✨ TSB Community Trust Financial Statements
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2014
1. Statement of Accounting Policies (continued)
(ii) Loans and Receivables (continued)
With the exception of available for sale equity investments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
Derecognition of Financial Assets
The Trust derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Trust neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Trust recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Trust retains substantially all the risks and rewards of ownership of a transferred financial asset, the Trust continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
(iii) Available for Sale Equity Instruments
In respect of available for sale equity instruments, impairment losses previously recognised through profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognised directly in equity.
(iv) Financial Liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit and loss or other financial liabilities. There were no financial liabilities at balance date that were designated as fair value through profit and loss.
Other Financial Liabilities
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis.
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NZ Gazette 2014, No 87
✨ LLM interpretation of page content
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TSB Community Trust Financial Statements
(continued from previous page)
💰 Finance & Revenue15 July 2014
Financial Statements, Community Trusts, TSB, Accounting Policies, Loans, Receivables, Impairment Loss, Financial Liabilities