Annual Report - Adelaide to Outback GP Training Program

Notes to the financial statements (continued)
for the year ended December 31 2009
NOTE 14 (c): NET FAIR VALUES
Fair value estimation
The fair values of financial assets and financial liabilities are presented in the following table and can be
compared to their carrying values as presented in the Statement of Financial Position. Fair values are
those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable,
willing parties in an arm’s length transaction. Areas of judgment and the assumptions used have been
detailed below. Where possible, valuation information used to calculate fair value is extracted from the
market, with more reliable information available from markets that are actively traded.
Cash and cash equivalents, receivables and payables are short term instruments in nature whose carrying
values are approximately equivalent to their fair values.
Carrying Value
$
Net Fair Value
$
2010 2009
Carrying Value
$
Net Fair Value
$
Financial assets
Cash and cash equivalents 1,165,119 1,165,119 1,667,717 1,667,717
Trade and other Receivables 58,137 58,137 202,428 202,428
Total financial assets 1,223,256 1,223,256 1,870,145 1,870,145
Financial liabilities
Trade and other payables 1,055,785 1,055,785 2,116,150 2,116,150
Total financial liabilities 1,055,785 1,055,785 2,116,150 2,116,150
NOTE 14 (d): SENSITIVITY ANALYSIS
The Board considers that the only material risk arises in terms of interest rates, and if the interest rates
increase/decrease by +/- 1% (i.e. 100 basis points) the effect to surplus/deficit is estimated to be
$11,651 (2009: $16,677).
NOTE 14 (e): FINANCIAL ASSETS PLEDGED AS COLLATERAL
No financial assets have been pledged as security for any financial liability
NOTE 15: ASSOCIATION DETAILS
The registered office of the association is:
Adelaide to Outback GP Training Program Inc
183 Melbourne Street
North Adelaide SA 5006
The principal place of business is:
Adelaide to Outback GP Training Program Inc
183 Melbourne Street
North Adelaide SA 5006
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