Annual Report 2003–2004

Notes to and forming part of the accountsof the Surveyors Board for the year ended30 June 2004a) GeneralThis general purpose financial report and havebeen prepared in accordance with the FinancialManagement Act 1994, Australian accountingstandards, Statements of Accounting Conceptsand other authoritative pronouncements of theAustralian Accounting Standards Board, UrgentIssues Group Consensus Views and theSurveyors Act 1978.The financial report is compiled on an accrualbasis and a going concern basis adopting theprinciples of historical cost accounting, exceptwhere otherwise stated.b) Period accountingThe reporting period covered in the financialstatements is the year ended 30 June 2004.c) Recognition of revenueAll revenue is brought to account as it isreceived. Revenue is recognised on the followingbasis:1 Interest revenues from Cash at Bank are broughtto account when earned.2 Grants from Government are recognised asrevenue in the year the Surveyors Board gainscontrol of these funds. Grants are provided atthe discretion of the Government.3 Personnel, professional fees and otheradministrative services amounting to $280,929were provided free of charge to the SurveyorsBoard by the Department of Sustainability &Environment. These resources have beenincluded in the Statement of FinancialPerformance as income ‘Resources ReceivedFree of Charge’ and as expenses in‘Administration Costs’.4 Revenue is recognised on the sale of theSurveying Victoria CD-Rom and variouscertification, accreditation and examination fees.d) Cash AssetsFor purposes of the statement of cash flows,cash includes short term deposits at call whichare readily convertible to cash on hand and aresubject to an insignificant risk of changes invalue, net of outstanding bank overdraft.e) PayablesLiabilities are recognised for amounts to be paidin the future for goods or services received,whether or not billed to the Board. The carryingamount of accounts payable approximate netfair value. No interest is paid in respect ofpayables. Trade payables are ordinarily settledon 30 day terms.23