FINANCIAL

More documents

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2006 Note 1: Summary of accounting policies (continued) Depreciation is provided on investment property, including freehold buildings but excluding land. Depreciation is calculated on a straight line basis so as to write off the net cost or other revalued amount of each asset over its expected useful life to its estimated residual value. (j) Income tax Under Section 50-5 of the Income Tax Assessment Act 1997, the consolidated entity is exempt from income tax. (k) Leased assets Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Consolidated entity as lessee Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. (l) Payables Trade payables and other accounts payable are recognised when the consolidated entity becomes obliged to make future payments resulting from the purchase of goods and services. (m)Principles of consolidation The consolidated financial statements are prepared by combining the financial statements of all the entities that comprise the consolidated entity, being the company (the parent entity) and its subsidiaries as defined in Accounting Standard AASB 127 ‘Consolidated and Separate Financial Statements’. A list of subsidiaries appears in note 24 to the financial statements. Consistent accounting policies are employed in the preparation and presentation of the consolidated financial statements. On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. If, after reassessment, the fair values of the identifiable net assets acquired exceed the cost of acquisition, the deficiency is credited to profit and loss in the period of acquisition. 16 Vision Australia Financial Report 2005/2006
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2006 Note 1: Summary of accounting policies (continued) The consolidated financial statements include the information and results of each subsidiary from the date on which the company obtains control and until such time as the company ceases to control such entity. In preparing the consolidated financial statements, all intercompany balances and transactions, and unrealised profits arising within the consolidated entity are eliminated in full. (n) Property, plant and equipment Land is measured at cost. Buildings, Leasehold buildings, plant and equipment, motor vehicles and computers are stated at cost less accumulated depreciation and impairment. For land and buildings acquired at merger date, deemed cost is the fair value of the assets transferred. For all assets acquired since merger date cost includes expenditure that is directly attributable to the acquisition of the item. In the event that settlement of all or part of the purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition. Depreciation is provided on property, plant and equipment, including freehold buildings but excluding land. Depreciation is calculated on a straight line basis so as to write off the net cost or other revalued amount of each asset over its expected useful life to its estimated residual value. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period. The following estimated rates are used in the calculation of depreciation: Buildings and Leasehold Buildings 2% Computer Equipment and Software 20-30% Furniture, Plant & Equipment 10-20% Motor Vehicles 15-20% (o) Provisions Provisions are recognised when the consolidated entity has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cashflows estimated to settle the present obligation, its carrying amount is the present value of those cashflows. Vision Australia Financial Report 2005/2006 17
Page 1: 05 06 Financial report for the fina
Page 4 and 5: Principal Activities The principal
Page 6 and 7: Board Committees To maximise its ef
Page 8 and 9: Directors’ meetings The following
Page 10 and 11: INCOME STATEMENT FOR THE FINANCIAL
Page 12 and 13: STATEMENT OF CHANGES IN EQUITY FOR
Page 14 and 15: NOTES TO THE FINANCIAL STATEMENTS F
Page 52 and 53: EXECUTIVES’ DECLARATION The Chief
Page 54 and 55: The Board of Directors Vision Austr
Page 56 and 57: Qualification Donations and bequest
Page 58 and 59: Mr N Grace Mr J R Grahame Miss R Gr
Page 60 and 61: Estate of the Late E J Colby Estate
Page 62 and 63: Corporates - $1,000 or more A1 Blin
Page 64 and 65: Government funding and support Fede
Page 66 and 67: Gandel Foundation George Lewin Foun

FINANCIAL

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?