UNCONTROLLED IF PRINTED ACCOUNTING POLICY

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1 UNCONTROLLED IF PRINTED NAVY CANTEENS ACCOUNTING POLICY Applicability: This procedure is applicable to all RANCCB directors and Navy Canteens, managers and staff in all Navy Canteens business units. Legislation: Commonwealth Authorities and Companies Act 1997 Naval Defence Act 1910 Navy (Canteens) Regulations 1954 Summary. The Accounting Policies of the Royal Australian Navy Central Canteens Board establish the accounting policies for business units trading under the banner, Navy Canteens. The policies provide a framework for the recognition and measurement of Income, Expenses, Assets and Liabilities as mandated by the Australian Accounting Standards Board (AASB) and the Finance Ministers Orders (FMO s)s. In the event the Policies contradict the recommendation of the AASB or the FMO s, the AASB / FMO interpretation shall prevail. Background 1. The RANCCB is subject to the Navy (Canteens) Regulations 1954 read with the Naval Defence Act 1910 and the Commonwealth Authorities and Companies Act The RANCCB operates several business units trading under the banner of Navy Canteens. 2. By virtue of this legislation, the RANCCB is subject to the requirements of the Department of Finance and Deregulation (DOFD) and the AASB in the preparation of Financial Statements. Policy Scope 3. This policy applies to the recognition and measurement of Income, Expenses, Assets and Liabilities of the RANCCB. For the purpose of this Policy, the trading entity name Navy Canteens will be used. Recognition and Measurement of commercial transactions not covered under this policy shall be determined by the CFO and ratified by the Audit Committee. Revenue 4. Revenue from sale of goods is recognised when: a. the risks and reward of ownership have been transferred to the buyer; b. Navy Canteens does not retain managerial involvement or effective control over the goods; Nc Accounting Policy 13 December 2012 Page 1 of 6

2 c. the revenue and transaction costs can be reliably measured; or d. it is probable that economic benefits associated with the transaction will flow to Navy Canteens. 5. Revenue from the rendering of services is recognised when: a. the stage of completion of the transaction at the reporting date can be reliably measured; b. the revenue and transaction costs can be reliably measured; or c. it is probable that economic benefits associated with the transaction will flow to Navy Canteens. 6. Interest revenue is recognised when it is probable that the benefits will flow to Navy Canteens and the revenue can be measured reliably. Revenue is recognised using the effective interest rate method as set out in AASB 139. Employee Entitlements Liabilities 7. Liabilities for services rendered by employees are recognised at the reporting date to the extent that they have not been settled. 8. Liabilities for short-term employee benefits (as defined in AASB 119) and termination benefits due within twelve months of balance date are measured at their nominal amounts. The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability. 9. Other long-term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligations are to be settled directly. Leave 10. The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of Navy Canteens is estimated to be less than the annual entitlement for sick leave. 11. Leave liabilities are calculated on the basis of employees remuneration at the estimated salary rates that will be applied at the time the leave is taken, including the entity s employer superannuation contribution rates to the extent that leave is likely to be taken during service rather than paid out on termination. Page 2 of 6

3 Superannuation 12. Contributions are made by Navy Canteens to employee superannuation funds and are charged as expenses when incurred. Financial Assets Cash 13. Cash is recognised at its nominal amount. Cash and cash equivalents includes: a. cash on hand; and b. demand deposits in bank accounts with an original maturity of 6 months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Financial Instruments 14. Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below. Trade and other receivables 15. Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as Trade and other receivables. They are included in current assets except for maturities greater than 12 months after balance sheet date. These are classified as non-current assets. Trade and other receivables are measured at cost on trade date. Held-to-maturity investments 16. These investments have fixed maturities, and it is the organisation s intention to hold these investments to maturity. Any held-to-maturity investments held by the group are stated at amortised cost using the effective interest rate method. Financial Liabilities 17. Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced). Leases 18. A distinction is made between finance and operating leases. Finance leases effectively transfer from the lessor to the lessee substantially all the risks and rewards incidental to ownership of leased assets. An operating lease is a lease that is not a finance lease. In operating leases, the lessor effectively retains substantially all such risks and benefits. 19. Where an asset is acquired by means of a finance lease, the asset is capitalised at either the fair value of the lease property or, if lower; the present value of minimum lease payments Page 3 of 6

4 at the inception of the contract and a liability is recognised at the same time for the same amount. 20. The discount rate used is the interest rate implicit in the lease. Leased assets are amortised over the period of the lease. Lease payments are allocated between the principal component and the interest expense. 21. Operating lease payments are expensed on a straight line basis which is representative of the patter of benefits derived from the leased assets. Property Plant and Equipment 22. Purchases of property, plant and equipment are recognised initially at cost in the Balance Sheet. 23. Fair values for each class of asset are determined as shown below: Asset Class Land Building excluding Leasehold improvements Plant and equipment Fair Value measured at: Market selling price Market selling price Market selling price 24. Following initial recognition at cost, property plant and equipment are carried at Fair Value less accumulated depreciation and accumulated impairment losses. Valuations are to be conducted with sufficient frequency to ensure that the carrying amounts of assets do not differ materially from the assets fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets. 25. Revaluation adjustments are to be made on a class basis. Any revaluation increment is recognised in Other Comprehensive Income and accumulated in equity under the heading Revaluation Surplus except to the extent that it reverses a previous revaluation decrement of the same asset class that was previously recognised through profit and loss. Revaluation decrements for a class of assets are recognised directly through profit and loss except to the extent that they reverse a previous revaluation increment for that class. 26. Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the re-valued amount. Depreciation 27. Depreciable property plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to Navy Canteens using, where appropriate, the straight-line method or the written down value method of depreciation. 28. Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate. 29. Depreciation rates applying to each class of depreciable asset are based on the following useful lives: Page 4 of 6

5 Building on freehold land From 5 to 50 Years From 5 to 50 Years Plant and equipment From 5 to 50 Years From 5 to 50 Years Asset recognition threshold 30. Assets costing less than $500 (individually, and not where they form a part of a group of similar items) are expensed to the Statement of Comprehensive Income in the year of acquisition. Impairment 31. Where indications of impairment exist, the asset s recoverable amount is estimated and an impairment adjustment made if the asset s recoverable amount is less than its carrying amount. 32. The recoverable amount of an asset is the higher of its Fair Value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset s ability to generate future cash flows, and the asset would be replaced if Navy Canteens were deprived of the asset, its value in use is taken to be its depreciated replacement cost. De-recognition 33. An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. GST 34. Revenues, expenses and assets are recognised net of the amount of GST except where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable and receivables and payables which are stated with the amount of GST included. 35. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet. Inventories 36. Inventories held for sale are valued at the lower of cost and net realisable value. Inventories comprise finished product held for resale. 37. Costs incurred in bringing inventories held for sale to its present location and condition are assigned as follows: a. Finished Goods Direct cost plus attributable costs that can be allocated on a reasonable basis. Responsibilities Page 5 of 6

6 38. The CEO, CFO and business unit managers of the Navy Canteens are responsible for the implementation of the approved Accounting Policies. Status: Board Approved Author: CFO Reviewer: CEO Reference: Date: 18-Dec-12 Page 6 of 6

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