✨ Financial Statements Notes
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March, 2009
Other Financial Liabilities
Other liabilities include Accounts Payable and Grants committed not paid.
Other financial liabilities are initially measured at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over 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.
Currency Translation
Functional & Presentation Currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The financial statements are presented in New Zealand dollars, which is the Group’s functional and presentation currency, rounded to the nearest dollar.
Transactions & Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Financial Performance.
Standards and Interpretations in Issue Not Yet Adopted
At the date of the financial report, a number of standards and interpretations were in issue but not yet effective.
Initial application of these standards and interpretations is not expected to affect any of the amounts recognised in the financial report, but may change the presentation and disclosures presently made in relation to the Group’s financial report. They will be adopted in the period in which they become mandatory.
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NZ Gazette 2009, No 130
✨ LLM interpretation of page content
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Community Trust of Southland Financial Statements
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💰 Finance & RevenueCommunity Trust, Southland, Financial Statements, Liabilities, Currency Translation, Accounting Standards