Annual Report 2010-11 - Zero Waste SA - SA.Gov.au

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50 Expenses Employee benefits expenses Zero Waste SA Notes to and forming part of the Financial Statements For the Year Ended 30 June 2011 Employee benefits expenses includes all cost related to employment including wages and salaries, leave entitlements and nonmonetary benefits. These are recognised when incurred. Superannuation The amount charged to the Statement of Comprehensive Income represents the contributions made by ZWSA to superannuation plans in respect of current services of current ZWSA staff. The Department of Treasury and Finance centrally recognises the superannuation liability in the whole of government financial statements. Grants and subsidies For contributions payable, the contribution will be recognised as a liability and expense when ZWSA has a present obligation to pay the contribution and the expense recognition criteria are met. All contributions paid by ZWSA have been contributions with unconditional stipulations attached. (i) (j) Current and non-current classification Assets and liabilities are characterised as either current or non-current in nature. Assets and liabilities that are sold, consumed or realised as part of the normal operating cycle even when they are not expected to be realised within twelve months after the reporting date have been classified as current assets or current liabilities. All other assets and liabilities are classified as noncurrent. Where asset and liability line items combine amounts expected to be realised within twelve months and more than twelve months, ZWSA has separately disclosed the amounts expected to be recovered or settled after more than twelve months. Cash and cash equivalents Cash and cash equivalents in the Statement of Financial Position includes cash at bank and on hand. For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above. Cash is measured at nominal value. (k) Receivables Receivables include amounts receivable from goods and services provided and other accruals. Receivables arise in the normal course of selling goods and services to other government agencies and to the public. Receivables are generally settled within 30 days after the issue of an invoice. Collectability of receivables is reviewed on an ongoing basis. An allowance for doubtful debts is raised when there is objective evidence that ZWSA will not be able to collect the debt. Bad debts are written off when identified. (l) Non-current asset acquisition and recognition Non-current assets are initially recorded at cost or at the value of any liabilities assumed, plus any incidental cost involved with the acquisition. Non-current assets are subsequently measured at fair value less accumulated depreciation. Where assets are acquired at no value, or minimal value, they are recorded at their fair value in the Statement of Financial Position. However, if the assets are acquired at no or nominal value as part of a restructuring of administrative arrangements then the assets are recognised at book value, i.e. the amount recorded by the transferor public authority immediately prior to the restructure. All non-current tangible assets with a value of $10 000 or greater are capitalised. (m) Revaluation of non-current assets All non-current tangible assets are valued at written down current cost (a proxy for fair value). Revaluation of a non-current asset is only performed when its fair value at the time of acquisition is greater than $1 million and estimated useful life is greater than three years. There are no assets with an acquisition cost exceeding $1 million dollars and therefore all assets are valued at cost (deemed fair value). (n) Impairment All non-current tangible assets are tested for indications of impairment at each reporting date. Where there is an indication of impairment, the recoverable amount is estimated. An amount by which the asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss. Macintosh HD: ZERO WASTE:ZERO WASTE SA 2012:ZWSA ANNUAL REPORT 2011.12:ZWSA_AFS_2011 June 11 TB18082011 Audit final.xls IntroNotes 8/2/12 Page 12 of 21
51 Zero Waste SA Notes to and forming part of the Financial Statements For the Year Ended 30 June 2011 (o) Depreciation of non-current assets All non-current assets, having a limited useful life, are systematically depreciated over their useful lives in a manner that reflects the consumption of their service potential. Assets’ residual values and useful lives are reviewed and adjusted if appropriate, on an annual basis. