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the
of
estimate

best
management’s

of
value present the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense. Until 31 March 2019, leases of property, plant and equipme

AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Summary of significant accounting policies (Continued) 2.13 Provisions (Continued) at measured are Provisions the Agency will obtain ownership at the end of the lease term. straight-line basis over the period of the lease. stand-alone prices.

2. 2.14 Leases

statement of financial position if the entity does not have an unconditional right to defer
stated at their present values. The obligations are presented as current liabilities in the
Where payment or settlement is deferred and the effect would be material, these amounts are
settlement for at least twelve months after the reporting period, regardless of when the actual
administered pension insurance plans on a mandatory, contractual or voluntary basis. The
Prepaid
For contributions to defined contribution plans, the Agency pays contributions to publicly
12 months after the end of the period in which the employees render the related service are
Salaries, annual bonuses and paid annual leave that are expected to be settled wholly within
recognised in respect of employees’ services up to the end of the reporting period and are
measured at the amounts expected to be paid when the liabilities are settled. The liabilities are
presented as current employee benefit obligations in the statement of financial position.
due.
are
they
when
expense
benefit Agency has no further payment obligations once the contributions have been paid. The employee as contributions are recognised as an asset to the extent that a cash refund or a reduction in the Termination benefits are payable when employment is terminated by the Agency before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The

AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Summary of significant accounting policies (Continued) 2.12 Employee benefits settlement is expected to occur. recognised are contributions future payments is available. and involves the payment of termination benefits. operating losses. same class of obligations may be small.

2. dates: 2.13 Provisions