✨ Financial Statements
NEW ZEALAND GAZETTE, No. 172
9 NOVEMBER 2011
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2011
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 Trust.
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.
Changes in Accounting Policies
There were no changes in accounting policies during the financial year.
New Zealand Equivalents To International Financial Reporting Standards Issued But Not Yet Effective
New Zealand equivalents to 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 15.
Operating Leases
Expenditure arising from operating leasing commitments is recognised in the Statement of Comprehensive Income in the period in which it is incurred.
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NZ Gazette 2011, No 172
✨ LLM interpretation of page content
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ASB Community Trust Financial Statements
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💰 Finance & Revenue30 May 2011
Financial Statements, ASB Community Trust, Notes, Reserves, Taxation, Accounting Policies, Financial Reporting Standards, Operating Leases