SCIENCE TEACHERS’ ASSOCIATION OF NEW SOUTH WALES INC.
NOTES TO AND FORMING PART OF THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER, 2017
1.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
This financial report is a special purpose financial report prepared in order to satisfy
the financial reporting requirements of the Associations Incorporation Act NSW. The
Committee has determined that the Association is not a reporting entity.
The financial report has been prepared in accordance with the requirements of the
Associations Incorporation Act NSW and the following Australian Accounting
Standards:
AAS 5 Materiality
AAS 8 Events Occurring After Reporting Date
No other applicable Accounting Standards, Urgent Issues Group Consensus Views or
other authoritative pronouncements of the Australian Accounting Standards Board
have been applied.
This financial report has been prepared on an accruals basis and is based on historic
costs and does not take into account changing money values, or except where
specifically stated, current valuations of non current assets.
The following material accounting policies, which are consistent with the previous
period unless otherwise stated, have been adopted in the preparation of this
financial report.
a)
Fixed Assets
Leasehold improvements and office equipment are carried at cost less, where
applicable, any accumulated depreciation.
The depreciable amount of all fixed assets are depreciated over the useful
lives of the assets to the Association commencing from the time the asset is
held ready for use. Leasehold improvements are amortised over the shorter of
either the unexpired period of the lease or the estimated useful lives of the
improvements.
b)
Income Tax
The Association has self assessed its taxation status and expects to be exempt
from income tax.
c)
Comparative Figures
Where necessary comparative figures have been adjusted to conform with
changes in presentation in 2017.