New Zealand Gazette – 2009 – No. 107

Page 2459

✨ Financial Statements Notes



24 JULY 2009
NEW ZEALAND GAZETTE, No. 107
2459

TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2009

1. Statement of Accounting Policies continued

(iii) Financial Liabilities

Financial liabilities are classified as either financial liabilities at fair value through profit and loss or other financial liabilities. There were no financial liabilities at balance date that were designated as fair value through profit and loss.

Other Financial Liabilities
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense of the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period to the net carrying amount of the financial liability.

Derecognition of Financial Liabilities
The Trust derecognises financial liabilities when, and only when, the Trust\'s obligations are discharged, cancelled or they expire.

d) Goods and Services Tax
The financial statements have been prepared on a GST inclusive basis.

e) Taxation
The Trust is exempt from income tax under section CW52 of the Income Tax Act (2007).

f) Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses.

The cost amount of Property, Plant and Equipment less the estimated residual value is depreciated over their useful lives on a straight line basis. The range of useful lives of the asset classes are:

  • Building improvements 4 years
  • Furniture and fittings 2-8 years
  • Other fixed assets 2-10 years


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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2009, No 107




✨ LLM interpretation of page content

🏢 TSB Community Trust Statement of Accounting Policies (continued from previous page)

🏢 State Enterprises & Insurance
30 June 2009
Accounting Policies, Financial Statements, Liabilities, Amortised Cost, Effective Interest Method, Derecognition, GST, Taxation, Property, Plant, Equipment, Depreciation