Bondi Surf Bather's Life Saving Club Inc
ABN: 78 306 614 913
Notes to the Financial Statements
For the Year Ended 30 April 2024
Summary of Material Accounting Policies
(b)
Revenue and other income
Revenue from contracts with customers
Generally the timing of the payment for sale of goods and rendering of services corresponds closely to the
timing of satisfaction of the performance obligations, however where there is a difference, it will result in the
recognition of a receivable, contract asset or contract liability.
None of the revenue streams of the Association have any significant financing terms as there is less than 12
months between receipt of funds and satisfaction of performance obligations.
Specific revenue streams
The revenue recognition policies for the principal revenue streams of the Association are:
Sale of goods
Revenue from the sale of goods is recognised upon delivery of good to customers.
Subscriptions
Revenue is recognised when a member is entitled to the benefits of belonging to the Association.
Sponsorship and grants
Unconditional sponsorship and grant revenue is recognised in the income statement when it is controlled.
When there are conditions attached to the revenue relating to its use for specific purposes it is recognised on
the balance sheet as a liability until such conditions are met or services provided.
Donations and collections
Donations and collections are recognised as revenue when received. The Directors acknowledge cash
donations may be misstated due to the inherent nature of these items, however, processes have been
implemented that mitigate the risk to an acceptably low level.
Other income
Other income is recognised on an accruals basis when the Association is entitled to it.
(c)
Goods and services tax (GST)
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payable are stated inclusive of GST.
Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows
arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is
classified as operating cash flows.
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BONDI SURF BATHERS’ LIFE SAVING CLUB