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CAA Annual Report : 2014 Annual Report
19 (m) TRADE AND OTHER PAYABLES Trade and other payables represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. (n) CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS Impairments of non-financial assets other than goodwill The company assesses impairment at the end of each reporting period by evaluation of conditions and events specific to the company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using the greater of 'fair value less cost to sell' and 'value in use' calculations. Long service leave provision The liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account. Provision for employee benefits For the purpose of measurement, Asabi 119: Employee Benefits (September 2011) defines obligations for short-term employee benefits as obligations expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related services. The company has determined that it expects most employee benefits to be taken within 24 months of the reporting period in which they were earned and that this change did not have a material impact on the amounts recognised in respect of obligations for employees' leave entitlements. (o) ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS During the current year, the company adopted all of the new and revised Australian Accounting Standards and Interpretations applicable to its operations which became mandatory. Employee Benefits During the year, the company adopted AASB 119: Employee Benefits (September 2011) and the relevant consequential amendments arising from the related Amending Standards, which are mandatorily applicable from 1 January 2013 (As a result, the company early adopted AASB 2011-11: Amendments to AASB 119 (September 2011) arising from the Reduced Disclosure Requirements because the company's financial statements are prepared under Australian Accounting Standards - Reduced Disclosure Requirements). The company has applied AASB 119 (September 2011) with retrospective effect. Among other things, the main changes introduced by AASB 119 (September 2011) relate to defined benefits 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