Page 81 - 2022 BWA ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2022
Note
4 Financial assets and financial liabilities (cont.)
4.5 Trade and other payables
Accruals
PAYG 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.
2022 $
266,966 130,738 116,669
-
2021 $
4.5.1 Current Unsecured
Trade payables
41,412
26,838
121,779 96,767 64,891
10
555,785
310,285
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
P a g e | 75
Deferred Income
Deferred Income - Registrations
Equipment and clothing
2022 $
152,379 964,436
BWA ANNUAL REPORT 2022 | 75
2021 $
314,379 939,214
1,116,815
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 Non-financial assets and financial liabilities
5.1 Inventories
2022 $
2021 $
181,883
55,976
181,883
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.