Mayor Ahorro
D.5. Procedimiento de prueba
AASB 1054.8(b)
The financial statements of the not-for-profit company, Nonquestus, (the company) for the year ended 30 June 2013 were authorised for issue in accordance with a resolution of the directors on 23 September 2013. AASB 101.138(a) Nonquestus is a company limited by guarantee, incorporated and domiciled in Australia.
AASB 101.138(b) The nature of the operations and principal activities of the company are described in the director’s report. 2. SUMMARY OF ACCOUNTING POLICIES
AASB 101.119 (A) BASIS OF PREPARATION AASB 101.112,
AASB 1054.RDR 7.1 AASB 101 RDR16.1 Note 2
These general purpose financial statements have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards – Reduced Disclosure Requirements, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. AASB 108.28
The directors have elected under Section 334(5) of the Corporations Act 2001 to apply the following Accounting Standards in advance of their effective dates:
• AASB 1053, Application of Tiers of Australian Accounting Standards; and
• AASB 2010-2 Amendments to Australian Accounting Standards arising from reduced disclosure requirements • AASB 13 Fair value measurement.
AASB 1053 and AASB 2010-2
These Accounting Standards are not required to be applied until annual reporting periods beginning on or after 1 July 2013.
AASB 1053 establishes a differential financial reporting framework consisting of two tiers of reporting requirements for general purpose financial statements:
• Tier 1 – Australian Accounting Standards
• Tier 2 – Australian Accounting Standards – reduced disclosure requirements.
AASB 2010-2 makes amendments to each standard and interpretation, indicating the disclosures not required to be made by Tier 2 entities or inserting RDR paragraphs requiring simplified disclosures for Tier 2 entities. The company complies with Australian Accounting Standards – reduced disclosure requirements as issued by the Australian Accounting Standards Board.
AASB 101.41 The adoption of these standards has resulted in significantly reduced disclosures throughout the notes to the financial statements. There was no impact on the reporting financial position and performance of the company. Note 3 AASB 13 Fair value measurement
The effective date of AASB 13 is annual reporting periods beginning on or after 1 January 2013. AASB 13 clarifies the definition of fair value and requires highest and best use to be used in determining the value of non-financial assets.
Additional disclosures have been included in the financial statements on the adoption of AASB 13. AASB 101.117 Historical cost convention
The financial statements have been prepared on the basis of historical cost except for the following: • Land and buildings are measured at fair value less accumulated depreciation on buildings and any
impairment losses
• Available for sale financial assets are measured at fair value.
The methods used to measure the fair values of these assets are discussed in notes 2(h) and 2(i). Cost is based on the fair values of the consideration given in exchange for assets.
AASB 101.51(d),(e) Currency and rounding of amounts
ASIC Class Order 98/100 The financial statements are presented in Australian dollars, which is the company’s functional and presentation currency. The company is an entity to which ASIC Class Order 98/100 applies. Under the option available to the company under that Class Order, all values are rounded to the nearest thousand dollars ($’000) unless otherwise stated.
NONQUESTUS
(a company limited by guarantee)
NONQUESTUS
(a company limited by guarantee)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED)
AASB 101.119 (B) SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
AASB 101.116, .122, .125 The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements. 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.
Significant accounting judgements
Leases
The company has entered into leases of premises and office equipment as disclosed in Note 16(b). Management has determined that all of the risks and rewards of ownership of these premises and equipment remain with the lessor and has therefore classified the leases as operating leases.
Grants received
The company has received a number of government grants during the year. Once the company has been notified of the successful outcome of a grant application, the terms and conditions of each grant are reviewed to determine whether the funds relate to a reciprocal grant (i.e. payment for services rendered) in which case it is accounted for under AASB 118 Revenue or a non-reciprocal grant in which case it is accounted for under AASB 1004 Contributions. Note 4 Significant accounting estimates and assumptions
The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are:
Make good provisions
Provisions for future costs to return certain leased premises to their original condition are based on the company’s past experience, with similar premises and estimates of likely restoration costs determined by the company’s property manager. These estimates may vary from the actual costs incurred as a result of conditions existing at the date the premises are vacated.
Provisions for employee benefits
Provisions for employee benefits payable after 12 months from the reporting date are based on future wage and salary levels, experience of employee departures and periods of service, as discussed in Note 2(l). The amount of these provisions would change should any of these factors change in the next 12 months. AASB 101.119 (C) REVENUE RECOGNITION
AASB 118.35(a) Revenue is measured at the fair value of consideration received or receivable. Revenue is recognised net of the amounts of goods and services tax (GST) payable to the Australian Taxation Office.
Revenue from fundraising AASB 1004.11 & 12 Donations
Donations collected, including cash and goods for resale, are recognised as revenue when the company gains control, economic benefits are probable and the amount of the donation can be measured reliably.
Legacies AASB 1004.12
AASB 1004.11 Legacies are recognised when the company is notified of an impending distribution or the legacy is received, whichever occurs earlier.
