REA Group Ltd Annual Report 2021

Notes to the Consolidated Financial Statements for the year ended 30 June 2021 REA Group Ltd | Annual Report 2021 ABOUT THIS REPORT Basis of preparation – REA Group Ltd and its controlled entities (together referred to as the ‘Group’) is a for-profit entity for the purposes of preparing the Financial Statements. – These general purpose Financial Statements have been prepared in accordance with the requirements of the Corporations Act 2001 , Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”). – The Financial Statements of the Group also comply with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). – These Financial Statements have been prepared on a going concern basis under the historical cost convention except for convertible note receivables and financial assets and liabilities measured at fair value. – The preparation of the Financial Statements requires the use of certain critical accounting estimates. It also requires the exercise of judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Financial Statements, are disclosed separately in each relevant note. – The Company is of a kind referred to in Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the ‘‘rounding off’’ of amounts in the Financial Statements. Amounts in the Financial Statements have been rounded off in accordance with that Instrument to the nearest thousand dollars unless otherwise stated. 1. Corporate information REA Group Ltd (the ‘Company’) is a company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange (“ASX”). The consolidated Financial Statements of the Company as at and for the year ended 30 June 2021 comprise the Financial Statements of the Company and its subsidiaries, together referred to in these Financial Statements as the ‘Group’ and individually as the ‘Group entities’. The nature of the operations and principal activities of the Group are described in the Directors’ Report. 68 Financial Statements