Basis of preparation of the financial report

This financial report is a general purpose financial report, prepared
by a ‘for profit’ entity, in accordance with the requirements of the
Australian Corporations Act 2001, Accounting Standards applicable
in Australia and other authoritative pronouncements of the
Australian Accounting Standards Board (AASB). It also complies with
International Financial Reporting Standards (IFRS) and
Interpretations published by the International Accounting Standards
Board (IASB).
The financial report is presented in Australian dollars and, unless
otherwise stated, all values have been rounded to the nearest million
dollars ($m) under the option available under the Australian
Securities and Investments Commission (ASIC) Corporations
(Rounding in Financial/Directors’ Report) Instrument 2016/191. The
functional currency of the Telstra Entity and its Australian controlled
entities is Australian dollars. The functional currency of certain nonAustralian
controlled entities is not Australian dollars. The results of
these entities are translated into Australian dollars in accordance
with our accounting policy in note 7.1.