✨ Financial Statements Continuation
15 AUGUST 2012 NEW ZEALAND GAZETTE, No. 96 2627
Notes to the financial statements (continued)
in New Zealand Dollars ($000’s)
3 Significant accounting policies (continued)
(f) Employee benefits
Liabilities for wages and salaries, including non monetary benefits, annual leave and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in trade and other payables in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Non accumulating sick leave is recognised when the leave is taken and measured at the rates paid.
(g) Revenue
Investment income
Dividend income is recognised on the date that the Trust’s right to receive payment is established. Interest income is recognised as it accrues.
(h) New standards and interpretations not yet adopted
A number of new standards are not yet effective for the year ended 31 March 2012 and have not been applied in preparing these financial statements:
- NZ IFRS 9 Financial Instruments: NZ IFRS 9, which becomes mandatory for the Trust’s 2013 financial statements, is not expected to have any impact on the financial statements.
4 Determination of fair values
A number of the Trust’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.
(a) Investments in equity and debt securities
The fair value of financial assets at fair value through profit or loss, is determined by reference to their quoted bid price at the reporting date wherever this information is available. Certain investments in emerging markets are only traded on certain days. In this instance the trades that occurred on the date nearest to the reporting date have been used.
5 Revenue
| 2012 | 2011 | |
|---|---|---|
| Dividends received | - | 86 |
| Interest received | 328 | 676 |
| Investment gains and losses | 6,518 | 10,745 |
| Other | 71 | (94) |
Total revenue | 6,917 | 11,413 |
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NZ Gazette 2012, No 96
✨ LLM interpretation of page content
💰
Statement of financial position for BayTrust
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Revenue, Investments, Fair Values, BayTrust