2011-12 Annual Report - Australian Water Polo Inc

WATER POLO AUSTRALIA 2011/12 ANNUAL REPORT
Notes to and forming
part of the accounts
48
g) Employee Entitlements
Annual Leave
Employee Entitlements are measured as the
amount unpaid at the reporting at the pay
rates expected to be paid in respect of the
employee’s service up to that date. Accrued
annual leave is treated as a current liability.
Sick Leave
Unused sick leave does not give rise to a
liability as it is not considered probable that
sick leave taken in the future will be greater
than the benefits accrued in the future.
Long Service Leave
Long Service Leave is recognised and
measured as the present value of expected
future payments to be made in respect of
services provided by employees to the
reporting date. The entitlement for long
service leave is measured in accordance
with applicable state and federal industrial
relations laws.
Superannuation
The employer’s obligation for employee
entitlements is recognised as an expense in
the period it relates. Expense is determined
based on 9% of employee salaries.
h) Trade Payables & Other Payables
Trade and other payables are stated at cost
which approximates fair value to the short
term nature of these liabilities.
i) Inventories on Hand
Inventories are measured at the lower of cost
and net realisable value.
j) Income Tax
The Association is an exempt body for
income tax purposes under Division 50 of
the Income Tax Assessment Act 1997.
k) Provisions
Provisions are recognised when the entity
has a legal or constructive obligation, as a
result of past events, for which it is probable
that an outflow of economic benefits will
result and that outflow can be reliably
measured. Provisions recognised represent
the best estimate of the amounts required
to settle the obligation at the end of the
reporting period.
l) Comparative Figures
Where required by Accounting Standards
comparative figures have been adjusted to
conform to changes in the presentation of
the current financial year.
m) New Australian Accounting Standards
Issued but not Effective
At reporting date a number of Australian
Accounting Standards have been issued
by the Australian Accounting Standards
but are not yet operative. These have not
been adopted early by Water Polo Australia
Incorporated as they have been assessed
to be not materially affecting the financial
statements.
n) Economic Dependence
The ongoing viability of the Association is
dependent upon the continuing support of
the funding bodies and the Member of the
Association.
Photo Credit: Anthony Pearse, Pearse Photography