Berry Street Web Docs Financial Report 2013 | Page 8

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
Berry Street Victoria Incorporated has elected to early adopt the Australian Accounting Standards – Reduced
Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards
and AASB 2010–2: Amendments to Australian Accounting Standards arising from Reduced Disclosure
Requirements. Accordingly, the association has also early adopted AASB 2011–2: Amendments to Australian
Accounting Standards arising from the Trans-Tasman Convergence Project – Reduced Disclosure
Requirements and AASB 2012–7: Amendments to Australian Accounting Standards arising from Reduced
Disclosure Requirements in respect of AASB 2011–9: Amendments to Australian Accounting Standards –
Presentation of Items of Other Comprehensive Income.
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 Associations Incorporation Reform Act 2012. The association is a not-for-profit
entity for financial reporting purposes under Australian Accounting Standards.
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 the financial statements are presented below and
have been consistently applied unless stated otherwise.
The financial statements, except for the cash flow information, have been prepared on an accruals basis and
are based on historical costs, modified, where applicable, by the measurement at fair value of selected noncurrent assets, financial assets and financial liabilities. The amounts presented in the financial statements
have been rounded to the nearest dollar.
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The financial statements were authorised for issue on 1 October 2013 by the committee.
Accounting Policies
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.

Revenue

Grant revenue is recognised in the statement of comprehensive income when the entity obtains control of the
grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount
of the grant can be measured reliably.
If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution,
the recognition of the grant as revenue will be deferred until those conditions are satisfied.
When grant revenue is received whereby the entity incurs an obligation to deliver economic value directly
back to the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in the
statement of financial position as a liability until the service has been delivered to the contributor, otherwise
the grant is recognised as income on receipt.
Berry Street Victoria Incorporated receives non-reciprocal contributions of assets from the government and
other parties for zero or a nominal value. These assets are recognised at fair value on the date of acquisition
in the statement of financial position, with a corresponding amount of income recognised in the statement of
comprehensive income.
Donations and bequests are recognised as revenue when received.
Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets
is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has
been established.
Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
All revenue is stated net of the amount of goods and services tax (GST).

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