✨ Financial Statements Notes
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2011
The fair value of derivative financial instruments is determined based on observable market rates. Refer to note 15 for the carrying value of these instruments as at 31 March.
Changes in accounting policy and disclosures
Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Trust:
| Standard/Interpretation | Effective for annual reporting periods beginning on or after | Expected to be initially applied in the financial year ending |
|---|---|---|
| Improvements to New Zealand Equivalents to International Financial Reporting Standards 2010 | * | 31 March 2012 |
| NZ IFRS 9 Financial Instruments | 1 January 2013 | 31 March 2014 |
| NZ IAS 24 Related party transactions (revised) | 1 January 2013 | 31 March 2014 |
- The effective date and transition provisions vary by Standard. Most of the improvements are effective for annual periods beginning on or after 1 January 2011, 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 2011, No 119
✨ LLM interpretation of page content
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Notes to Financial Statements of The Waikato Community Trust Incorporated
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💰 Finance & RevenueFinancial statements, Accounting policies, Derivative financial instruments, Revenue recognition, Waikato Community Trust