This page has been intentionally left blank. TOWN OF EAGLE BAY AASB 101.10(e) NOTES TO AND FORMING PART OF THE BUDGET AASB 101.51 FOR THE YEAR ENDING 30 JUNE 201Z AASB 101.112 1. SIGNIFICANT ACCOUNTING POLICIES (continued) AASB 101.117 (t) Current and Non-Current Classification AASB 101.66 In the determination of whether an asset or liability is current or non-current, consideration is AASB 101.69 given to the time when each asset or liability is expected to be settled. The asset or liability is classified as current if it is expected to be settled within the next 12 months, being the Council’s operation cycle. In the case of liabilities where the Council does not have the unconditional right to defer settlement beyond 12 months, such as vested long service leave, the liability is classified as current even if not expected to be settled within the next 12 months. Inventories held for trading are classified as current even if not expected to be realised in the next 12 months except for land held for resale where it is held as non-current based on the Council’s intentions to release for sale. (u) Comparative Figures AASB 101.38 Where required, comparative figures have been adjusted to conform with changes in presentation for the current financial year. (v) Budget Comparative Figures FMR r. 36(2) Unless otherwise stated, the budget comparative figures shown in this budget document AASB 101.17(b) relate to the original budget estimate for the relevant item of disclosure. Commentary Revenue and Expenses Note 2 – Investment information FMR r. 28 The notes to the annual budget are to include, in relation to money invested by the local government, an estimate of — the amount to be earned from the investment of money held in reserve; the amount to be earned from the investment of other money; and the total earnings from investments.
This page has been intentionally left blank. AASB 101.10(e) TOWN OF EAGLE BAY AASB 101.51 NOTES TO AND FORMING PART OF THE BUDGET AASB 101.112 FOR THE YEAR ENDING 30 JUNE 201Z AASB 101.117 1. SIGNIFICANT ACCOUNTING POLICIES (continued) AASB 101.66 (t) Current and Non-Current Classification AASB 101.69 In the determination of whether an asset or liability is current or non-current, consideration is given to the time when each asset or liability is expected to be settled. The asset or liability is classified as current if it is expected to be settled within the next 12 months, being the Council’s operation cycle. In the case of liabilities where the Council does not have the unconditional right to defer settlement beyond 12 months, such as vested long service leave, the liability is classified as current even if not expected to be settled within the next 12 months. Inventories held for trading are classified as current even if not expected to be realised in the next 12 months except for land held for resale where it is held as non-current based on the Council’s intentions to release for sale. AASB 101.38 (u) Comparative Figures Where required, comparative figures have been adjusted to conform with changes in presentation for the current financial year. FMR r. 36(2) (v) Budget Comparative Figures AASB 101.17(b) Unless otherwise stated, the budget comparative figures shown in this budget document relate to the original budget estimate for the relevant item of disclosure. Note 2 Commentary – Revenue and Expenses Investment information FMR r. 28 The notes to the annual budget are to include, in relation to money invested by the local government, an estimate of — the amount to be earned from the investment of money held in reserve; the amount to be earned from the investment of other money; and the total earnings from investments.
WAAccountingManual_Section4_Part2.docx