✨ ASB Community Trust Financial Statements
NEW ZEALAND GAZETTE, No. 117
14 SEPTEMBER 2010
ASB COMMUNITY TRUST
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2010
Reserves
Transfers to the Capital Maintenance Reserve are based on the annual movement in the Consumer Price Index as described in Note 6.
Transfers to all other Reserves from the Retained Surplus are made at the discretion of the Trustees of the Group.
Taxation
The Income Tax Act 1994 provides exemption from income tax for Community Trusts established under the Trustee Banks Restructuring Act 1988. The amendment applied from the 2005 income year, and consequently no taxation has been provided for in these financial statements.
Adoption of new accounting standards
The Group has applied NZ IAS 1: Presentation of Financial Statements (2007) which became effective as of 1 January 2009. The Group presents all transfers between retained earnings and reserves in the Statements of Changes in Trust Funds, and all non-reserve changes in the Consolidated Statement of Comprehensive Income. Comparative information has been presented in conformity with the revised standard. Since the accounting standard change only impacts presentation, there is no impact on recognition and measurement.
The Group has applied Improving Disclosures about Financial Instruments (Amendments to NZ IFRS 7) issued in March 2009. The amendments require that fair value measurement disclosures use a three level hierarchy that reflects the significance of the inputs used in the measuring of fair values of the financial instruments. Specific disclosures are required when fair value measurements are categorised as level 3 (significant unobservable inputs) in the fair value hierarchy. The amendments require that any significant transfers between level 1 and level 2 of the fair value hierarchy be disclosed separately, distinguishing between transfer into and out of each level. Furthermore, changes in valuation techniques from one period to another, including reasons, are required to be disclosed for each class of financial instruments.
Changes in Accounting Policies
There were no changes in accounting policies during the financial year.
International Financial Reporting Standards Issued But Not Yet Effective
International Financial Reporting Standards that have been issued but which are not yet in effect and that may have an impact on the Group’s future accounting policies and disclosures are set out in Note 14.
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NZ Gazette 2010, No 117
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ASB Community Trust Financial Statements
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