✨ Financial Statements and Accounting Policies
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2012
2. STATEMENT OF ACCOUNTING POLICIES (Cont’d)
u) New accounting standards and interpretations not yet effective (Cont’d)
FRS 44 New Zealand Additional Disclosures and Harmonisation Amendments (effective for annual reporting periods beginning on or after 1 July 2011)
FRS 44 sets out New Zealand specific disclosures for entities that apply NZ IFRSs. These disclosures have been relocated from NZ IFRSs to clarify that these disclosures are additional to those required by IFRSs. Adoption of the new rules will not affect any of the amounts recognised in the financial statements, but may simplify some of the Group’s current disclosures.
The Harmonisation Amendments amends various NZ IFRSs for the purpose of harmonising with the source IFRSs and Australian Accounting Standards. The significant amendments include:
- deletion of the requirement for an independent valuer to conduct the valuation of investment property;
- inclusion of the option to account for investment property using either cost or fair value model;
- introduction of the option to use the indirect method of reporting cash flows that is not currently in NZ IAS 7.
In addition, various disclosure requirements have been deleted.
The Group intends to adopt FRS 44 and the Harmonisation Amendments in the annual reporting period ending 31 March 2013.
NZ IAS 1 Amendments Presentation of Items of Other Comprehensive Income (effective for annual reporting periods beginning 1 July 2012)
The amendment requires entities to separate items presented in other comprehensive income into two groups, based on whether they may be recycled to profit or loss in the future. This will not affect the measurement of any of the items recognised in the balance sheet or the profit or loss in the current period. The Group intends to adopt the new standard from 1 April 2013.
Other standards, amendments and interpretations to existing standards have been published and are mandatory for the Group’s accounting periods beginning on or after 1 April 2012 or later, but the Group has not early adopted them as they are not applicable to the Group, or the interpretation of the standards as clarified by amendments was the same as already applied by the Group.
Application of these standards, amendments and interpretations is not expected to have a material impact on the Group’s financial position and results in the period of initial application.
3. INTEREST
| Group | Parent | |||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| ---------------- | ---------------: | -----------: | ---------------: | -----------: |
| $000 | $000 | $000 | $000 | |
| Cash and cash equivalents | 23 | 89 | 5 | 4 |
| Interest on Advances | 3,492 | 3,400 | 3,245 | 3,081 |
| --------------------------- | ---------------- | ------------ | ---------------- | ------------ |
| Total | $3,515 | $3,489 | $3,250 | $3,085 |
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NZ Gazette 2012, No 105
✨ LLM interpretation of page content
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Financial Report of the Community Trust of Southland
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💰 Finance & RevenueFinancial Report, Community Trust, Southland, 2012, Statements, Notes, Audit, Accounting Policies, Interest