✨ Financial Statements Notes
29 AUGUST 2014 NEW ZEALAND GAZETTE, No. 105 2935
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
Financial Liabilities
All liabilities that are financial instruments are recognised in the Statements of Financial Position.
Financial liabilities comprise Outstanding Grants Payable, Sundry Accounts Payable, and the Subsidiary Company Current Account. Financial liabilities are initially recognised at fair value less transaction costs that are directly attributable to the issue of the financial liability. After initial recognition, financial liabilities are subsequently measured at amortised cost using the effective interest rate (EIR) method.
Operating Leases
Expenditure arising from operating leasing commitments is recognised in the Statement of Comprehensive Income in the period in which it is incurred.
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.
Comparative Figures
Where there has been a change of presentation or classification in the current year, the comparative figures have also been changed to the new classification.
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 the following table.
| Standard Reference | Standard Title | Effective Date (accounting periods beginning on or after) | Application Date for Group |
|---|---|---|---|
| NZ IFRS 9 (PBE) | Financial Instruments | 1 January 2015 | 1 April 2015 |
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NZ Gazette 2014, No 105
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial Statements, Community Trusts, Revenue, Expenses, Grants