Revenue from legacies comprising bequests of shares or other property are recognised at fair value, being the market value of the shares or property at the date the company becomes legally entitled to the shares or property.
Building appeal
Donations to the building appeal are recognised when received. Revenue from residential care
AASB 1004.12
Note 5 Government funding
The company’s residential care activity is supported by grants received from the federal, state and local
governments. Grants received on the condition that specified services are delivered, or conditions are fulfilled, are considered reciprocal. Such grants are initially recognised as a liability and revenue is recognised as services are performed or conditions fulfilled. Revenue from non-reciprocal grants is recognised when the company obtains
NONQUESTUS
(a company limited by guarantee)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013
AASB 118.14(a) & (c) Sales of goods
Revenue from sales of goods comprises revenue earned (net of returns, discounts and allowances) from the sale of goods purchased for resale and gifts donated for resale. Sales revenue is recognised when the control of goods passes to the customer.
AASB 118.30(a) Investment income
Investment income comprises interest and dividends. Interest income is recognised as it accrues, using the effective interest method.
AASB 118.30(c) Dividends from listed entities are recognised when the right to receive a dividend has been established. Asset sales
AASB 116.71 The gain or loss on disposal of all non-current assets and available-for-sale financial investments is determined as the difference between the carrying amount of the asset at the time of the disposal and the net proceeds on disposal.
In-kind donations
Facilities donated for occupancy by residents or children in care are included at the fair value to the company where this can be quantified and a third party is bearing the cost.
Note 6 No amounts are included in the financial statements for services donated by volunteers. AASB 101.119 (D) EXPENDITURE
Note 7 All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular category they have been allocated to activities on a basis consistent with use of the resources. Premises overheads have been allocated on a floor area basis and other overheads have been allocated on the basis of the head count. Fundraising costs are those incurred in seeking voluntary contributions by donation and do not include costs of disseminating information relating to the activities carried on by the company.
Support costs are those costs directly incurred in supporting the objects of the company and include project management carried out by central administration.
Management and administration costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Research grants are amounts granted to institutions in Australia that specialise in research into the causes and treatment of ‘malaise’. Grants are recognised when paid to the institution or when there is an obligation to make payment under a contract.
Childcare and emergency costs comprise amounts paid to overseas aid organisations to assist in the provision of emergency overseas aid to children in areas experiencing famine or war and who are suffering from ‘malaise’. Other costs comprise investment management fees, information and education costs.
AASB 101.119 (E) CASH AND CASH EQUIVALENTS
AASB 107.6, .8, .46 Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less where the investment is convertible to known amounts of cash and is subject to insignificant risk of changes in value. For the purposes of the statement of cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of any outstanding bank overdrafts.
AASB 101.119 (F) TRADE AND OTHER RECEIVABLES AASB 139.46(a)
AASB 7.27, .29(a) AASB 7.RDR27.1
Trade receivables, which comprise amounts due from sales of merchandise and from services provided to residents, are recognised and carried at original invoice amount less an allowance for any uncollectible amounts. Normal terms of settlement vary from seven to 90 days. The carrying amount of the receivable is deemed to reflect fair value.
AASB 139.58, .63 An allowance for doubtful debts is made when there is objective evidence that the company will not be able to collect the debts. Bad debts are written off when identified.
NONQUESTUS
(a company limited by guarantee)
NONQUESTUS
(a company limited by guarantee)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED)
AASB 101.119 (G) INVENTORIES
Inventories comprise goods for resale and goods for distribution at no or nominal consideration as part of the company’s charitable activities. Inventories may be purchased or received by way of donation.
AASB 102.9, .10,.36(a). Goods for resale
Inventories of goods purchased for resale are valued at the lower of cost and net realisable value. No value is ascribed to goods for resale that have been donated to the company where the fair value cannot be reliably determined. The cost of bringing each item to its present location and condition is determined on a first-in, first-out basis. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale.
AASB 102.Aus9.1, .Aus10.1, .Aus36.1(a) & (h)
Goods held for distribution
Donated goods and goods purchased for nominal consideration held for distribution are initially recognised at their current replacement cost at date of acquisition. Inventories of goods purchased and held for distribution are initially recognised at cost. The cost of bringing each product to its present location and condition is determined on a first-in, first-out basis. Cost is adjusted, when applicable, for any loss of service potential. Loss of service potential may be indicated by a current replacement cost lower than the original acquisition cost or obsolescence of goods held for distribution. Current replacement cost is the cost the company would incur to acquire the goods held for distribution at reporting date.
AASB 101.119 (H) PROPERTY, PLANT AND EQUIPMENT AASB 116 .17, .30, .31,
.73(a) Bases of measurement of carrying amount
Land and buildings are measured at fair value less accumulated depreciation on buildings and less any impairment losses recognised after the date of the revaluation. Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
AASB 116 .Aus15.1 Any property, plant and equipment donated to the company or acquired for nominal cost are recognised at fair value at the date the company obtains control of the assets.
