✨ Financial Statements
21 AUGUST 2009 NEW ZEALAND GAZETTE, No. 125 2883
INTANGIBLE ASSETS:
Intangible Assets are valued at the lower of cost or fair value, less accumulated depreciation and accumulated impairment losses.
Fixed Assets and Intangible Assets are reviewed annually to determine any impairment losses. Impairment losses are recognised in the Statement of Financial Performance
Depreciation, Amortisation and Impairment Losses
Depreciation is provided over the useful life of the assets on the diminishing value basis.
The rates used are those approved by Trustees as follows:-
| 2009 | 2008 | |
|---|---|---|
| Land and Buildings | Nil | 2% (Buildings) |
| Office Equipment & Furniture | 9.5% - 60.0% | 9.5% - 60% |
Foreign Currency Transactions and Balances
Foreign Currency transactions are recorded in New Zealand dollars at the spot exchange rate applying at the date of the transaction.
All amounts denominated in foreign currencies at balance date are translated to New Zealand dollars at the balance date closing exchange rate.
All realised and unrealised gains and losses on foreign currency transactions are recognised in the Statement of Financial Performance.
Financial Assets
All assets that are financial instruments are recognised in the Statement of Financial Position.
All investments are initially recognised at fair value, being the fair value of consideration paid. After initial recognition, financial assets designated at fair value through profit or loss and are revalued to fair value at each reporting date.
For investments that are actively traded in organised financial markets, fair value is determined by reference to exchange quoted market bid prices at the close of business on the Statement of Financial Position date.
All realised and unrealised gains or losses on investments are recognised in the Statement of Financial Performance.
Investments in pooled funds are valued at the unit exit price determined by the Fund Manager at the close of business on the Statement of Financial Position date.
Investment transactions are recorded by Fund Managers on a transaction date basis.
Financial assets are managed and have their performance evaluated on a fair value basis in accordance with risk management and investment strategies of the Trust, as disclosed in Note 9.
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NZ Gazette 2009, No 125
✨ LLM interpretation of page content
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial statements, Community Trusts Act 1999, ASB Community Trust, Accounting Policies, Intangible Assets, Depreciation, Amortisation, Impairment Losses, Foreign Currency Transactions, Financial Assets