✨ ASB Community Trust Financial Statements
14 SEPTEMBER 2010 NEW ZEALAND GAZETTE, No. 117 3171
ASB COMMUNITY TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2010
At their meeting on 30 November 2009 the Trustees resolved to effect Trustee Liability Insurance for the sum of $2 million at a premium cost of $10,600. The sum insured was subsequently increased on 1 March 2010 to $10 million at a premium cost of $17,402.
All of the Trustees signed the resolution approving the purchase of the Trustee Liability Insurance along with a certificate certifying that the transaction was in the best interests of the Trust as the terms of the insurance and the cost were recommended by the Trust’s brokers as being appropriate and reasonable.
13. MATERIAL EVENTS AFTER BALANCE DATE
There were no material events after balance date which required adjustment to the Financial Statements for the year ended 31 March 2010.
14. INTERNATIONAL FINANCIAL REPORTING STANDARDS ISSUED BUT NOT YET EFFECTIVE
The following table outlines details of International Financial Reporting Standards that have been issued but are not yet in effect. It is not expected that these standards, once in effect, will have a material effect on the Group’s accounting policies, presentation of the financial statements or disclosures thereto.
| Standard Reference | Standard Title | Effect Date (accounting periods beginning on or after) |
|---|---|---|
| NZ IFRS 9 | Financial Instruments: Classification and Measurement | 1 Jan 2013 |
| NZ IAS 24 | Related Party Disclosures (revised 2009) | 1 Jul 2011 |
NZ IFRS 9 Financial Instruments. The requirements of this standard represent a significant change from the existing requirements of NZ IAS 39 in respect of financial assets. The standard contains two primary measurement categories for financial assets: amortised cost and fair value, and eliminates the existing NZ IAS 39 categories of held to maturity, available for sale, and loans and receivables. A financial asset would be measured at amortised cost if it is held to collect contractual cash flows and interest on specified dates. All other financial assets would be measured at fair value. This standard is not expected to substantially change the way in which the Group currently measures and presents financial instruments.
NZ IAS 24 Related Party Disclosures simplifies the definition of a related party. However this is unlikely to result in any substantial change in the recognition or disclosure of the Group’s related party transactions.
The Group does not plan to early adopt any of the above noted Financial Reporting Standards.
A copy of the list of all distributions of income and capital approved by the ASB Community Trust is available on request from ASB Community Trust, PO Box 68048, Newton, Auckland 1145.
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NZ Gazette 2010, No 117
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ASB Community Trust Financial Statements
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