ACER Annual Report 2008-2009
ACER Annual Report 2008-2009
ACER Annual Report 2008-2009
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60<br />
Australian Council for Educational Research Ltd and Controlled Entities ABN 19 004 398 145<br />
Notes to the financial statements (for the year ended 30 June <strong>2009</strong>)<br />
20 Financial instruments continued<br />
CONSOLIDATED Note<br />
Financial assets<br />
Carrying<br />
amount<br />
<strong>2009</strong><br />
$<br />
Net fair<br />
value<br />
<strong>2009</strong><br />
$<br />
Carrying<br />
amount<br />
<strong>2008</strong><br />
$<br />
Net fair<br />
value<br />
Cash and cash equivalents (i) 9,472,331 9,472,331 5,408,082 5,408,082<br />
Trade, term and loans receivables (i) 11,630,162 11,630,162 11,005,194 11,005,194<br />
Loans and advances - related parties (ii) 944,178 944,178 704,605 704,605<br />
Investments - held to maturity (iii) 173,746 173,746 - -<br />
Derivatives - hedging (iv) 27,619 27,619 428,538 428,538<br />
Financial liabilities<br />
<strong>2008</strong><br />
$<br />
22,248,036 22,248,036 17,546,419 17,546,419<br />
Trade and other payables (i) 8,053,209 8,053,209 7,081,760 7,081,760<br />
Bank debt (v) 13,000,000 13,000,000 13,000,000 13,000,000<br />
21,053,209 21,053,209 20,081,760 20,081,760<br />
The fair values disclosed in the above table have been determined based on the following<br />
methodologies:<br />
(i) Cash and cash equivalents, trade and other receivables and trade and other payables are<br />
short-term instruments in nature whose carrying value is equivalent to fair value. Trade and<br />
other payables exclude amounts provided for relating to annual leave which is not considered<br />
a financial instrument.<br />
(ii) Discounted cash flow models are used to determine the fair values of loans and advances.<br />
Discount rates used on the calculations are based on interest rates existing at reporting date<br />
for similar types of loans and advances. Differences between fair values and carrying values<br />
largely represent movements of the effective interest rate determined on initial recognition<br />
and current market rates.<br />
(iii) Fair values of held-to-maturity investments are based on quoted market prices at reporting<br />
date.<br />
(iv) Quoted market prices at reporting date are used.<br />
(v) Fair values are determined using a discounted cash flow model incorporating current<br />
commercial borrowing rates. The fair values of fixed rate bank debt will differ to the carrying<br />
values.
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