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CAA Annual Report : 2011
16 1. STATEMENT OF ACCOUNTING POLICIES The financial report is a general purpose financial report which has been prepared in accordance with the Corporations Act 2001, Accounting Standards and Urgent Issues Consensus Views and complies with other requirements of the law. The accounts have been prepared on the basis of historical costs and do not take into account changing money values or, except where stated, current valuations of non-current assets. The accounting policies have been consistently applied, unless otherwise stated. The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (‘AIFRS’) . (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) PROPERTY, PLANT & EQUIPMENT Property, Plant & Equipment are included at cost. All assets are depreciated over their useful lives using the prime cost method. (c) INVENTORIES Inventories are measured at the lower of cost and net realisable value using the specific identification method. (d) EMPLOYEE ENTITLEMENTS Provision has been made in the accounts for the legal liability to employees for Annual Holiday Pay and Long Service Leave. Provision for Long Service Leave represents leave entitlements accrued by those employees with in excess of five years service. FINANCIAL ACCOUNTS AND REPORTS OF CHIROPRACTORS’ ASSOCIATION OF AUSTRALIA (NATIONAL) LIMITED FOR THE YEAR ENDING 30 JUNE 2011 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 30TH JUNE, 2011
2012 Annual Report