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Amateur Fishermen's Association of the NT Inc. 2013 Annual report



Amateur Fishermen's Association of the NT Inc. 2013 Annual report

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Annual Report 2013


Amateur Fishermen's Association of the Northern Territory


E-Publications; PublicationNT; E-Books; Annual Report; Amateur Fishermen's Association of the Northern Territory annual report




Made available via the Publications (Legal Deposit) Act 2004 (NT).




Fishing -- Northern Territory -- Periodicals

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Amateur Fishermen's Association of the Northern Territory

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Annual Report; Amateur Fishermen's Association of the Northern Territory annual report

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Amateur Fishermen's Association of the Northern Territory

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Amateur Fishermen's Association of the NT Inc ABN 47 665 738 318 Notes to the Financial Statements For the year ended 31 December 2012 Note 1: Statement of Significant Accounting Policies This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporations Act. The committee has determined that the association is not a reporting entity. The report has been prepared in accordance with the requirements of the Associations Incorporation Act and the following Australian Accounting Standards: AASB 112: Income Taxes AASB 1031: Materiality AASB 110: Events after the Balance Sheet Date AASB 117: Leases No other Australian Accounting Standards, Urgent Issues Group Interpretations or other authoritative pronouncements of the Australian Accounting Standards Board have been applied. The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values, or except where specifically stated, current valuations of non-current assets. The following specific accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report: (a) Fixed Assets Leasehold improvements and office equipment are carried at cost less, where applicable, any accumulated depreciation. The depreciable amount of all fixed assets are depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use. Leasehold improvements are amortised over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. (b) Leases Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership, are transferred to the entity, are classified as finance leases. Finance leases are capitalised recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the interest expense for that period. Leased assets are depreciated on a straight line basis over the shorter of their estimated useful or over the term of the lease. These notes should be read in conjunction with the attached compilation report.

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