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Annual Report 2013-2014
Financial Report for the Year Ended 31 August 2014
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2014
The financial report is for Cottesloe Golf Club (Inc.) as an individual entity. Cottesloe Golf
Club (Inc.) is an association incorporated in Australia under the Associations Incorporation
Act 1981.
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The financial reports are general purpose financial statements that have been prepared in
accordance with Australian Accounting Standards – Reduced Disclosures Requirements,
including Australian Accounting Interpretations, other authoritative pronouncements of
the Australian Accounting Standards Board and the Association Incorporation Act 1981.
Australian Accounting Standards set out accounting policies that the AASB has concluded
would result in financial statements containing relevant and reliable information about
transactions, events and conditions.
The financial statements, except for the cash flow information, have been prepared on an
accruals basis and are based on historical costs, modified, where applicable, by the
measurement at fair value of selected non-current assets, financial assets and financial
liabilities.
The accounting policies have been consistently applied, unless stated.
a. Income Tax
The Club’s surplus income is exempt from income tax under Section 50-5 of the
Income Tax Assessment Act 1997 (as amended).
b. Inventories
Inventories are measured at the lower of cost and net realisable value.
c. Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value as
indicated less, where applicable, any accumulated depreciation and impairment
losses.
Plant and equipment
Plant and equipment are measured on the cost basis less depreciation and
impairment losses.
The carrying amount of plant and equipment is reviewed annually by directors to
ensure it is not in excess of the recoverable amount from these assets. The
recoverable amount is assessed on the basis of the expected net cash flows that
will be received from the assets’ employment and subsequent disposal. The
expected net cash flows have been discounted to their present values in
determining recoverable amounts.
The cost of fixed assets constructed within the association includes the cost of
materials, direct labour, borrowing costs and an appropriate proportion of fixed and
variable overheads.
6_0700 Page 5 of 22
Financial Report for the Year Ended 31 August 2014
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2014
The financial report is for Cottesloe Golf Club (Inc.) as an individual entity. Cottesloe Golf
Club (Inc.) is an association incorporated in Australia under the Associations Incorporation
Act 1981.
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The financial reports are general purpose financial statements that have been prepared in
accordance with Australian Accounting Standards – Reduced Disclosures Requirements,
including Australian Accounting Interpretations, other authoritative pronouncements of
the Australian Accounting Standards Board and the Association Incorporation Act 1981.
Australian Accounting Standards set out accounting policies that the AASB has concluded
would result in financial statements containing relevant and reliable information about
transactions, events and conditions.
The financial statements, except for the cash flow information, have been prepared on an
accruals basis and are based on historical costs, modified, where applicable, by the
measurement at fair value of selected non-current assets, financial assets and financial
liabilities.
The accounting policies have been consistently applied, unless stated.
a. Income Tax
The Club’s surplus income is exempt from income tax under Section 50-5 of the
Income Tax Assessment Act 1997 (as amended).
b. Inventories
Inventories are measured at the lower of cost and net realisable value.
c. Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value as
indicated less, where applicable, any accumulated depreciation and impairment
losses.
Plant and equipment
Plant and equipment are measured on the cost basis less depreciation and
impairment losses.
The carrying amount of plant and equipment is reviewed annually by directors to
ensure it is not in excess of the recoverable amount from these assets. The
recoverable amount is assessed on the basis of the expected net cash flows that
will be received from the assets’ employment and subsequent disposal. The
expected net cash flows have been discounted to their present values in
determining recoverable amounts.
The cost of fixed assets constructed within the association includes the cost of
materials, direct labour, borrowing costs and an appropriate proportion of fixed and
variable overheads.
6_0700 Page 5 of 22
