✨ Financial Statements
3 AUGUST 2011 NEW ZEALAND GAZETTE, No. 117 3261
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2011
- Statement of Accounting Policies (continued)
g) Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses.
The cost amount of Property, Plant and Equipment less the estimated residual value is depreciated over their useful lives on a straight line basis. The range of useful lives of the asset classes are:
- Building improvements 4 years
- Furniture and fittings 2-8 years
- Other fixed assets 2-10 years
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted if appropriate at each balance date.
Assets are reviewed for indications of impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Any impairment loss or write-down is recognised in the Income Statement as an expense.
h) Employee Benefits
Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave and sick leave when it is probable that settlement will be required and they are capable of being measured reliably.
Provisions made in respect of employee benefits expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement.
Provisions made in respect of employee benefits which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the consolidated entity in respect of services provided by employees up to reporting date.
i) Grants
Grants are approved for payment if the grant application meets the specified criteria. They are recognised as expenditure when the specified criteria for the grant has been met. Grants approved that have not met the specified criteria are recognised as contingent liabilities.
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NZ Gazette 2011, No 117
✨ LLM interpretation of page content
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TSB Community Trust Financial Statements
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💰 Finance & Revenue5 July 2011
Financial Statements, Accounting Policies, Community Trusts, TSB