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

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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

     (b)   Income Tax

           As the Trust is a charitable institution in terms of subsection 50-5 of the Income Tax Assessment Act 1997, as
           amended, it is exempt from paying income tax.                                                                            :

    (c)    Goods and services tax (GST)

           Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
           where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

           Receivables and payable are stated 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.

    (d)    Cash and cash equivalents

           Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are                   :
           readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
    (e)    Adoption of new and revised accounting standards

           The Trust has adopted all standards which became effective for the first time at 30 June 2019, the adoption of
           these standards has not caused any material adjustments to the reported financial position, performance or               i
           cash flows of the Trust.
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    (f)    New Accounting Standards and Interpretations

           The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory
           application dates for future reporting periods. The Trust has decided not to early adopt these Standards. The
           following table summarises those future requirements, and their impact on the Trust where the standard is
           relevant:                                                                                                                :
                                 Effective
                                 date for
           Standard Name         entity        Requirements                        Impact                                           :
           AASB 1058 Income of 30/06/2020      AASB 1058 supersedes all the        Grants currently received with an
           NFP Entities                        income recognition requirements     obligation to fund projects are                  |
                                               relating to private sector NFP      already recognised as a liability,
                                               entities, and the majority of income the treatment of such grants will not           ;
                                               recognition requirements relating to change.
                                               public sector NFP entities, previously                                               .
                                               in AASB 1004 Contributions. The                                                      1
                                               timing of income recognition
                                               depends on whether such a
                                               transaction gives rise to a liability or
                                               other performance obligation (a
                                               promise to transfer a good or                                                        |
   .                                           service), or a contribution by owners,
                                               related to an asset (such as cash or
                                               another asset) received by an entity.

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