Financials - Film Victoria

98 99 section 08 financial statements
section 08 financial statements
notes to tHe Financial statements
for the financial year ended 30 June 2009
note 1. summaRy oF
siGniFicant accountinG
policies (continued)
interest revenue
Interest revenue is recognised on a
time proportionate basis that takes
into account the effective yield on the
financial asset.
Net realised and unrealised gains and
losses on the revaluation of investments
do not form part of the income from
transactions, but are reported as part
of income from other economic flows in
the net result or as unrealised gains and
losses taken directly to equity, forming
part of the total change in net worth in
the comprehensive result.
Grants
Grants from third parties are recognised
as revenue in the reporting period in
which Film Victoria gains control over
the underlying assets
other revenue
Amounts disclosed as revenue are,
where applicable, net of returns,
allowances and duties and taxes.
Revenue is recognised for each of Film
Victoria’s major activities as follows:
− Other revenue
− Revenue from project assistance,
producer advances, and the sale of
rights is recognised upon delivery of
the service or rights to the customer.
(g) expenses from transactions
employee benefits
Expenses for employee benefits are
recognised when incurred, except for
contributions in respect of defined
benefit plans.
superannuation
All superannuation contributions
are expensed in the comprehensive
operating statement. A total of $321,516
was contributed to a number of
superannuation funds in 2008/09.
Superannuation contributions in
2007/08 were $238,128.
depreciation and amortisation
Depreciation is provided on property and
plant and equipment, including freehold
buildings. Depreciation is generally
calculated on a straight-line basis so as to
write off the net cost or other re-valued
amount of each asset over its expected
useful life to its estimated residual value.
Leasehold improvements are depreciated
over the period of the lease or estimated
useful life, whichever is the shorter,
using the straight-line method. The
estimated useful lives, residual values and
depreciation method are reviewed at the
end of each annual reporting period.
The following estimated useful lives are
used in the calculation of depreciation
and amortisation:
depreciation depreciation
class of fixed
asset
rate
2009
rate
2008
Audio Visual
Equipment
25% 25%
Computers 33.33% 33.33%
Furniture and
Fittings
20% 20%
Office
Equipment
20% 20%
Software 40% 40%
amortised amortised
Leasehold over the over the
Improvements life of life of
the lease the lease
interest expense
Interest expenses are recognised as
expenses in the period in which they
are incurred.
(h) other economic flows
included in net result
Other economic flows measure the
change in volume or value of assets
or liabilities that do not result from
transactions.
net gain/(loss) on
non-financial assets
Net gain/(loss) on non-financial assets
includes realised and unrealised
gains and losses from revaluations,
impairments, and disposals of all
physical assets and intangible assets.