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NOTES TO AND FORMING PART OF THE ACCOUNTS FORSURVEYORS REGISTRATION BOARD OF VICTORIAFOR THE FINANCIAL YEAR ENDED 30 JUNE 2010(f)PayablesLiabilities are recognised for amounts to be paid in the future for goodsor services received, whether or not billed to the Board. The carryingamount of accounts payable approximate net fair value. No interest ispaid in respect of payables. Trade payables are ordinarily settled on 30day terms.(g)ReceivablesAll debtors are recognised at the amount receivable as they are due forsettlement at no more than 30 days from the date of recognition.Collectability of debtors is reviewed on an ongoing basis. Debts whichare known to be uncollectable are written off. A provision for doubtfuldebts is raised when some doubt as to collection exists.(h)Employee EntitlementsThe Surveyors Registration Board of Victoria has no employees.However, the operations of the entity's secretariat are managed by theExecutive Officer and an Administration Officer who are both employeesof the Department of Sustainability and Environment (DSE). Theseemployee costs are provided free of charge from DSE. An additionalAdministration Officer and Finance Officer were contracted during thereporting period. The SRBV pays sitting fees and superannuation toBoard members.SuperannuationContributions are made by the Board to the Board members'superannuation funds and are charged as an expense when incurred.The contribution amounts are in accordance with superannuationguarantee contribution guidelines.The amount charged to the operating statement in respect ofsuperannuation represents the contributions made by the entity to thesuperannuation plan in respect to the current services of current Boardstaff. Superannuation contributions are made to the plans based on therelevant rules of each plan.Page 34 of 52