Note 13: Creditors and other payables
Te Motu Regional Economic Development Trust: Model financial statements 2008/09.
Creditors and other payables
| NZ IAS 1.74, 103(c) | Actual 2009 |
Actual 2008 |
|
|---|---|---|---|
| Creditors | 26,130 | 43,090 | |
| Grants received in advance | 51,562 | 32,317 | |
| Accrued expenses | 45,780 | 44,120 | |
| Other payables | 34,200 | 33,100 | |
| Total creditors and other payables | 157,672 | 152,627 | |
| NZ IFRS 7.25, 29(a) | Creditors and other payables are non-interest bearing and are normally settled on 30-day terms. Therefore, the carrying value of creditors and other payables approximates their fair value. | ||
| NZ IAS 20.39(c) | Grants received in advance relate to funding received for the provision of specific economic development services and projects where conditions of the grant have not yet been satisfied. | ||
Note 12: Intangible assets
