Home' Annual Report : Annual Report 2015 Contents STATEMENT
OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from operations
Payment s to suppliers and employees
Net cash inflows from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for property, plant and equipment and intangible assets
Net receipts for bank bills less than 1 year but greater than 90 days
Proceeds from sale of proper ty, plant and equipment
Loan to Australian Accounting Technicians (AAT)
Net receipts / (payments) from sale of investment securities
Purchase of investment securities
Investment interest received
Net cash outflows from investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash flow from financing activities
Net increase in cash and cash equivalents held
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at the end of the financial year
NOTES TO THE
FOR THE YEAR ENDED 31 DECEMBER 2015
1. ADOPTION OF NEW AND REVISED
CPA Australia and its subsidiaries adopts all of the new
and revised Standards and Interpretations issued by the
Australian Accounting Standards Board (AASB) that are
relevant to the operations and effective for the current
annual reporting period.
2. SUMMARY OF SIGNIFICANT
A. BASIS OF PREPARATION
The financial report has been prepared on an accruals basis
and is based on historical costs and does not take into
account changing money values or, except where stated,
current valuations of non-current assets. Cost is based on
the fair values of the consideration given in exchange for
assets. The accounting policies have been consistently
applied, unless otherwise stated.
The report is presented in Australian dollars and all values
are rounded to the nearest thousand dollars ($’000) unless
otherwise stated under the option available under ASIC
Class Order 98 / 100.
B. STATEMENT OF COMPLIANCE
The financial report is a general purpose financial
report that has been prepared in accordance with
the Accounting Standards, Interpretations, other
authoritative pronouncements of the Australian
Accounting Standards Board and the Corporations Act
2001. Accounting standards include Australian equivalents
to International Financial Reporting Standards (A-IFRS).
CPA Australia is a not-for-profit entity that complies with
A-IFRS which ensures that financial statements and notes
of the Consolidated Entity comply with International
Financial Reporting Standards (IFRS). CPA Australia is
not applying paragraphs specific to not-for-profit entities.
CPA Australia is limited by guarantee and domiciled
The financial statements were authorised by
the Board of Directors on the 26 February 2016.
C. BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the
financial statements of the Company and entities controlled
by the Company. Control is achieved where the Company
has the power to govern the financial and operating policies
of an entity so as to obtain benefits from its activities.
All inter-group transactions, balances, income and expenses
are eliminated in full on consolidation.
D. INCOME TAX
In assessing its income tax liability, CPA Australia applies
the principles of mutuality to its revenues and expenses.
Revenue in the form of member receipts represents
mutual income and is not subject to income tax. Expenses
associated with such mutual activities are not tax deductible
for income tax purposes. All other receipts and payments
of CPA Australia are classified for income tax purposes in
accordance with income tax legislation.
In assessing its income tax liability, CPA Australia Advice
applies the expected amount of income taxes payable in
respect of the taxable profit for the year and is measured
using the tax rate of 30 per cent.
Deferred income tax is provided on all temporary
differences at the balance sheet date between the tax
bases of assets and liabilities and their carrying amounts
for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable
Deferred income tax assets are recognised for all deductible
temporary differences, carry-forward of unused tax assets
and unused tax losses, to the extent that it is probable
that taxable surplus will be available against which the
deductible temporary differences and the carry-forward
of unused tax assets and unused tax losses can be used.
The carrying amount of deferred income tax assets is
reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable
surplus will be available to allow all or part of the deferred
income tax asset to be utilised.
Deferred income tax assets and liabilities are measured at
the tax rates that are expected to apply to the year when
the asset is realised or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively
enacted at the balance sheet date.
Income taxes relating to items recognised directly in equity
are recognised in equity and not in the income statement.
CPA AUSTRALIA 2015 INTEGRATED REPORT
CPA AUSTRALIA 2015 FINANCIAL STATEMENTS
The Statement of cash flows is to be read in conjunc tion with the notes to the financial statements set out on pages 77 to 98.
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