✨ Financial Statements
2446 NEW ZEALAND GAZETTE, No. 87 4 AUGUST 2014
TSB Community Trust
Notes to the Financial Statements
For the year ended 31 March 2014
- Statement of Accounting Policies (continued)
j) Grants
Grants are approved for payment if the grant application meets the specified criteria. They are recognised as expenditure when the specified criteria for the grant has been met. Grants approved that have not met the specified criteria are recognised as contingent liabilities.
k) Critical Accounting Estimates, Assumptions and Judgements
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Trust’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the relevant accounting policy or in the relevant note.
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trust has exercised judgement in determining the categorisation of financial assets and liabilities and the recognition of grants payable. The categories and measurement of these items are disclosed in paragraph (c) and the carrying values in note 13. The criteria used to determine whether or not a grant is a payable or contingent liability is disclosed in paragraph (j). Grants payable are included within trade and other payables in the statement of financial position. The carrying value of grants payable at 31 March 2014 was $Nil (2013: $4,500,000) and the value of contingent liabilities in relation to grants has been disclosed in note 15.
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NZ Gazette 2014, No 87
✨ LLM interpretation of page content
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TSB Community Trust Financial Statements
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💰 Finance & Revenue15 July 2014
Financial Statements, Community Trusts, TSB, Accounting Policies, Grants, Contingent Liabilities, NZ IFRS