Page 89 - BWA Annual Report 2023

WESTERN AUSTRALIAN BASKETBALL FEDERATION (INC.)
Notes to the financial statements
for the year ended 31 December 2023
Note
1 Revenue and other income (cont.)
1.3.2 Revenue from Merchandise Sales
The revenue from merchandise sales is recognised at a point in time, when control of the goods is transferred to the
purchaser.
1.3.3 Revenue from Participation Fees
The revenue from participation fees is recognised at a point in time, when the course is delivered.
1.3.4 Revenue from Registrations
The revenue from registrations is generally recognised over a period of 12 months as the customer is provided with the benefit by the Association.
1.3.5 Revenue from Stadium / Court Hire
The revenue from stadium or court hire is recognised at a point in time, when the courts have been used or invoiced, and unable to be cancelled.
1.3.6 Revenue from Administration, Affiliation and Referee Fees
The revenue from administration, affiliation and referee fees are recognised over time, as the customer consumes the benefits, being the referee services and administration of the competitions provided by the Association.
1.3.7 Revenue from Grants
Income from grants is recognised on receipt when the terms and conditions of the grant are not enforceable or sufficiently
specific. Where the terms and conditions are enforceable and sufficiently specific, revenue is recognised as the Association fulfills the performance obligations under the grant.
1.3.8 Interest income
Interest revenue is recognised in accordance with note 3.1 Finance income and expenses.
2023 2022 $$
3,308,075 328,639 178,889 204,106
3,011,098 297,930 223,476 296,997
4,019,709
3,829,501
Note
2.1.1 Accounting policy
2 Expenses
The following significant expense items are relevant in explaining the financial performance:
2.1 Employee benefits expense
Wages and salaries Superannuation
Employee leave entitlements
Payroll tax and other taxes
a. Short-term benefits
Liabilities for employee benefits for wages, salaries and annual leave that are expected to be settled within 12 months of the reporting date represent present obligations resulting from employees' services provided to the reporting date and are calculated at undiscounted amounts based on remuneration wage and salary rates that the Association expects to pay at the reporting date including related on-costs, such as workers compensation insurance and payroll tax.
b. Other long-term benefits
The Association’s obligation in respect of long-term employee benefits other than defined benefit plans, such as long service leave, is the amount of future benefit that employees have earned in return for their service in the current and prior periods plus related on-costs; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is the Reserve Bank of Australia's cash rate at the report date that have maturity dates approximating the terms of the Association's obligations. Any actuarial gains or losses are recognised in profit or loss in t he period in which they arise.
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