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

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(g)       Cash on Hand
           Cash on hand includes cash on hand, deposits held at-call with banks, other short-term highly
           liquid investments with original maturities of three months or less, and bank overdrafts. Bank
           overdrafts are shown within short-term borrowings in current liabilities on the statement of
           financial position.
 (h)       Accounts receivable and other debtors
           Accounts receivable and other debtors include amounts due from members as well as amounts
           receivable from customers for goods sold in the ordinary course of business. Receivables
           expected to be collected within 12 months of the end of the reporting period are classified as
           current assets. All other receivables are classified as non-current assets.
           Accounts receivable are initially recognised at fair value and subsequently measured at
           amortised cost using the effective interest rate method, less any provision for impairment. Refer to
           Note 1(e) for further discussion on the determination of impairment losses.
(i)        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 statement of financial position.

           Cash flows are presented on a gross basis. The GST components of cash flows arising from
           investing or financing activities which are recoverable from, or payable to, the ATO are
           presented as operating cash flows included in receipts from customers or payments to suppliers.
(i)        Income Tax
           No provision for income tax has been raised as the entity is exempt from income tax under Div 50
           of the Income Tax Assessment Act 1997.
 (k)       Provisions
           Provisions are recognised when the entity has a legal or constructive obligation, as a result of past
           events, for which it is probable that an outflow of economic benefits will result and that outflow
           can be reliably measured. Provisions recognised represent the best estimate of the amounts
           required to settle the obligation at the end of reporting period.
(I)        Comparative Figures
           Where required by Accounting Standards comparative figures have been adjusted to conform
          with changes in presentation for the current financial year.
           When an entity applies an accounting policy retrospectively, makes a retrospective restatement
           or reclassifies items in its financial statements, a statement of financial position as at the
           beginning of the earliest comparative period must be disclosed.
(m)       Accounts Payable and Other Payables
          Accounts payable and other payables represent the liability outstanding at the end of the
          reporting period for goods and services received by the company during the reporting period
          which remain unpaid. The balance is recognised as a current liability with the amounts normally
          paid within 30 days of recognition of the liability.
(n)       Critical Accounting Estimates and Judgments
          The directors evaluate estimates and judgments incorporated into the financial statements
          based on historical knowledge and best available current information. Estimates assume a
          reasonable expectation of future events and are based on current trends and economic data,
          obtained both externally and within the company.
(0)       Economic Dependence
          Tourism Noosa Ltd is dependent on the collection of the Tourism Levy via the Noosa Council for
          the majority of its revenue to operate the business. At the date of this report, the Board of
          Directors confirms that Tourism Noosa Ltd have an agreement with the Noosa Council to collect
          the levy on behalf of Tourism Noosa Ltd for 3 years, and, following a review, to collect the levy for
          a further 2 years.