Home' Annual Report : Annual Report 2016 Contents G. REVENUE
Revenue is recognised net of discount s to the ex tent
that it is probable that the economic benefits will flow to
CPA Australia and that it can be reliably measured.
Member Fees and Subscriptions
The subscription year runs 1 Januar y to 31 December.
Subscriptions are payable annually in advance. Only those
membership fees and subscription payments that are
attributable to the current financial year are recognised
as revenue. Fees and subscription payment s that relate
to future periods are shown in the Statement of financial
position as subscriptions and fees in advance under the
heading of Current liabilities – other.
Interest revenue is accrued on a time basis, by reference to
the principal outstanding and at the effective interest rate
applicable, which is the rate that exactly discount s estimated
future cash receipts through the expected life of the
financial asset to that asset’s net carr ying amount.
Income from Investments
Revenue is recognised when the income is earned.
Sale of Non-current Assets
The net gain / (loss) of non-current asset sales are included as
revenue / (expenses) at the date control passes to the buyer,
usually when an unconditional contract of sale is signed.
The net gain or loss on disposal is calculated as the
difference between the carrying amount of the asset at the
time of disposal and the net proceeds on disposal.
Assets which satisfy the criteria in AASB 5 Non-current
Asset s Held for Sale and Discontinued Operations as asset s
held for sale are transferred to current asset s and separately
disclosed as non-current assets held for sale on the face
of the Statement of financial position. These assets are
measured at the lower of carrying amount and fair value less
cost s to sell. These asset s cease to be depreciated from the
date on which they satisfy the “held-for-sale” criteria.
Revenue is recognised when control of the contribution or
right to receive the contribution is received.
H. LOANS AND RECEIVABLES
The terms of trade are 30 days from invoice date. Trade
receivables, loans and other receivables that have fixed or
determinable payment s that are not quoted in an ac tive
market are classified as “loans and receivables’. Loans
and receivables are measured at amortised cost using the
ef fective interest rate method less impairment. An estimate
for doubtful debts is made when collection of the full
amount is no longer probable. Bad debts are written off
I. PROPERTY, PLANT AND EQUIPMENT
All classes of assets are stated at cost less accumulated
depreciation and any impairment.
Depreciation is calculated on a straight line basis over the
estimated useful life of the asset s (excluding freehold land)
Property, plant and equipment
information technology assets
(computer hardware classified as property, plant and
equipment in the Statement of financial position)
The carrying values of property, plant and equipment
are reviewed for impairment when events or changes
in circumstances indicate the carr ying value may not be
recoverable. If such an indication exists and where carrying
values exceed the recoverable amount, the asset is written
down to the recoverable amount. Recoverable amount is the
greater of fair value less costs to sell and value in use.
Land and Buildings
Valuations are obtained biennially and were obtained in
2015. All valuations received were in excess of their recorded
value at balance date. They reflect independent assessments
of the open market value of land and buildings based on
The initial cost of an asset includes an estimate of the cost
of dismantling and removing the item and restoring the
site on which it is located. This is par ticularly relevant to
restoration provisions in proper ty leases taken up by the
Consolidated Entity where there exists an obligation to
restore the property to its original condition. These costs are
included in the value of the leasehold improvements with a
corresponding provision for the ‘restoration’ taken up.
CPA AustrAliA 2O16 integrAted rePOrt
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