Page 79 - 2022 BWA ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2022
Note
Note
3 Other Significant Accounting Policies related to items of profit and loss
3.1 Finance income and expenses
Finance income comprises interest income on funds invested, gains on the disposal of financial assets and changes in the fair value of financial assets at fair value through profit or loss. Interest revenue is recognised on a time proportionate basis that considers the effective yield on the financial asset.
Financial expenses comprise interest expense on borrowings calculated using the effective interest method, unwinding of discounts on provisions, changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognised on financial assets. All borrowing costs are recognised in profit or loss using the effective interest method.
4 Financial assets and financial liabilities
4.1 Cash and cash equivalents
Cash at bank Cash on hand Cash on deposit
2022 $
2021 $
1,921,509 2,100 1,025,791
2,554,213 2,600 1,025,075
2,949,400
3,581,888
4.1.1 Cash Flow Information
a. Reconciliation of cash flow from operations to profit or loss for the year
(Loss) / profit for the year
Cash flows excluded from profit or loss attributable to operating activities:
Non-cash flows in profit or loss from ordinary activities:
Depreciation and amortisation Bad and doubtful debts
Changes in assets and liabilities:
(Increase)/decrease in trade and other receivables Decrease in other assets
(Increase)/decrease in inventories Increase/(decrease) in trade and other payables Increase/(decrease) in provisions
Cash flow (used in) from operations
(520,674) -
93,466 11,316
(256,011) 48,071
224,830 -
78,988 2,622
162,493 28,756
(125,907) 245,500
(24,191)
15,062 (107,408)
23,975
(528,430)
429,318
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b. Credit and loan standby arrangement with banks
The Association has no credit standby or financing facilities in place and there were no non-cash financing or investing
activities during the year (2021: nil).
c. Non-cash investing and financing activities
The Association had no non-cash investing and financing activities during the year (2021: nil).
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4.1.2 Accounting policy
For the purposes of the statement of cash flows, cash includes deposits at call which are readily convertible to cash on hand and which are used in the cash management function on a day-to-day basis, net of outstanding overdrafts (if any).
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