FINANCIALS 2018
A statement of compliance with IFRS cannot be
made due to the application of not for profit sector
specific requirements contained in the Australian
Accounting Standards.
• Furniture and fittings: 5-10 years
• Computers and hardware: 3-5 years
• Motor vehicles: 8-10 years
Basis of preparation
The financial report has been prepared on the basis
of historical cost, except for the revaluation of certain
financial instruments. Cost is based on the fair values
of the consideration given in exchange for assets.
All amounts are presented in Australian dollars. The
following significant accounting policies have been
adopted in the preparation and presentation of the
financial report:
The Company reviews its estimate of the useful
lives of leasehold improvements at each reporting
date, based on the period over which an asset is
expected to be available for use by the Company.
Land is carried at cost and is not depreciated.
b) Intangible assets
Intangible Assets comprise software assets.
The estimated useful lives used to calculate
amortisation are between 3-8 years.
a) Property, plant and equipment
Land and buildings, leasehold improvements,
furniture and office equipment, motor vehicles and
computers are stated at cost less accumulated
depreciation and impairment. Cost includes
expenditure that is directly attributable to
the acquisition of the item. In the event that
settlement of all or part of the purchase
consideration is deferred, cost is determined by
discounting the amounts payable in the future to
their present value as at the date of acquisition.
c) Employee benefits
A liability is recognised for benefits accruing to
employees in respect of wages and salaries, annual
leave, long service leave and rostered days off
when it is probable that settlement will be required
and they are capable of being measured reliably.
Liabilities recognised in respect of employee
benefits expected to be settled within 12 months
are measured using the remuneration rate
expected to apply at the time of settlement.
Depreciation is provided on furniture and office
equipment, motor vehicles and computers, including
freehold and leasehold buildings but excluding land.
Depreciation is calculated on a straight line basis
so as to write off the net cost of each asset over its
expected useful life to its estimated residual value.
The estimated useful lives, residual values and
depreciation method are reviewed at the end of
each annual reporting period.
Liabilities recognised in respect of employee
benefits which are not expected to be settled
within 12 months are measured as the present
value of the estimated future cash outflows to
be made by the Company in respect of services
provided by employees up to reporting date.
The Company pays contributions to certain
defined contribution plans. Contributions are
recognised in profit or loss in the periods during
which services are rendered by employees.
The useful life of an asset is determined by
Management in line with guidelines as specified
in AASB 16 Property, Plant and Equipment. The
below estimates of useful life per class of asset are
provided as a guide only. The actual estimation
and application of the useful life and salvage value
of the asset is a reasonable judgement made by
Management based on the experience of the
entity with similar assets.
d) Goods and services tax (GST)
Revenues, expenses and assets are recognised net of
the amount of goods and services tax (GST), except:
i) where the amount of GST incurred is not
recoverable from the taxation authority, it is
recognised as part of the cost of acquisition of
an asset or as part of an item of expense; or
The following estimated useful lives are used as a
guide in the calculation of depreciation: ii) for receivables and payables which are
recognised inclusive of GST.
• Buildings owned: 33-50 years
• Buildings fixtures and fittings: 5-14 years
• Leasehold improvements: lease term or 10 years The net amount of GST recoverable from, or payable
to, the taxation authority is included as part of
receivables or payables.
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