2017 Financial Statement ALEH Bnei Brak 2017 Financial Statements - ALEH Bnei Brak | Page 10

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Notes to the Financial Statements (in thousands New Sheqels)
Note 2 - Significant Accounting Policies (Cont.)
Index
- Consumer Price Index (CPI) as published by the Central Bureau of
Statistics.
B. Reported basis Registry:
1. The Association records the assets, liabilities, income and expenditure on an accrual basis in
accordance with the rules established in Opinion No. 69 of the Institute of Certified Public
Accountants and Accounting Standard No. 5 of the Israel Accounting Standards dealing with the
accounting principles and financial reporting by non-profit organizations.
2. The Association's financial statements have been prepared on the basis of amounts reported in
accordance with accounting standards of the IASB.
C. Presentation of financial statements:
1. Net Assets comprise of:
 Unrestricted net assets
 Temporarily restricted net assets
2. Unrestricted net assets are classified as:
 Net assets used for operations
 Net assets used for fixed assets
3. The Statement of Activities includes all income and expense items for the reporting period. “Income”
includes all revenues received and earned during the period which are unrestricted by nature, and
amounts released from donor restriction. “Expenses” include expenses which are financed through
sources restricted by their donors.
4. The Statement of Changes in Net Assets includes, for the accounting period, transfers between
unrestricted net assets for operations and unrestricted net assets for fixed assets, for amounts used for
fixed assets, amounts derived from sale of fixed assets and amounts transferred to cover depreciation
expenses.
D. Cash and cash equivalents:
As cash and cash equivalents reputed highly liquid investments including ,among other things, short-term
deposits with banking institutions available for immediate withdrawal for a period not exceeding three
months.
E.
Fixed assets:
Fixed assets are presented at cost, net of accumulated depreciation, which is calculated according to the
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