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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
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
Cash flows are included in the statement of cash flows on a gross basis, except for
the GST component of cash flows arising from investing and financing activities
which is recoverable from, or payable to, the ATO. The GST component of financing
and investing activities which is recoverable from, or payable to, the ATO is
classified as a part of operating cash flows. Accordingly, investing and financing
cash flows are presented in the statement of cash flows net of the GST that is
recoverable from, or payable to, the ATO.
i. Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted
to conform to changes in presentation for the current financial year.
j. Trade and Other Payables
Trade and other payables represent the liability outstanding at the end of the
reporting period for goods and services received by the association during the
reporting period, which remain unpaid. The balance is recognised as a current
liability with the amounts normally paid within 30 days of recognition of the liability.
k. Provisions
Provisions are recognised when the association has a legal or constructive
obligation, as a result of past events, for which it is probable that an outflow of
economic benefits will result and that outflow can be reliably measured. Provisions
recognised represent the best estimate of the amounts required to settle the
obligation at the end of the reporting period.
l. Membership fees received in advance
Fees received in advance are subscriptions and yearly fees for the next financial
year. Revenue is recognised in the period in which it is earned.
m. Key Judgments
(i) Provision for impairment of receivables
Included in trade receivables and other receivables at the end of the reporting
period are amounts receivable from members in relation to unpaid
subscriptions amounting to $350 (2013:$4,871). The committee has received
undertakings from the member debtors that such amounts will be paid and
therefore no provision for impairment has been made.
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Financial Report for the Year Ended 31 August 2014
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2014
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
Cash flows are included in the statement of cash flows on a gross basis, except for
the GST component of cash flows arising from investing and financing activities
which is recoverable from, or payable to, the ATO. The GST component of financing
and investing activities which is recoverable from, or payable to, the ATO is
classified as a part of operating cash flows. Accordingly, investing and financing
cash flows are presented in the statement of cash flows net of the GST that is
recoverable from, or payable to, the ATO.
i. Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted
to conform to changes in presentation for the current financial year.
j. Trade and Other Payables
Trade and other payables represent the liability outstanding at the end of the
reporting period for goods and services received by the association during the
reporting period, which remain unpaid. The balance is recognised as a current
liability with the amounts normally paid within 30 days of recognition of the liability.
k. Provisions
Provisions are recognised when the association has a legal or constructive
obligation, as a result of past events, for which it is probable that an outflow of
economic benefits will result and that outflow can be reliably measured. Provisions
recognised represent the best estimate of the amounts required to settle the
obligation at the end of the reporting period.
l. Membership fees received in advance
Fees received in advance are subscriptions and yearly fees for the next financial
year. Revenue is recognised in the period in which it is earned.
m. Key Judgments
(i) Provision for impairment of receivables
Included in trade receivables and other receivables at the end of the reporting
period are amounts receivable from members in relation to unpaid
subscriptions amounting to $350 (2013:$4,871). The committee has received
undertakings from the member debtors that such amounts will be paid and
therefore no provision for impairment has been made.
6_0700 Page 8 of 22
