National Consumer Tribunal Annual Report 2011/12 National Consumer Tribunal 2011-12 | Page 103

NOTES TO THE ANNUAL FINANCIAL STATEMENTS
for the year ended 31 March 2011
19
FINANCIAL INSTRUMENTS (continued)
Accounts receivable
The carrying amount of accounts receivable, net of allowance for bad debt, approximates
fair value due to the relatively short-term maturity of these financial assets.
Accounts payable
The carrying amount of trade payables has been discounted to fair value over the expected
life of the instrument.
20 Fruitless & Wasteful Expenditure
The Tribunal has not identified any fruitless and wasteful expenditure in the year to 31
March 2011
21 Irregular Expenditure
No items of irregular expenditure have been identified in the year to 31 March 2011
22 Events after reporting date
Management is not aware of any matter or circumstances as at the end of the financial
year, not otherwise dealt with in the annual financial statements, that significantly affects the
financial position of the National Consumer Tribunal or the results of its operations.
23 Going Concern
Management has carried out an assessment of the Tribunal’s ability to continue operation
as a going concern and therefore concludes that the organisation will be able to continue as
a going concern for the foreseeable future.
24 Statements applicable to the Tribunal in issue but not yet effective
At the date of authorisation of these financial statements, the following accounting standards
of Generally Recognised Accounting Principles (GRAP) were in issue, but not yet effective.
Effective Date
Impairment of non-cash-generating assets
Revenue from non-exchange transactions
(taxes and transfers)
Presentation of budget information in
financial statements
Impairment of cash-generating assets GRAP 21 1 April 2012
GRAP 23 1 April 2012
GRAP 24 1 April 2012
GRAP 26 1 April 2012
Segment reporting GRAP 18 1 April 2012
Employee benefits GRAP 25 No date determined
Financial instruments GRAP 104 No date determined
Management believes that the adoption of these standards in future periods will have no
material impact on the financial statements of the Tribunal.
Annual Report 2011
national consumer tribunal | page 101