Section 2 - Sugar Research and Development Corporation

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86 Sugar Research and Development Corporation NOTES OF THE FINANCIAL STATEMENTS 1.14 Financial Liabilities Financial liabilities are classifi ed as either fi nancial liabilities ‘at fair value through profi t or loss’ or other fi nancial liabilities. Financial liabilities are recognised and derecognised upon ‘trade date’. Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced) 1.15 Contingent Liabilities and Contingent Assets Contingent liabilities and contingent assets are not recognised in the balance sheet but are reported in the relevant schedules and notes. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote. 1.16 Acquisition of Assets Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate. Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor’s accounts immediately prior to the restructuring. 1.17 Leasehold Improvements, Plant and Equipment Asset Recognition Threshold Purchases of leasehold improvements, plant and equipment are recognised initially at cost in the balance sheet, except for purchases costing less than $2,000, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are signifi cant in total). Assets which have a net book value of less than $2,000 at year end are removed from the asset register and expensed. The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. This is particularly relevant to ‘make good’ provisions for the offi ce lease taken up by the Corporation where there exists an obligation to return to original condition. These costs are included in the value of the Corporations leasehold improvement with a corresponding provision for the ‘make good’ recognised. SRDC Annual Report 2010–2011
Revaluations Fair values for each class of asset are determined as shown below: Asset Class Fair value measured at Leasehold improvements Depreciated replacement cost Plant and equipment Market selling price Sugar Research and Development Corporation NOTES OF THE FINANCIAL STATEMENTS Following initial recognition at cost, leasehold improvements, plant and equipment were carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations were conducted with suffi cient frequency to ensure that the carrying amounts of assets did not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depended upon the volatility of movements in market values for the relevant assets. Revaluation adjustments were made on a class basis. Any revaluation increment was credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/defi cit. Revaluation decrements for a class of assets were recognised directly in the surplus/defi cit except to the extent that they reversed a previous revaluation increment for that class. Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated at the revalued amount. Depreciation Depreciable leasehold improvements, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the Corporation using, in all cases, the straight-line method of depreciation. Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate. Depreciation rates applying to each class of depreciable asset are based on the following useful lives: Plant and equipment 2011 2010 3 years – 13 1/3years 3 years – 13 1/3 years Leasehold improvements Lease term Lease term SRDC Annual Report 2010–2011 87
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SRDC ANNUAL REPORT 2010-2011 Invest
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SRDC ANNUAL REPORT 2010-2011 Invest
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Section 1 5 Report from Chairman &
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Section 1 REPORT FROM CHAIRMAN & EX
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Section 1 IMPACT OF SRDC INVESTMENT
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SRDC fostered the greater use of ec
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Events New Chairman Fourth generati
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Value of sugarcane production Cane
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Figure 1.1 Area harvested for milli
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Section 2 INTRODUCING SRDC The SRDC
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Rural Research and Development Corp
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Collaborative Partnership for Farmi
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The roles and responsibilities of m
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SRDC PEOPLE David Campbell B Agr Sc
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SRDC Directors May 2011 SRDC PEOPLE
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SRDC PEOPLE Dr Tracy Henderson B Ap
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Ian Sampson Appointed Director (8 M
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Section 2 SRDC STAFF The SRDC staff
Page 37 and 38: Indemnities and Insurance Premiums
Page 39 and 40: Rural Research and Development Prio
Page 41 and 42: Table 2.1 Outcomes, outputs and inp
Page 43 and 44: Number of SRDC project reports rece
Page 45 and 46: Mackay Sugar Factory Manager for Ra
Page 47 and 48: Income explanation Income in 2010-2
Page 49 and 50: SPREAD OF RESEARCH INVESTMENTS ACRO
Page 51 and 52: Industry Overview - Northern Region
Page 53 and 54: Section 3 RESEARCH PROJECT SUMMARIE
Page 55 and 56: The total area planted using zonal
Page 57 and 58: Emerging technologies Key Performan
Page 59 and 60: People development Capacity Buildin
Page 61 and 62: Group Capacity Building Projects (C
Page 63 and 64: Better frost tolerant varieties for
Page 65 and 66: Section 3 SRDC INNOVATION AWARDS 20
Page 67 and 68: Due diligence At every meeting in 2
Page 69 and 70: QUT Senior Research Fellow, Dr Ian
Page 71 and 72: Auditor’s Report Independent Audi
Page 73 and 74: SRDC Annual Report 2010-2011 71
Page 75 and 76: BSES Limited Researcher Dr Prakash
Page 77 and 78: Sugar Research and Development Corp
Page 83 and 84: 1.3 Signifi cant Accounting Judgeme
Page 87: 1.12 Financial Assets The Corporati
Page 91 and 92: Note 3: Expenses Note 3A: Employee
Page 93 and 94: Note 4: Income OWN-SOURCE REVENUE N
Page 95 and 96: Note 5C: Investments Accounted for
Page 97 and 98: Note 6D: Other Non-Financial Assets
Page 99 and 100: Note 8: Employee Provisions Sugar R
Page 101 and 102: Note 10: Contingent Liabilities and
Page 105 and 106: Note 15: Financial Instruments Note
Page 107 and 108: Note 15E Liquidity Risk Sugar Resea
Page 111 and 112: Appendices Appendix A Composition o
Page 113 and 114: Appendix B1 Sugar Research and Deve
Page 115 and 116: Arena: Regional Futures Priority St
Page 117 and 118: Arena: Regional Futures Priority St
Page 119 and 120: Arena: Emerging Technologies Sugar
Page 121 and 122: Arena: People Development Priority
Page 123 and 124: Arena: People Development Priority
Page 125 and 126: Regional Futures Farming and Harves
Page 127 and 128: People Development Individual Capac
Page 129 and 130: Program 1.1: Sugar Research and Dev
Page 131 and 132: Appendix F Abbreviations ABCR Advan
Page 133 and 134: DEEDI Sustainable Agriculture Direc
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Section 2 - Sugar Research and Development Corporation

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