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Notes to and forming part of the Financial Statements
Note 1: Statement of Significant Accounting Policies
The principal accounting policies adopted in the preparation of the financial report are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
Compliance with Australian Accounting Standards
This general purpose financial report has been prepared in accordance with Australian Accounting
Standards as they apply, other authoritative pronouncements of the Australian Accounting Standards Board,
Interpretations and relevant South Australian legislation.
The financial report was authorised for issue by certificate under clause 11 of the Local Government
(Financial Management) Regulations 1999 dated 30 June 2011.
Income Tax
The Western Region Waste Management Authority operated as a Regional Subsidiary of the Members
Council pursuant to section 43 of the Local Government Act 1999. Accordingly, it is not liable to pay
income tax.
Plant and Equipment
Plant and equipment is brought to account at cost, less, where applicable, accumulated depreciation. All
assets are depreciated over their useful lives commencing from the time that the asset is held ready for use.
The depreciation rates used for items of plant & equipment are:
Furniture and fittings
20%
Computer equipment
33%
Other equipment and vehicles
20%
Cash
For the purposes of the statement of cash flows, cash includes cash on hand and on deposit with banks and
the Local Government Financing Authority. The provision for landfill restoration where the time value of
money is material shall be the present value of the expenditures expected to settle the obligation.
Note 1: Statement of Significant Accounting Policies
Going Concern
Notwithstanding the deficiency of net assets, the financial report has been prepared on a going concern
basis as the Board has received a guarantee from Member Councils of continued financial support and the
Board Members believe such financial support will continue to be made available.
2012
2011
Note 2: Revenues
Investment income
- Local Government Finance Authority
10,729
48,915
- Banks
66,220
11,840
76,949
60,755
Other Revenues
Local Government Finance Authority Bonus
3,453
2,004
3,453
2,004
80,402
62,759
Western Region Waste Management Authority Annual Report 2011/2012
Member Councils: Charles Sturt; Holdfast Bay; Port Adelaide Enfield; West Torrens
For the Year Ended 30 June 2012