Meeting papers

Notes to the Financial Statements

ZERO EMISSIONS NOOSA INC

For the year ended 31 December 2025
1. Summary of Significant Accounting Policies
The financial statements are special purpose financial statements prepared in order to
satisfy the financial reporting requirements of the Associations Incorporation Act QLD.

The committee has determined that the association is not a reporting entity.

The financial statements have been prepared on an accruals basis and are based on
historic costs and do not take into account changing money values or, except where
stated specifically, current valuations of non-current assets.

The following significant accounting policies, which are consistent with the previous
period unless stated otherwise, have been adopted in the preparation of these financial
statements.

Cash on Hand
Cash on hand includes cash on hand, deposits held at call with banks, and other short-
term highly liquid investments with original maturities of three months or less.

Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable after
taking into account any trade discounts and volume rebates allowed. For this purpose,
deferred consideration is not discounted to present values when recognising revenue.

Interest revenue is recognised using the effective interest method, which for floating rate
financial assets is the rate inherent in the instrument. Dividend revenue is recognised
when the right to receive a dividend has been established.

Grant and donation income is recognised when the entity obtains control over the funds,
which is generally at the time of receipt.

If conditions are attached to the grant that must be satisfied before the association is
eligible to receive the contribution, recognition of the grant as revenue will be deferred
until those conditions are satisfied.

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

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 Australian Taxation Office
(ATO). Receivables and payables are stated inclusive of the amount of GST
receivable or payable. The net amount of GST recoverable from, or payable to, the ATO
is included with other receivables or payables in the assets and liabilities statement.




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