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

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Zero Waste SA
Notes to and forming part of the Financial Statements
For the Year Ended 30 June 2011
(s) Unrecognised contractual commitments and contingent assets and liabilities
Commitments include operating lease and remuneration commitments arising from contractual or statutory sources and are
disclosed at their nominal value.
Contingent assets and contingent liabilities are not recognised in the Statement of Financial Position, but are disclosed by way of a
note and, if quantifiable, are measured at nominal value.
Unrecognised contractual commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to
the Australian Taxation Office. If GST is not payable to, or recoverable from the Australian Taxation Office, the commitments and
contingencies are disclosed on a gross basis.
3
New and revised accounting standards and policies
In accordance with amendments to APS 4.8 within Accounting Policy Framework II General Purpose Financial Statements Framework,
effective 1 July 2010, ZWSA has disclosed all employees whose normal remuneration is equal to or greater than the base executive
level remuneration. Previously APS 4.8 within APF II required ZWSA to disclose all employees whose normal remuneration was equal
to or greater than $100 000. This change is reflected in Note 5.
In 2010-11, ZWSA has changed its asset recognition threshold from $5 000 to $10 000 in accordance with guidance detailed in APS
2.15 of APF III Asset Accounting Framework. As a result, items with a purchase cost of less than $10 000 have been fully expensed
upon acquisition. The impact of this change on retained earnings is disclosed in the Statement of Changes in Equity.
Except for AASB 2009-12, which ZWSA has early-adopted, the Australian Accounting Standards and Interpretations that have recently
been issued or amended but are not yet effective, have not been adopted by ZWSA for the period ending 30 June 2011. ZWSA has
assessed the impact of the new and amended standards and interpretations and considers there will be no impact on the accounting
policies or the financial statements of ZWSA.
4 Programs of ZWSA
In achieving its objectives, ZWSA conducts its services through a single program, 'Waste reduction and resource recovery'. The
primary objective is to promote waste management practices that, as far as possible, eliminate waste or its consignment to landfill and
advance the development of resources recovery and recycling based on an integrated strategy for the State.
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
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