Note 13
Creditors and ther payables
Model Financial Statements: Te Motu Regional Economic Development Trust 2010/11
| NZ IAS 1.77 | Actual 2011 |
Actual 2010 |
|
|---|---|---|---|
| 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. | ||
