Notes - Managing Uncertainties Cont'd.
Wreck Bay Aboriginal Community Council | |||||
ABN: 62 564 797 956 | |||||
Notes to and forming part of the financial statements | |||||
for the period ended 30 June 2020 | |||||
4.2B: Net Gains or Losses on Financial Assets | 2020 | 2019 | |||
$ | $ | ||||
Financial assets at amortised cost | |||||
Interest revenue | 20,211 | 30,533 | |||
Net gains/(losses) on financial assets at amortised cost | 20,211 | 30,533 | |||
Net gains on financial assets | 20,211 | 30,533 | |||
The net income from financial assets not at fair value through profit or loss is $20,211 (2019: $30,533). | |||||
4.3: Fair Value Measurements | |||||
Accounting Policy | |||||
Land and buildings are valued by an independent valuer using the market valuation method. | |||||
Leasehold improvements, other property, plant and equipment are valued using the depreciation replacement cost | |||||
method. | |||||
4.3A: Fair Value Measurement | |||||
Fair value measurements at the end of the reporting period | |||||
2020 | 2019 | ||||
$ | $ | ||||
Non-financial assets | |||||
Land | 45,000,000 | 45,000,000 | |||
Leasehold improvements | 99,582 | 91,899 | |||
Buildings on freehold land | 10,281,782 | 10,542,380 | |||
Other property, plant & equipment | 414,407 | 369,877 | |||
Total fair value measurements of assets in the statement of financial position | 55,795,771 | 56,004,156 | |||
1. Wreck Bay Aboriginal Community Council did not measure any non-financial assets at fair value on a non-recurring basis as at 30 June 2020. | |||||
5.1A: Aggregate Assets and Liabilities | |||||
2020 | 2019 | ||||
$ | $ | ||||
Assets are expected to be recovered in: | |||||
No more than 12 months | 6,188,117 | 2,975,555 | |||
More than 12 months | 55,795,771 | 56,004,156 | |||
Total Assets | 61,983,888 | 58,979,711 | |||
Liabilities expected to be settled in: | |||||
No more than 12 months | 4,307,643 | 669,513 | |||
More than 12 months | 129,623 | 239,627 | |||
Total Liabilities | 4,437,266 | 909,140 | |||
Visit
https://www.transparency.gov.au/annual-reports/wreck-bay-aboriginal-community-council/reporting-year/2019-20-33