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Notes to and forming part of the Concise Report |
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For the financial year ended 31 March 2001 |
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1. Basis of Accounting |
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The concise report relates to Macquarie Bank Limited (“the Bank”) and the entities that it controlled at the end of and during the financial year (together, “the economic entity”) ended 31 March 2001. |
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The accounting policies adopted are consistently applied by every entity in the economic entity and are consistent with those of the previous financial year, except where noted below. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with the current financial year. |
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Change in Accounting Policy |
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From 1 April 2000, in relation to significant projects, the economic entity has adopted a policy of capitalising internal costs incurred in developing software. Capitalised costs will be amortised over their useful lives, usually for a period of three years, but not greater than five years in the case of longer-term projects. |
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Operating profit after income tax for the financial year ended 31 March 2001 increased by $4.8 million as a result of the change in accounting policy. |
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