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CAA Annual Report : 2014 Annual Report
18 (h) EMPLOYEE BENEFITS Provisions are made for the liability due to employee benefits arising from services rendered by employees to the reporting date. Employee benefits expected to be settled wholly within one year together with benefits arising from wages and salaries, sick leave and annual leave which will be settled wholly within one year, have been measured at their nominal amount. Other employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. Contributions are made to employee superannuation funds and are charged as expenses when incurred. All employees are entitled to varying levels of benefits on retirement, disability or death. The superannuation plans or equivalent provide accumulated benefits. Contributions are made in accordance with the statutory requirements of each jurisdiction. (i) PROVISIONS Provisions are recognised when the company 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. (j) REVENUE Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument. Revenue from the rendering of a service is recognised upon the delivery of the service to the customers. All revenue is stated net of the amount of goods and services tax (GST). (k) MEMBER FEES The association's membership subscription year is 1 July to 30 June. Fees are payable annually in advance. Only those member fee receipts that are attributable to the current financial year are recognised as revenue. Fee receipts relating to periods beyond the current financial year are shown, excluding any applicable taxes, in the Statement of Financial Position as Fees in Advance, under the heading of current liabilities. (l) 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 Tax Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. 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