2019-12-10 P&E Agenda - Item 6 - Attachment 2 - NBRF Audited Financial Statements 2018-19

Noosa Biosphere Reserve Trust
 ABN 12 733 644 586

 Notes to the Financial Statements                                                                                                 .
 For the Year Ended 30 June 2019                                                                                                   :

 2    Summary of Significant Accounting Policies continued                                                                         |

      (f)   New Accounting Standards and Interpretations continued
                                  Effective
                                  date for                                                                                         :
;           Standard Name         entity        Requirements                       Impact
            AASB 16 Leases        30/06/2020    AASB 16 will cause an increase in  The Foundation currently uses
                                                the assets and liabilities recorded for office soace under a peppercorn
                                                most entities, whilst the net asset lease agreement. In December
                                                impact on day 1 may be nil, this will 2018, amendments were made to
                                                not be the case going forward as the AASB 1058 and AASB 16 which
                                                asset and liability will be        removed the requirement for not-
                                                amortised using different bases.   for-profit entities to recognise
                                                Operating profit should increase as peppercorn leases at fair value as
                                                rental expense is now shown as     a right to use asset. As such, this
                                                depreciation and interest expense. new standard will now not impact
                                                On an ongoing basis, there willbe — the Foundation.                                :
                                                revisions to the asset and liability
                                                whenever a relevant index affecting                                                :
                                                payments (such as CPI) changes,
                                                the lease term changes or the lease                                                ;
                                                is modified.

 3    Critical Accounting Estimates and Judgments

     The responsible persons have not made any significant accounting estimates or judgements which are likely to affect           i
     the future results of the Trust.
                                                                                                                                   i
 4   Trade and Other Receivables
                                                                                            2019           2018
                                                                                             $               $
      CURRENT                                                                                                                      |
     Trade receivables                                                                              -        25,000                ;
      Deposits                                                                                20,000         20,000                i
     GST receivable                                                                                 -         12,331
     Total current trade and other
      receivables                                                                             20,000         57,331

 5   Trade and Other Payables
      Current
      Trade payables                                                                          16,662         23,570                \
      GST payable                                                                              1,327               -
                                                                                              17,989         23,570                :

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