Annual Report 2011 - ACEM

ACEM Annual Report 2011
56
NOTES TO THE FINANCIAL
STATEMENTS for the year ended 30 June 2011
16. Reserves
The fi nancial assets reserve records revaluation increments
and decrements (that do not represent impairment write-downs)
that relate to fi nancial assets that are classifi ed as
available-for-sale.
17. College Details
The registered offi ce and principal place of business of the
College is:
The Australasian College for Emergency Medicine
34 Jeffcott Street
WEST MELBOURNE VIC 3003
18. Segment Reporting
The College operates predominantly in one industry -
emergency medicine study and practice - and in both Australia
and New Zealand.
19. Commitments
During the fi nancial year, the College entered into an agreement
with the Federal Department of Health and Ageing entitled
“More Doctors for Emergency Departments 2011-2013”.
The agreement allows for funding of up to $48,972,000
(GST Inclusive), to be paid in seven instalments over the period
ending 31 December 2013, to be utilised by the College in
accordance with an agreed upon structured payment scheme.
The College entered into an agreement with the Australian
Institute for Clinical Education in November 2010 for the
provision of on-line e-learning contract services. The contract
provides for the payment of royalty fees by the College; the
rates of which are to be negotiated in good faith in November
2012 with respect to ongoing fees payable. Given the uncertainty
of candidate participation and inability to provide a practical
estimate, no provision is made in the fi nancial statements as at
30 June 2011 for such future royalty payments.
20. Fellow’s Guarantee
The College is incorporated under the Corporations Act 2001 and
is an entity limited by guarantee. If the College is wound up, the
constitution states that each fellow is required to contribute a
maximum of $10 each towards meeting any outstandings and
obligations of the College.