✨ Financial Statements Notes
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2010
Changes in accounting policy and disclosures
a) New and amended standards adopted by the Trust:
The Trust has adopted the following new and amended IFRSs as of 1 January 2009:
IFRS 7 'Financial instruments - Disclosures' (amendment) - effective 1 January 2009.
The amendment requires enhanced disclosures about fair value measurement and liquidity risk. In particular, the amendment requires disclosure of fair value measurements by level of a fair value measurement hierarchy. As the change in accounting policy only results in additional disclosures, there is no impact on earnings.
IAS 1 (revised) 'Presentation of financial statements' - effective 1 January 2009.
The revised standard prohibits the presentation of items of income and expenses in the statement of changes in equity. As the change in accounting policy only impacts presentation aspects, there is no impact on earnings.
b) Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Trust:
| Standard/Interpretation | Effective for annual reporting periods | Expected to be initially applied in the financial year ending |
|---|---|---|
| Omnibus Amendments (2009) | 1 July 2009 | 31 March 2011 |
| Improvements to New Zealand Equivalents to International | * | 31 March 2011 |
| Financial Reporting Standards 2009 | ||
| NZ IFRS 9 Financial Instruments | 1 January 2013 | 31 March 2014 |
- The effective date and transitional provisions vary by Standard. Most of the improvements are effective for annual periods beginning on or after 1 January 2010, with earlier adoption permitted.
All the above amendments will not have a significant impact on the financial statements.
Other standards/interpretations that are not included above are not relevant to the Trust.
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of comprehensive income and the financial position have been applied:
(a) Revenue Recognition
Dividend and interest revenue
Dividend revenue from investments is recognised when the shareholders' rights to receive payment have been established. Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial asset.
Rental revenue
Rents (net of any incentives) are recognised on a straight line basis over the lease term.
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NZ Gazette 2010, No 101
✨ LLM interpretation of page content
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Notes to and Forming Part of the Financial Statements
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💰 Finance & RevenueFinancial Statements, Accounting Policies, Waikato Community Trust, IFRS, Disclosures