✨ Financial Statements Notes
30 AUGUST 2010 NEW ZEALAND GAZETTE, No. 109 2935
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March, 2010
j) Income Tax
Income tax for the period is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or refundable).
k) Statement of Cash Flows
For the purpose of the statement of cash flows, cash and cash equivalents include cash on hand and in banks and invested in money market instruments, net of outstanding bank overdrafts. The following terms are used in the statement of cash flows:
- operating activities are the principal revenue producing activities of the Group and other activities that are not investing or financing activities;
- investing activities are the acquisition and disposal of long term assets and other investments not included in cash equivalents; and
- financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity
l) Standards and Interpretation Effective in the Current Period
In the current year, the Group has adopted NZ IAS 1 Presentation of Financial Statements (revised 2007) which is applicable for annual reporting periods beginning on or after 1 January, 2009. Initial application of this standard did not affect any of the amounts recognised in the financial statements, but changed the presentation of the Statement of Comprehensive Income and Statement of Changes in Equity. There was no change in accounting policy relating to recognition or measurement due to the initial adoption of this standard.
m) 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 2010, No 109
✨ LLM interpretation of page content
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Financial Report of the Community Trust of Southland
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Notes, Income Tax, Cash Flows, Accounting Standards