Page 28 - GMT and GMT Bond Issuer Annual Report 2017 v2

GENERAL
Reporting entity
Goodman Property Trust (“GMT” or the “Trust”) is a unit trust established on 23 April 1999 under the Unit Trusts Act 1960. GMT is domiciled in New Zealand. The Manager of the Trust is Goodman (NZ) Limited (“GNZ”) and the address of its registered of ce is Level 28, 151 Queen Street, Auckland.
INFORMATION
The nancial statements presented are consolidated nancial statements for Goodman Property Trust, its subsidiaries and its joint venture (the “Group”). GMT’s investment in Wynyard Precinct Holdings Limited is accounted for using the equity method.
GMT is listed on the New Zealand Stock Exchange (“NZX”) and is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
For the year ended 31 March 2017
The Group’s principal activity is to invest in real estate in New Zealand.
Basis of preparation and measurement
The nancial statements of the Group have been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013 and
the NZX Main Board Listing Rules. The nancial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”), comply with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply NZ IFRS. The Group is a for-pro t entity for the purposes of complying with NZ GAAP. The nancial statements also comply with International Financial Reporting Standards (“IFRS”).
The nancial statements have been prepared on the historic cost basis except for assets and liabilities stated at fair value as disclosed. The nancial statements are in New Zealand dollars, the Group’s functional currency, unless otherwise stated.
Basis of consolidation
The nancial statements have eliminated in full all intercompany transactions, intercompany balances and gains or losses on transactions between controlled entities.
Signi cant estimates and judgements
Management is required to make judgements, estimates, and apply assumptions that affect the amounts reported in the nancial statements. These have been based on historical experience and other factors management believes to be reasonable. Actual results may differ from these estimates and the difference may be material. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in the future periods affected.
The signi cant judgements made in the preparation of these nancial statements are detailed in the following notes:
+ Investment property (note 1.5)
+ Derivative nancial instruments (note 5.1)
+ Deferred tax (note 9.2)
Signi cant accounting policies
Signi cant accounting policies are disclosed in the relevant notes.
Changes in accounting policy
There have been no changes in accounting policies made during the nancial year.
GOODMAN PROPERTY TRUST ANNUAL REPORT 2017 FINANCIAL STATEMENTS
26 GENERAL INFORMATION