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CAA Annual Report : 2013 Annual Report
18 1. STATEMENT OF ACCOUNTING POLICIES 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 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 have been prepared on an accruals 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. (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 excluding motor vehicles. Motor vehicles depreciated using the diminishing value 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 2013 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, 2013
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