✨ Financial Statements Notes
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012
Fixed Assets
Fixed Assets with exception of land and buildings are measured at cost, less accumulated depreciation and accumulated impairment losses. Commencing from 1 April 2008 land and buildings are revalued to market value. The gain on revaluation is recognised as a revaluation reserve in Other Comprehensive Income in the Statements of Comprehensive Income.
From 1 April 2008 the Trust’s building is no longer depreciated as it has a New Zealand Historic Places Trust classification and the useful life of the asset is considered indefinite.
Fixed Assets are reviewed annually to determine any impairment losses. Impairment losses are recognised in the Statements of Comprehensive Income.
Depreciation and Impairment Losses
Depreciation is provided over the useful life of the assets on the diminishing value basis.
The rates used are those approved by Trustees as follows:
| 2012 | 2011 | |
|---|---|---|
| Land and Buildings | Nil | Nil |
| Office Equipment and Furniture | 9.5% - 60.0% | 9.5% - 60.0% |
Foreign Currency Transactions and Balances
Foreign Currency transactions are recorded in New Zealand dollars at the spot exchange rate applying at the date of the transaction.
All outstanding balances denominated in foreign currencies at balance date are translated to New Zealand dollars at the balance date closing exchange rate.
All realised and unrealised gains and losses on foreign currency transactions are recognised in the Statements of Comprehensive Income.
Financial Assets
All assets that are financial instruments are recognised in the Statements of Financial Position.
All investments are initially recognised at fair value, being the fair value of consideration paid. Upon initial recognition, financial assets are designated at fair value through profit or loss as the Group manages the investments, based on their fair value. Investments are revalued to fair value at each reporting date. All realised and unrealised gains or losses on investments are recognised in the Statements of Comprehensive Income.
For investments that are actively traded in organised financial markets, fair value is determined by reference to exchange quoted market bid prices at the close of business on the Statement of Financial Position date. As these are quoted prices (unadjusted) in active markets for identical assets, they fall within Level 1 of the fair value hierarchy within NZ IFRS 7 Financial Instruments: Disclosures.
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NZ Gazette 2012, No 114
✨ LLM interpretation of page content
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Notes to the Financial Statements of ASB Community Trust
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Trust Deed, Public Benefit Entity, NZ GAAP, NZ IFRS, Fixed Assets, Depreciation, Impairment Losses, Foreign Currency Transactions, Financial Assets