2017-12-12 S&O Agenda - Attachment 1 to Item 9 - Tourism Noosa Annual Report 2016-17

                                          TOURISM NOOSA LTD
                                           ABN: 45 097 924 199
                   NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

The financial statements cover Tourism Noosa Ltd as an individual entity, incorporated and domiciled in Australia.
Touri5rn Noosa Lid is a cu111f)u11y li111ileLl uy yuuru11lee.

Note 1   Summary of Significant Accounting Policies
Basis of Preparation

The financial statements are general purpose financial statements that have been prepared in accordance with
Australian Accounting Standards (including Australian Accounting Interpretations) and the Corporations Act 2001
The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial
statements containing relevant and reliable information about transactions, events and conditions. Material
accounting policies adopted in the preparation of these financial statements are presented below and have
been consistently applied unless stated otherwise.
The financial statements, except for the cash flow information, have been prepared on an accruals basis and are
based on historical costs, modified, where applicable by the measurement at fair value of selected non-current
assets, financial assets and financial liabilities. The amounts presented in the financial statements have been
rounded to the nearest dollar.

Accounting Policies

  (a)    Revenue
         Non-reciprocal grant revenue is recognised in profit or loss when the entity obtains control of the grant
         and it is probable that the economic benefits gained from the grant will flow to the entity and the
         amount of the grant can be measured reliably.
         If conditions are attached to the grant which must be satisfied before it is eligible to receive the
         contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied.
         When grant revenue is received whereby the entity incurs an obligation to deliver economic value
         directly back to the contributor, this is considered a reciprocal transaction and the grant revenue is
         recognised in the statement of financial position as a liability until the service has been delivered to the
         contributor, otherwise the Qrant is recoQnised as income on receipt.
         Donations and bequests are recognised as revenue when received.
         Interest revenue is recognised using the effective interest rate 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.

         Revenue form the rendering of a service is recognised upon the delivery of the service to the customer.

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

  (b)    Inventories on hand
         Inventories are measured at the lower of cost and replacement cost.
         Inventories acquired at no cost or for nominal consideration are measured at the current replacement
         cost as at the date of acquisition.

  (c)    Property, Plant and Equipment
         Each class of property, plant and equipment is carried at cost or fair value as indicated, less, where
         applicable, accumulated depreciation and impairment losses.

         Plant and Equipment
         Plant and equipment are measured on the cost basis and are therefore carried at cost less accumulated
         depreciation and any accumulated impairment losses. In the event the carrying amount of plant and
         equipment is greater than its estimated recoverable amount, the carrying amount is written down
         immediately to its estimated recoverable amount and impairment losses are recognised either in profit or
         loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment
         of recoverable amount is made when impairment indicators are present (refer to Note 1 (f) for details of
         impairment).