Notes To The Financial Statements (Continued) 30 June 2015 NATURE OF BUSINESS The Legal Resources Foundation is a charitable and educational trust registered under the Private Voluntary Organisation Act. It was established to promote the development of legal resources in Zimbabwe and to facilitate the realisation of the social, economic and legal rights of the population as a whole. It seeks to improve accessibility through innovative projects which make the best use of limited financial and legal resources in Zimbabwe. The Legal Projects Centres in Harare, Bulawayo, Gweru, Masvingo and Mutare are responsible for the implementation of projects approved by the Trustees of the Legal Resources Foundation. BASIS OF PREPARATION Statement of compliance The organisation’s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) interpretations. The financial statements are based on statutory records that are maintained under historical cost convention and are expressed in United States dollars (US$). SIGNIFICANT ACCOUNTING POLICIES Adoption of new and revised financial reporting standards The following revised standards issued by the International Financial Reporting Interpretations Committee (IFRIC) are effective for the current year: IAS 1 amendment Presentation of Financial Staements: Presentation of Items of Other Comprehensive Income IAS 19 amendment Employee Benefits: Defined Benefit plans IAS 27 Separate Financial Statements (2013) IFRS 1 amendment Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters. IFRS 7 amendment Disclosures – Transfers of Financial Assets IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair Value Measurement IFRS 20 Stripping Costs in the Production Phase of a Surface Mine The adoption of these revised standards in the current year has not led to any changes in the organisation’s accounting policies. These standards do not have any financial effect on the recognition or measurement of transactions and events, nor the financial position or performance of the organisation. Their effects are limited to the nature and extent of disclosure to be made by the organisation. 42 Legal Resources Foundation Annual Report 2015