Page 93 - BWA Annual Report 2023

WESTERN AUSTRALIAN BASKETBALL FEDERATION (INC.)
Notes to the financial statements
for the year ended 31 December 2023
Note
4 Financial assets and financial liabilities (cont.)
4.5 Trade and other payables
2023 $
2022 $
4.5.1 Current Unsecured
Trade payables
Accruals
Taxes payable
Funds held in trust and bond Other
4.5.2 Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carrying value of trade and other payables is considered a reasonable approximation of fair value due to the short-term nature of the balances.
205,922 152,866 122,024
41,412 266,967 130,738
- 15,329
116,669 -
496,141
555,786
4.5.3 Accounting policy
a. Trade and other payables
These amounts represent liabilities for goods and services provided to the Association prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months.
4.6 Deferred income
Note
Deferred Income
Deferred Income - Registrations
Equipment and clothing
2023 2022 $$
17,500
152,379 964,436
1,047,715
4.6.1 Accounting policy
1,065,215
1,116,815
A portion of the revenue from the Association’s registrations and fees, is deferred and recognised over the period to which they related. See also note 1.3, in the Revenue note.
5 Non-financial assets and financial liabilities
5.1 Inventories
2023 2022 $$
96,635
181,883
96,635
181,883
5.1.1 Accounting policy
Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale inventories are valued at the lower of cost and net realisable value.
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