Page 90 - Annual_Report_2020_2021

AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Summary of significant accounting policies (Continued) Revenue recognition (Continued) Membership subscriptions are recognised when received. Interest income is recognised as other income as it accrues using the effective interest method. Employee benefits Salaries, annual bonuses and paid annual leave that are expected to be settled wholly within 1

2. 2.11 (e) (f) 2.12

receive is reasonable will
Financial assets and liabilities are offset and the net amount reported in the statement of
financial position when there is a legally enforceable right to offset and there is an intention to
to discounting revenue
right of is there period,
settle on a net basis or realise the asset and settle the liability simultaneously.
unconditional effect the until previous

Summary of significant accounting policies (Continued)
an unless recognised in
has method, not incurred

Agency the when consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognised before the Agency has an unconditional right to receive consideration, the amount is presented as a contract asset. Receivables are stated at amortised cost using the effective interest method For the purpose of presentation in the

AGENCY FOR VOLUNTEER SERVICE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Offsetting financial instruments Account and other receivables recognised is receivable less allowance for credit losses. Cash and cash equivalents an insignificant risk of change in value. Account and other payables Otherwise, they are presented as non-current liabilities. the using cost amortised immaterial, in such case they are sta

2. 2.7 2.8 A 2.9 2.10 2.11 (a) (b) (c) (d)