Berry Street Web Docs Financial Report 2011 | Page 14

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
n)

Critical Accounting Estimates and Judgments (continued)

Key Judgments
Available-for-sale investments
The association maintains a portfolio of securities with a carrying value of $11,776,708 at the end of the
reporting period. The cost of the portfolio of securities is monitored on a monthly basis. The board does not
believe there has been a significant decline in the cost and hence no impairment has been recognized.
o)

Economic Dependence

Berry Street Victoria Incorporated is dependent on the Department of Human Services for the majority of its
revenue used to operate the business. At the date of this report the Board of Directors has no reason to
believe the Department will not continue to support Berry Street Victoria Incorporated.
p)

New Accounting Standards for Application in Future Periods

The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory
application dates for future reporting periods and which the association has decided not to early adopt. At 30
June 2011, the Standards and Interpretations listed below were in issue but not yet effective:

Standard/Interpretation

Effective for annual
reporting periods
beginning on or after

AASB 9: Financial Instruments

1 January 2013

AASB 124: Related Party Disclosures

1 January 2011

AASB 1053 Application of Tiers of Australian Accounting Standards and AASB
2010-2: Amendments to Australian Accounting Standards arising from
Reduced Disclosur