Revaluation of land and buildings
AASB 116.31, .35(b) Following initial recognition at cost, land and buildings are carried at a revalued amount which is the fair value at the date of the revaluation less any subsequent accumulated depreciation on buildings and any subsequent accumulated impairment losses.
AASB 116.6, .32 Fair value is the amount that ‘the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date’. Fair values are confirmed by independent valuations which are obtained with sufficient regularity to ensure that the carrying amounts do not differ materially from the assets’ fair values at the reporting date. Director valuations are used if an independent valuation does not take place during an annual reporting period.
AASB 116 .Aus39.1, .Aus40.1, .Aus40.2
Land and buildings are treated as a class of assets. When the carrying amount of this class of assets is increased as a result of a revaluation, the increase is credited directly to the revaluation reserve, except where it reverses a revaluation decrement previously recognised in the statement of comprehensive income, in which case it is credited to that statement.
AASB 116.Aus40.1 When the carrying amount of land and buildings is decreased as a result of a revaluation, the decrease is recognised in the statement of profit or loss and other comprehensive income, except where a credit balance exists in the revaluation reserve, in which case it is debited to that reserve.
Depreciation
AASB 116.73(b) Items of property, plant and equipment (other than land) are depreciated over their useful lives to the company commencing from the time the asset is held ready for use. Depreciation is calculated on a straight line basis over the expected useful economic lives of the assets as follows:
AASB 116.73(c) 2013
% pa
2012 % pa
Freehold buildings 2 2
Plant and equipment 20 20
Computer equipment 33⅓ 33⅓
NONQUESTUS
(a company limited by guarantee)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013
Impairment
AASB 136.9 The carrying values of property, plant and equipment are reviewed for impairment at each reporting date, with recoverable amount being estimated when events or changes in circumstances indicate that the carrying value may be impaired.
AASB 136. .Aus6.1,
Aus32.1 The recoverable amount of property, plant and equipment is the higher of fair value less costs of disposal and value in use. Depreciated replacement cost is used to determine value in use where the assets are not held principally for cash generating purpose and would be replaced if the company was deprived of it. Depreciated replacement cost is the current replacement cost of an item of plant and equipment less, where applicable, accumulated depreciation to date, calculated on the basis of such cost. Value in use for all other assets is a discounted cash flow calculation.
AASB 136.59 An impairment loss exists when the carrying value of an asset exceeds its estimated recoverable amount. The asset is then written down to its recoverable amount.
AASB 136.60 For plant and equipment, impairment losses are recognised in the statement of profit or loss and other comprehensive income. However, because land and buildings are measured at revalued amounts, impairment losses on land and buildings are treated as a revaluation decrement.
AASB 116.67, .68, .70 Derecognition and disposal
AASB 116.41 An item of property, plant and equipment is derecognised upon disposal, when the item is no longer used in the operations of the company or when it has no sale value. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised. Any part of the asset revaluation reserve attributable to the asset disposed of or derecognised is transferred to general funds at the date of disposal.
AASB 101.119 (I) AVAILABLE-FOR-SALE FINANCIAL ASSETS AASB 139.9
AASB 1004.11 Available-for-sale assets are those financial assets that are designated as available-for-sale. When available-for-sale financial investments are recognised initially, they are measured at fair value. Any available-for-sale financial investments donated to the company are recognised at fair value at the date the company obtains control of the asset.
AASB 139.55(b), .67 to .70 After initial recognition available-for sale financial investments are measured at fair value with gains or losses being recognised in other comprehensive income until the investment is derecognised or until the investment is determined to be impaired, being either a significant or prolonged decline in value below cost, at which time the cumulative gain or loss previously recognised in other comprehensive income is reclassified to the statement of profit or loss and other comprehensive income.
AASB 139.48 AASB 7.27 AASB 7.RDR27.1
The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the reporting date. For investments with no active market, fair value is determined using valuation techniques. Such techniques include using recent arm’s length market transactions; reference to the current market value of another instrument that is substantially the same; discounted cash flow analysis; and option pricing models. AASB 101.119 (J) TRADE CREDITORS AND OTHER PAYABLES
AASB 7.29(a) AASB 7.27 & 29 AASB 7.RDR27.1
Trade payables and other payables represent liabilities for goods and services provided to the company before the end of the financial year that are unpaid. These amounts are usually settled in 30 days. The carrying amount of the creditors and payables is deemed to reflect fair value.
AASB 101.119 (K) DEFERRED INCOME
The liability for deferred income is the unutilised amounts of grants received on the condition that specified services are delivered or conditions are fulfilled. The services are usually provided or the conditions usually fulfilled within 12 months of receipt of the grant. Where the amount received is in respect of services to be provided over a period that exceeds 12 months after the reporting date or the conditions will only be satisfied more than 12 months after the reporting date, the liability is discounted and presented as non-current.
NONQUESTUS
(a company limited by guarantee)
NONQUESTUS
(a company limited by guarantee)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED)
AASB 101.119 (L) EMPLOYEE BENEFITS
AASB 119.4 Employee benefits comprise wages and salaries, annual, non-accumulating sick and long service leave,