Page 77 - 2022 BWA ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2022
Note Note
SECTION A. HOW THE NUMBERS ARE CALCULATED
This section provides additional information about those individual line items in the financial statements that the Directors
consider most relevant in the context of the operations of the entity, including:
(a) accounting policies that are relevant for an understanding of the items recognised in the financial statements. These cover situations where the accounting standards either allow a choice or do not deal with a particular type of transaction.
(b) analysis and sub-totals.
(c) information about estimates and judgements made in relation to particular items.
2022 $
2021 $
550,029 1,054,453 232,505 163,202 1,074,158 265,542 2,015,360 686,136
479,959 1,275,017 208,686 128,694 1,013,636 145,402 1,585,297 609,382
6,041,385
5,446,073
18,737 145,123 601,480 147,898
11,495 144,525
81,265 93,863
913,238
331,148
1.1 Revenue
Administration, affiliation, and referee fees Grants
Merchandise sales
NBL1 vision and data rights
Nominations and admissions
Participation fees
Registrations
Stadium & Court hire, and Grand Final income
1.2 Other Income
Interest income
VW cleaning contribution Donations and sponsorship Other income
1.3 Accounting policies
The Association applies AASB 1058 Income of Not-for-Profit Entities and AASB 15 Revenue from Contracts with Customers.
A portion of the revenue from the Association’s registrations and fees, is deferred and recognised over the period to which they
relate. These are included under deferred revenue in the statement of financial position, refer also note 4.6 Deferred income.
All revenue is stated net of the amounts of Goods and Services Tax (GST).
1.3.1 Revenue from Nominations and Admissions
The revenue from nominations or admissions is recognised at a point in time, when the competition is held.
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.
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1 Revenue and other income
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