Annual Report - Adelaide to Outback GP Training Program

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Notes to the financial statements (continued) for the year ended December 31 2010 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) b. Property, Plant and Equipment (continued) The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Plant and equipment 20% Office furniture and fittings 14.3-33.3% Computers 33.3% Leasehold improvements 14.3-50% The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the statement of comprehensive income. c. Leases Operating Leases Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the lease term. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term. d. Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the Association becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the Association commits itself to either purchase or sell the asset. Financial instruments are initially measured at fair value plus transaction costs except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are expensed to the statement of comprehensive income immediately. The Association’s financial instruments are mainly cash and cash equivalents, receivables and payables. Classification and subsequent measurement Financial instruments are subsequently measured at either fair value, amortised cost using the effective interest rate method or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Amortised cost is calculated as: (i) the amount at which the financial asset or financial liability is measured at initial recognition; (ii) less principal repayments; (iii) plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest method; and (iv) less any reduction for impairment. 34
Notes to the financial statements (continued) for the year ended December 31 2010 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) d. Financial Instruments (cont) (i) Financial assets at fair value through profit or loss Financial assets are classified at ‘fair value through profit or loss’ when they are held for trading for the purpose of short-term profit taking. Such assets are subsequently measured at fair value with changes in carrying value being included in profit or loss. The Association has not held any financial assets at fair value through profit or loss in the current or comparative financial year. (ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. (iii) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Association’s intention to hold these investments to maturity. They are subsequently measured at amortised cost using the effective interest rate method. The Association has not held any held-to-maturity investments in the current or comparative financial year. (iv) Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either not capable of being classified into other categories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments. (v) Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost. Impairment of financial instruments At the end of each reporting period, the Association assesses whether there is objective evidence that a financial instrument has been impaired. Impairment losses are recognised in the statement of comprehensive income. Derecognition Financial assets are derecognised where the contractual right to receipt of cash flows expires or the asset is transferred to another party whereby the Association no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in the statement of comprehensive income. 35
Page 1 and 2: Annual Report 2010
Page 3: Business Context Tenet AOGP’s cor
Page 6 and 7: Key Result Area 4 Leadership The AO
Page 8 and 9: Board 1 2 3 4 2 5 6
Page 10 and 11: Board Sub-Committees Community Stak
Page 12 and 13: Key Result Area 5 Stakeholder Value
Page 14 and 15: Key Result Area 1 Competent and Con
Page 16 and 17: Key Result Area 1 Competent and Con
Page 18 and 19: Education Innovations To see AOGP s
Page 20 and 21: Key Result Area 3 Quality Educators
Page 22 and 23: Education Weekend Nature Vs Nurture
Page 24 and 25: Key Result Area 4 Leadership AOGP i
Page 26 and 27: Research & Publishing Key Result Ar
Page 28 and 29: AOGP Graduates Key Result Area 1 Co
Page 32 and 33: Board report The Board of Adelaide
Page 34 and 35: Statement of comprehensive income f
Page 36 and 37: Statement of changes in equity for
Page 39: Notes to the financial statements f
Page 43 and 44: Notes to the financial statements (
Page 53: Statement by the Board In the opini

Annual Report - Adelaide to Outback GP Training Program

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