AITSL Annual Report 2011-12 - Australian Institute for Teaching and ...

AITSL initially recognises debt securities issued and subordinated liabilities on the date that theyor loss) are recognised initially on the trade date at which AITSL becomes a party to the contractualare discharged or cancelled or expire. Financial assets and liabilities are offset and the net amountpresented in the Statement of Financial Position when, and only when, AITSL has a legal right tooffset the amounts and intends either to settle on a net basis or to realise the asset and settle theliability simultaneously.using the effective interest rate method.1.19 Use of estimates and judgmentsjudgments, estimates and assumptions that affect the application of accounting policies and thereported amounts of assets, liabilities, income and expenses. Actual results may differ from theseestimates.Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimates are revised in any future periodsaffected.1.20 CommitmentsCommitments include those operating, capital and other outsourcing commitments arising fromnon-cancellable contractual or statutory sources and are disclosed at their nominal value inclusiveof GST payable or receivable.AITSL Annual Report 2011–201271