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The assets’ residual values and useful lives are reviewed,
and adjusted if appropriate, at the end of each reporting
FINANCIAL REPORT period.
An asset’s carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount.
NOTES TO THE FINANCIAL Accounting Policies
STATEMENTS FOR THE YEAR A Income Tax
ENDED 30 JUNE 2018 No provision for income tax has been raised as
Note 1: Summary of Significant Accounting ABBTF operates solely as a non-profit
Policies: company and is exempt from income tax.
Australian Brick & Blocklaying Training
Foundation Limited is a company limited by B. Property, Plant and Equipment
guarantee, incorporated and domiciled in Each class of property, plant and equipment is
Australia. carried at cost or fair value as indicated less,
The statements were authorised for issue on where applicable, any accumulated
22 August 2018 by the Directors of the depreciation and impairment losses.
Company.
Plant and Equipment
Reporting Basis and Conventions Plant and equipment are measured on the cost
The Directors have prepared the financial basis.
statements on the basis that the company is a The carrying amount of plant and equipment is
non-reporting entity because there are no reviewed annually by Directors to ensure it is
users dependent on general purpose financial not in excess of the recoverable amount from
statements. The financial statements are these assets. The recoverable amount is
therefore special purpose financial statements assessed on the basis of the expected net
that have been prepared in order to meet the cash flows that will be received from the
needs of members. asset’s employment and subsequent disposal.
The expected net cash flows have been
The financial statements have been prepared discounted to their present values in
in accordance with the significant accounting determining recoverable amounts.
policies disclosed below, which the Directors
have determined are appropriate to meet the
needs of members. Such accounting policies Depreciation
are consistent with the previous period unless The depreciable amount of all fixed assets,
stated otherwise. excluding freehold land, is depreciated on a
diminishing value basis over the asset’s useful
life to the company commencing from the time
The financial statements have been prepared the asset is held ready for use.
on an accruals basis and are based on The depreciation rates used for each class of
historical costs unless otherwise stated in the
depreciable assets are:
notes. The accounting policies that have been
adopted in the preparation of the statements
are as follows:
15-50%
15-22.5%
20%
Annual Report 2017-2018 nnual Report 2017-2018
A 36
