Page 75 - BWA 2021 ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2021
Note 4 Financial assets and financial liabilities (cont.)
4.5 Trade and other payables
4.5.1 Current Unsecured
Trade payables
GST payable
Accruals
PAYG payable
Funds held in trust and bond Other
- 2,778 273,564 84,784 55,917 650
417,693
2021
$
2020
$
26,838
- 121,779 96,767 64,891 10
310,285
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.
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
Deferred Income
Deferred Income - Registrations
Note 5 Non-financial assets and financial liabilities Finished goods
320,486 758,865
1,079,351
71,038 71,038
2021 $
314,379
2020 $
939,214
1,253,593
4.6.1 Accounting policy
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.
5.1 Inventories
2021 $
2020 $
55,976
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BWA ANNUAL REPORT 2021 | 75
55,976
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.