2019-12-10 S&O Agenda - Item 7 - Attachment 1 - TN Annual Report-2018-19

7

TOURISM NOOSA LTD
                                          ABN: 45 097 924 199
               NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019
The financial statements cover Tourism Noosa Ltd as an individual entity, incorporated and domiciled in
 Australia. Tourism Noosa Ltd is a company limited by guarantee.
 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 grant is recognised 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
          tight to receive a dividend has been established.
          Revenue from 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 current 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(e) for details of impairment).
          Subsequent costs are included in the asset's carrying amount or recognised as a separate asset,
          as appropriate, only when it is probable that future economic benefits associated with the item
          will flow to the company and the cost of the item can be measured reliably. All other repairs and
          maintenance are recognised as expenses in profit or loss in the financial period in which they are
          incurred.

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