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CAA Annual Report : 2014 Annual Report
15 1. STATEMENT OF ACCOUNTING POLICIES Chiropractors' Association Of Australia (National) Limited applies Australian Accounting Standards - Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements. The financial statements are general purpose financial statements that have been prepared In accordance with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. 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 otherwise stated. The financial statements, except for the cash flow information, have been prepared on an accrual basis and are based on historical costs, modified where applicable by the measurement at fair value or selected on-current assets, financial assets and financial liabilities. The financial statements were authorised for issue on 17 September 2014 by the directors of the company. (a) INCOME TAX Under present legislation income derived by the company from members is not assessable to income tax. Income tax liabilities arise in respect of income derived from non members and investments less certain allowable deductions. (b) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the statement of cash flows presentation purposes, cash and cash equivalents also includes bank overdrafts, which are shown within short-term borrowings in current liabilities on the statement of financial position. (c) TRADE AND OTHER RECEIVABLES Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method, less any provision for impairment. Collectability of trade and other receivables including loan receivable has been assessed and no provision for impairments is required as all receivables are deemed recoverable. CHIROPRACTORS' ASSOCIATION OF AUSTRALIA (NATIONAL) LIMITED A.C.N. 050 096 038 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2014 FINANCIAL ACCOUNTS AND REPORTS OF CHIROPRACTORS' ASSOCIATION OF AUSTRALIA (NATIONAL) LIMITED FOR THE YEAR ENDING 30 JUNE 2014
2013 Annual Report