Notes

Reporting entity

The Royal Australian Institute of Architects (the "Company") is a public company limited by guarantee and is domiciled in Australia.  The address of the Company's registered office is 7 National Circuit Barton ACT 2600.  The consolidated financial statements of the Company as at and for the year ended 31 December 2009 comprise the Company and its subsidiaries (together referred to as the “Group” and individually as “Group Entities”) and the Group's interest in associates.  The Group is primarily involved in the provision of member services to the Institute membership body; publishing and retail sale of architectural publications and contracts; providing commission based architectural advisory products to the general public and insurance broker risk and claim management activities.

1. Summary of significant accounting policies

1. Basis of preparation
   This financial report is a general purpose financial report prepared in accordance with Australian Accounting Standards ('AASBs') including Australian interpretations adopted by the Australian Accounting Standards Board and the Corporations Act 2001.
   The consolidated financial statements were approved by the Board of Directors on 18 March 2010.
2. Basis of measurement
   The consolidated financial statements have been prepared on the historical cost basis except for the following:
   • investment properties have been measured at fair value.
   • land and buildings have been measured at fair value.
   • financial instruments at fair value through profit or loss are measured at fair value.
   • assets classified as available for sale have been measured at fair value.
   The methods used to measure fair value are discussed further at note 1(u).
3. Functional and presentation currency
   These consolidated financial statements are presented in Australian Dollars, which is the Company's functional currency and the functional currency of the majority of the Group.

2. Revenue and Expenses