Interest
-
(2,797,427)
(2,797,427)
(2,797,427) -
(2,797,427)
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TOTAL STAFFING SOLUTIONS LIMITED Ð Annual Report 2009
TOTAL STAFFING SOLUTIONS LIMITED
Notes to the Financial Statements For the year ended 30 June 2009
NOTE 1 SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial report includes separate financial statements for Total Staffing Solutions Ltd as an individual and the consolidated entity consisting of Total Staffing Solutions Ltd and its subsidiaries.
(a) Basis of preparation
This general purpose financial report has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Australian Accounting Interpretations and the Corporations Act 2001.
Compliance with AIFRS
Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report of Total Staffing Solutions Ltd complies with International Financial Reporting Standards (IFRS).
Historical cost convention
These financial statements have been prepared under the historical cost convention.
Critical Accounting Estimates
The preparation of financial statements in conformity with AIFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the GroupÕs accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
(b) Principles of consolidation
Subsidiaries
The consolidated financial statements comprise the financial statements of Total Staffing Solutions Limited and its subsidiaries at 30 June each year (Òthe GroupÓ).
Subsidiaries are entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. Potential voting rights that are currently exercisable or convertible are considered when assessing control. Consolidated financial statements include all subsidiaries from date that control commences until the date that control cease. The financial statements of subsidiaries are prepared for the same period as the parent, using consistent accounting policies.
All intercompany balances and transactions, including unrealised profits arising from intragroup transactions have been eliminated. Unrealised losses are also eliminated unless costs cannot be recovered.
Minority interests in the results and equity of subsidiaries are shown separately in the consolidated income statement and balance sheet respectively.
Investments by the parent in subsidiaries is carried at cost less any impairment losses.
(c) Foreign currency translation
The functional and presentation currency of Total Staffing Solutions group is Australian dollars (A$).
Foreign currency transactions are translated into the functional currency using the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.
Foreign exchange gains and losses resulting from setting foreign currency transactions, as well as from restating foreign currency denominated monetary assets and liabilities, are recognised in the income statement.
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