2016-12-12 General Committee - Attachment 1 to Item 9 - NBRF Annual Report

                            Noosa Biosphere Reserve Trust
                                  ABN 12 733 644 586
                           Notes to the Financial Statements
                           For the year ended 30 June 2016
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The carrying amount of plant and equipment is reviewed annually by directors to ensure it
is not in excess of the recoverable amount from these assets. The recoverable amount is
assessed on the basis of the expected net cash flows that will be received from the asset’s
employment and subsequent disposal. The expected net cash flows have not been
discounted in determining recoverable amounts.

  II.   Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other
short-term highly liquid investments with original maturities of three months or less, and
bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the
balance sheet.

 III.   Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable.

Interest revenue is recognised using the effective interest rate method.

Grants received are recognised as revenue when the grant funding conditions are met. For grants
received from the Noosa Shire Council grants are recognised as revenue only when an expense
allowable under the funding deed is incurred.

All revenue is stated net of the amount of goods and services tax (GST).

 IV.    Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the
amount of GST incurred is not recoverable from the Tax Office. In these circumstances, the
GST is recognised as part of the cost of acquisition of the asset or as part of an item of the
expense. Receivables and payables in the balance sheet are shown inclusive of GST.

Cash flows in the statement of cash flows are included on a gross basis and the GST component of
cash flows arising from investing and financing activities which is recoverable from or payable to the
taxation authority is classified as operating cash flows.

 V.     Employee Benefits

Provision is made for the liability for employee entitlements arising from services
rendered by employees to balance date. Employee benefits have been measured at the
amounts expected to be paid when the liability is settled, plus related costs. Accrued employee
benefits are recorded in Provisions as a Current Liability in the Statement of Financial Position.