✨ Financial Statements Notes
10 MARCH 2009 NEW ZEALAND GAZETTE, No. 29 769
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March, 2008
Impairment of Financial Assets (continued)
recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
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 Trust’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.
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NZ Gazette 2009, No 29
✨ LLM interpretation of page content
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Financial Statements of The Community Trust of Southland
(continued from previous page)
💰 Finance & Revenue26 November 2008
Financial Statements, Community Trust, Southland, Financial Assets, Fair Value, Loans, Receivables, Impairment