GOLF CLUB • KEW
Notes to the Financial Statements
For the Eight Months Ended 31 March 2014
1. Statement of Accounting Policies
The financial statements are prepared for Green Acres Golf Club Limited as an individual entity, incorporated
and domiciled in Australia. Green Acres Golf Club Limited is a Company limited by guarantee.
The Committee has prepared the financial statements on the basis that the company is a non‑reporting
entity because there are no users dependent on general purpose financial reports. This financial report is
therefore a special purpose financial report that has been prepared in order to meet the requirements of
the Corporations Act 2001.
The financial report has been prepared in accordance with the mandatory Australian Accounting Standards
applicable to entities reporting under the Corporations Act 2001 and the significant accounting policies
disclosed below which the Committee has determined are appropriate to meet the needs of members
with the exception of:
AASB101 Presentation of Financial Statements;
AASB7 Financial Instruments Disclosures;
AASB124 Related Party Disclosures; and
AASB132 Financial Instruments Presentation.
Such accounting policies are consistent with the previous period unless otherwise stated.
The financial statements have been prepared on an accruals basis and are based on historical costs unless
otherwise stated in notes. The accounting policies have been adopted in the preparation of this report are
as follows:
(a) Revenue
Member subscriptions are recognised as revenue over the period to which they relate with portion remaining
as unearned at period end shown as Deferred Income in the Statement of Financial Position.
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the
financial assets. Other revenue is recognised when the right to receive the revenue has been established. All
revenue is stated net of the goods and services tax (GST).
(b) Staff entitlements
Provision is made for the company’s liability for employee benefits arising from services rendered by
employees to the end of the reporting period. Employee benefits that are expected to be settled within
one year have been measured at the amounts expected to be paid when the liability is settled. 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. In determining the liability, consideration is given to employee
wage increases and the probability that the employee may not satisfy vesting requirements. Those cash
outflows are discounted using market yield on national government bonds with terms to maturity that match
the expected timing of cash flows attributable to employee benefits.
Contributions are made by the entity to an employee superannuation fund and are charged as expenses
when incurred.
(c) Income tax
No provision for income tax has been raised as the company is considered exempt from income tax under
Division 50 of the Income Tax Assessment Act 1997.
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