Berry Street Web Docs Financial Report 2009 | Page 8

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The financial report is a general purpose financial report that has been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations and other authoritative
pronouncements of the Australian Accounting Standards Board and the requirements of the Associations
Incorporation Act of Victoria 1981.
The financial report is for Berry Street Victoria Inc. as an individual entity. Berry Street Victoria Inc. is an
association incorporated in Victoria under the Associations Incorporation Act 1981 and domiciled in Australia.
The financial report of Berry Street Victoria Inc. as an individual entity complies with all Australian
Equivalents to International Financial Reporting Standards (AIFRS) in their entirety.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a
financial report containing relevant and reliable information about transactions, events and conditions to
which they apply. Compliance with Australian Accounting Standards ensures that the financial statements
and notes also comply with International Financial Reporting Standards. Material accounting policies
adopted in the preparation of this financial report are presented below and have been consistently applied
unless otherwise stated.
Reporting basis and conventions
The financial report has been prepared on an accruals basis and is based on historical costs. It does not take
into account changing money values or, except where stated, current valuations of non-current assets. Cost
is based on the fair values of the consideration given in exchange for assets.
The presentation currency used in these financial statements is Australian dollars.
(a)

Property

Each class of property and equipment is carried at cost or fair value less, where applicable, any accumulated
depreciation and impairment losses.
Property
Where the association has a right to the economic benefit flowing from the asset, freehold land and buildings
are measured on the fair value basis, being the amount for which an asset could be exchanged between
knowledgeable willing parties in an arm’s length transaction.
It is the policy of the association to have an independent valuation every three years. An independent
valuation of land and buildings was performed by Goulburn Valley Property Services, Burnham Corporation
and CJA Lee & Associates in 2007-2008, whereby assets were revalued to market value. Properties are
revalued every three years and this will occur during 2010-2011.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
association and the cost of the item can be measured reliably. All other repairs and maintenance are
charged to the Income Statement during the financial period in which they are incurred.
Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation
reserve in equity. Decreases that offset previous increases of the same asset are charged against fair value
reserves directly in equity; all other decreases are charged to the Income Statement.

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