PAJERO 4WD CLUB OF VICTORIA INC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
The financial statements cover PAJERO 4WD CLUB OF VICTORIA INC as an individual entity.
PAJERO 4WD CLUB OF VICTORIA INC is a not for profit Association incorporated in Victoria under
the Associations Incorporation Reform Act 2012.
The principal activities of the Association for the year ended 30 June 2019 were the promotion,
representation, encouragement and support of the activity of four wheel drive touring.
Comparatives are consistent with prior years, unless otherwise stated.
1.
Basis of Preparation
This financial report is a special purpose financial report prepared in order to satisfy the financial
reporting requirements of the Associations Incorporation Reform Act 2012. The committee has
determined that the association is not a reporting entity.
In the opinion of the Committee of Management, the Association is not a reporting entity since there are
unlikely to exist users of the financial report who are not able to command the preparation of reports
tailored so as to satisfy specifically all of their information needs. These special purpose financial
statements have been prepared to meet the reporting requirements of the Act.
Significant accounting policies adopted in the preparation of these financial statements are presented
below and are consistent with prior reporting periods unless otherwise stated.
The financial statements have been prepared on a cash basis and are based on historical costs
modified, where applicable, by the measurement at fair value of selected non-current assets, financial
assets and financial liabilities.
The following significant accounting policies, which are consistent with the previous period unless stated
otherwise, have been adopted in the preparation of this financial report.
2.
Summary of Significant Accounting Policies
Inventories
Inventories are measured at the lower of cost and net realisable value.
Fixed Assets
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any
accumulated depreciation and impairment of losses.
Property, plant and equipment, is depreciated on a straight line basis over the asset’s useful life to the
Association, commencing when the asset is ready for use.