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HORSHAM RURAL CITY COUNCIL


NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 30th JUNE, 2012


Introduction The Horsham Rural City Council was established by an Order of the Governor in Council on 20th January 1995.


The Council's main office is located at 18 Roberts Avenue Horsham.


The purpose of the Council is to work with the community to grow and develop the municipality as a vibrant regional centre through strong leadership, good governance, responsible use of resources, responsive services and quality infrastructure whilst preserving our natural environment.


This financial report of Horsham Rural City Council is a general purpose financial report that consists of a Comprehensive Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement, and notes accompanying these financial statements. The general purpose financial report complies with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, the Local Government Act 1989, and the Local Government (Finance and Reporting) Regulations 2004.


1 SIGNIFICANT ACCOUNTING POLICIES


(a) Basis of Accounting This financial report has been prepared on the accrual and going concern bases.


This financial report has been prepared under the historical cost convention, except where specifically stated in notes 1(g), 1(j), 1(r), 1(s) and 1(t).


Unless otherwise stated, all accounting policies are consistent with those applied in the prior year. Where appropriate, comparative figures have been amended to accord with current presentation, and disclosure has been made of any material changes to comparatives.


All entities controlled by Council that have material assets or liabilities, such as Special Committees of Management, have been included in this financial report. All transactions between these entities and the Council have been eliminated in full. Details of entities not included in this financial report based on their materiality are detailed in Note 40.


There have been no changes in accounting policies during the financial year.


(b) Revenue Recognition Rates, grants and contributions Rates, grants and contributions (including developer contributions) are recognised as revenues when the Council obtains control over the assets comprising these receipts.


Control over assets acquired from rates is obtained at the commencement of the rating year as it is an enforceable debt linked to the rateable property or, where earlier, upon receipt of the rates.


A provision for doubtful debts on rates has not been established as unpaid rates represents a charge against the rateable property that will be recovered when the property is next sold.


Control over granted assets is normally obtained upon their receipt (or acquittal) or upon earlier notification that a grant has been secured, and are valued at their fair value at the date of transfer.


Income is recognised when Council obtains control of the contribution or the right to receive the contribution, it is probable that the economic benefits comprising the contribution will flow to the Council and the amount of the contribution can be measured reliably.


70 Horsham Annual Report 2011 - 2012


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