37 1 CORPORA TE INFORMA TION The fnancial report of the Association of Mining and Exploration Companies Inc for the year ended 31 December 2018 was authorised for issue in accordance with a resolution by the Council members dated 28 February 2019 The entity is an association incorporated under the Associations Incorporation Act 2015 The entity is a not for proft entity and was established for the purpose of representing and providing services to its membership 2 SUMMAR Y OF SIGNIFIC ANT A CCOUNTING POLICIES Basis of preparation The Councillors have determined that the accounting policies and standards adopted for the preparation of this report are appropriate to meet the needs of the members In the opinion of the directors the Company is not publically accountable This fnancial report is a Tier 2 general purpose fnancial statements prepared in accordance with A ustralian Accounting S tandards R educe Disclosure R equirements adopted by the A ustralian Accounting S tandards Board AA SB and the Associations Incorporations Act 2015 These fnancial statements comply with A ustralian Accounting S tandards R educed Disclosure R equirements The fnancial report has been prepared on a going concern basis which assumes continuity of normal business activities and the realisation of assets and liabilities in the ordinary course of business The fnancial report has been prepared on an accruals basis and in accordance with the historical cost convention All amounts are presented in A ustralian dollars unless otherwise noted The fnancial report has also been prepared in accordance with A ustralian Accounting S tandards which include the recognition and measurement requirements specifed by all A ustralian Accounting S tandards and Interpretations and the disclosure requirements of Accounting S tandards AA SB 101 Presentation of Financial S tatements AA SB 107 S tatement of Cash Flows AA SB 108 Accounting P olicies Changes in Accounting Estimates and Errors AA SB 1031 Materiality and AA SB 1054 A ustralian Additional Disclosures AMEC has reviewed all of the new and revised standards and interpretations issued by AA SB A ustralian Accounting S tandards Board and have determined that there is no impact on the reporting requirements of the entity as at and for the year ended 31 December 2018 Judgments made by management in the application of A ustralian Accounting S tandards that have signifcant efects on the fnancial statements and estimates with a signifcant risk of material adjustments in the ne xt year are disclosed where applicable in the relevant notes to the fnancial statements Accounting policies are selected and applied in a manner which ensures that the resulting fnancial information satisfes the concepts of relevance and reliability thereby ensuring that the substance of the underlying transactions or other events is reported OPERA TIONAL AND FINANCIAL REPOR T NO TES T O AND FORMING P AR T OF THE A CCOUNT S AMEC R eport 2018