2021-01-18 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA   18 JANUARY 2021




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GENERAL COMMITTEE MEETING AGENDA                                                                                 18 JANUARY 2021

       Noosa Biosphere Reserve Trust
       ABN 12729 644.586

       Notes to the Financial Statements
       For the Year Ended 30 June 2020

       2   Summary of Significant Accounting Policies continued

           (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).

                  Recelvables 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)   Trade and other receivables

                 Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
                 effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for
                 settiement within 30 days.

           (f}   Adoption of new and revised accounting standards

                 The Trust has adopted all standards which became effective for the first time at 30 June 2020, the adoption of
                 these standards has not caused any material adjustments to the reported financial position, performance or
                 cash flow of the Trust.

                 Due to the nature of the Trust's revenue, the Trust's existing methodology for recognising revenue was already
                 compliant with the new revenue standards, AASB 1058 /ncorme of Not-for-Profit Entities (applies to operational
                 funding) and AASB 15 Revenue from Contracts with Customers (applies to funding received for environmental
                 projects).

                 The Trust currently uses office space under a peppercorn lease agreernent. In Decernber 2018, amendments
                 were made to AASB 1058 and AASB 16 Leases which removed the requirement for not-for- profit entities to
                 recognise peppercorn leases at fair value as @ right to use asset. As such, AASB 16 also did not impact the
                 Trust.

           (9)   New accounting standards for application in future periods

                 The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory
                 application dates for future reporting periods, The Trust has decided against early adoption of these Standards,
                 but does not expect the adoption of these standards to have any impact on the reported position or
                 performance of the Trust.
      3 = Critical Accounting Estimates and Judgments
           The responsible persons have not made any significant accounting estimates or judgements which are likely to affect
           the future results of the Trust.

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