Section 2 - Sugar Research and Development Corporation

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Sugar Research and Development Corporation
NOTES OF THE FINANCIAL STATEMENTS
Impairment
All assets were assessed for impairment at 30 June 2011. Where indications of impairment exist,
the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s
recoverable amount is less than its carrying amount.
The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in
use. Value in use is the present value of the future cash fl ows expected to be derived from the asset.
Where the future economic benefi t of an asset is not primarily dependent on the asset’s ability to
generate future cash fl ows, and the asset would be replaced if the Corporation were deprived of
the asset, its value in use is taken to be its depreciated replacement cost.
1.18 Taxation
The Corporation is exempt from all forms of taxation except Fringe Benefi ts Tax (FBT) and the
Goods and Services Tax (GST).
Revenues, expenses and assets are recognised net of GST except:
a) where the amount of GST incurred is not recoverable from the Australian Taxation Offi ce; and
b) for receivables and payables.
Note 2: Events after the Reporting Period
No events have occurred after balance date that affect the Corporation’s 2010–2011 fi nancial
statements.
SRDC Annual Report 2010–2011