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EHA : EHA Yearbook 2010
EHA ANNUAL REPORT 2010 Environmental Health Australia Limited ABN 58 000 031 998 Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010 The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Depreciation Method Office Premises 2.5% Straight Line Office Equipment 11% to 40% Diminishing & Straight Line Leased Office Equipment 33% Straight Line (d) Cash & Cash Equivalents Cash and cash equivalents include cash on hand and at call deposits with banks or financial institutions, and other short-term highly liquid investments with original maturities of three months or less. (e) Employee Benefits Provision is made for the company's liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. (f) Revenue and Other Income Revenue from membership fees is recognised progressively over the period to which the membership relates. Membership fees are levied on a financial year basis. The portion of membership fees received that relates to the following financial year is brought to account at balance date as membership fees received in advance (unearned revenue liability). Conference and seminars income are recognised as income and expenditure when the event is held. Any income received and expenditure incurred prior to the holding of the event are brought to account as income in advance (unearned revenue liability) and prepayments (other current assets) respectively. Grant income is brought to account as income in the year in which the grant is received or receivable to the extent of the expenditure which occurred during the year towards the purpose of the grant. Unexpended grant monies for grant income received or receivable during the year, including interest thereon where required under terms of the grant, are carried forward as unexpended grants (unearned revenue liability). Sales and other revenue is measured at the fair value of the consideration or contributions received or receivable and is recognised when the related goods or services have been provided and the income earned. All revenue is stated net of the amount of goods and services tax (GST). (g) Leases Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred. (h) Financial Instruments Recognition and Initial Measurement Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified at fair value through profit or loss, in which case transaction costs are expensed to profit or loss immediately. Fair Value Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm's length transactions, reference to similar instruments and option pricing models.