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for prospectively by changing the time period or method, as appropriate, which is a change in accounting estimate. Depreciation is calculated on a straight line basis over the estimated useful life of the following classes of assets as follows: Class of asset Useful life Plant and equipment (years) 5 Furniture and fittings 10 (p) Payables Payables include creditors, accrued expenses and employment on-costs. Creditors represent the amounts owing for goods and services received prior to the end of the reporting period that are unpaid at the end of the reporting period. Creditors include all unpaid invoices received relating to the normal operations of ZWSA. Accrued expenses represent goods and services provided by other parties during the period that are unpaid at the end of the reporting period and where an invoice has not been received. All payables are measured at their nominal amount, are unsecured and are normally settled within 30 days from the date of the invoice or the date the invoice is first received. Employment benefit on-costs include superannuation contributions, WorkCover levies and payroll tax with respect to outstanding liabilities for salaries and wages, long service leave and annual leave. ZWSA makes contributions to several State Government and externally managed superannuation schemes. These contributions are treated as an expense when they occur. There is no liability for payments to beneficiaries as they have been assumed by the respective superannuation schemes. The only liability outstanding at reporting date relates to any contributions due but not yet paid to the South Australian Superannuation Board. (q) Employee benefits These benefits accrue for employees as a result of services provided up to the reporting date that remain unpaid. Long-term employee benefits are measured at present value and short-term employee benefits are measured at nominal amounts. Wages, salaries, annual leave and sick leave Salaries and wages for the pay period ending 1 July 2011 were prepaid on 30 June 2011, refer to Note 15. The liability for salaries and wages as at 30 June 2010 was measured as the amount unpaid at the reporting date. The annual leave liability is expected to be payable within twelve months and is measured at the undiscounted amount expected to be paid. In the unusual event where annual leave is payable later than 12 months, the liability will be measured at present value. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees is estimated to be less than the annual entitlement of sick leave. Long service leave The liability for long service leave is recognised after an employee has completed 5.0 years of service. An actuarial assessment of long service leave undertaken by the Department of Treasury and Finance based on a significant sample of employees throughout the South Australian public sector determined that the liability measured using the short hand method was not materially different from the liability measured using the present value of expected future payments. This calculation is consistent with ZWSA's experience of employee retention and leave. Employee benefit on-costs Employee benefit on-costs (payroll tax, workers compensation and superannuation) are recognised separately under payables. (r) Leases The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement. ZWSA has entered into one or more operating leases. Operating leases Operating lease payments are recognised as an expense in the Statement of Comprehensive Income on a straight-line basis over the lease term. The straight-line basis is representative of the pattern of benefits derived from the leased assets. Macintosh HD: ZERO WASTE:ZERO WASTE SA 2012:ZWSA ANNUAL REPORT 2011.12:ZWSA_AFS_2011 June 11 TB18082011 Audit final.xls IntroNotes 8/2/12 Page 13 of 21
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Annual Report 2010-11
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AVOID • REDUCE • REUSE • RECY
Page 5 and 6:
V Zero Waste SA’s Household Hazar
Page 7: VII Food Waste Incentives Zero Wast
Page 10 and 11: 2 Who we are Zero Waste SA’s prim
Page 12 and 13: 4 The Zero Waste SA Board The Zero
Page 14 and 15: 6 Zero Waste SA Board - Governance
Page 16 and 17: 8 A major focus during the year was
Page 18 and 19: 10 The Facebook page gives updates
Page 20 and 21: 12 The 2010-11 communications spons
Page 22 and 23: 14 Incentives Sustainable markets a
Page 24 and 25: 16 The new recycling facility is fu
Page 26 and 27: 18 Product stewardship is an approa
Page 28 and 29: 20 Stakeholders, partnering and lin
Page 30 and 31: 22 The trials tested a range of mea
Page 32 and 33: 24 The Zero Waste SA Centre will co
Page 34 and 35: 26 Zero Waste SA is continuing to a
Page 36 and 37: 28 Litter and Illegal Dumping Illeg
Page 38 and 39: 30 The aluminium and mercury will b
Page 40 and 41: 32 OzHarvest’s food rescue progra
Page 42 and 43: 34 Targets for waste reduction and
Page 44 and 45: 36 Statutory Reporting Obligations
Page 46 and 47: 38 The organisation continues to se
Page 51 and 52: 43 Expenses Zero Waste SA Statement
Page 53 and 54: 45 Zero Waste SA Statement of Chang
Page 55 and 56: 47 Zero Waste SA Note Index For the
Page 57: 49 Zero Waste SA Notes to and formi
Page 61 and 62: 53 Zero Waste SA Notes to and formi
Page 69: 61 Zero Waste SA Level 8 Statewide
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Annual Report 2010-11 - Zero Waste SA - SA.Gov.au

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