Annual Report 22-23 Website v4 - Flipbook - Page 45
SYNCHRO WA INCORPORATED
SYNCHROWA
ABN 42 329 590 466
Notes to the Financial Statements
For the year ended 30 June 2023
Class of Asset
Plant and equipment
Computor Equipment
Motor vehicles
Other
Depreciation Rate
%
15%
40%
20%
15%
Investments
Shares in listed companies held as current assets are valued at those shares' market value at each balance
date. The gains or losses, whether realised or unrealised, are included in profit from ordinary activities before
income tax.
Non-current investments are measured on the cost basis. The carrying amount of non-current investments is
reviewed annually to ensure it is not in excess of the recoverable amount of these investments. The
recoverable amount is assessed from the quoted market value for listed investments or the underlying net
assets for other non-listed investments.
The expected net cash flows from investments have not been discounted to their present value in determining
the recoverable amounts.
Employee entitlements
Provision is made for the liability for employee entitlements arising from services rendered by employees to
balance date. Employee entitlements expected to be settled within one year together with entitlements
arising from wages and salaries, annual leave and sick leave which will be settled after one year, have been
measured at their nominal amount. Other employee entitlements payable later than one year have been
measured at the present value of the estimated future cash out flows to be made for those entitlements.
Cash
For the purpose of the statement of cash flows, cash includes cash on hand and in all call deposits with banks or
financial institutions, investments in money market instruments maturing within less than two months, net of bank
overdrafts.
Comparative Figures
Where required by Accounting Standards comparative figures have been adjusted to conform with changes in
presentation for the current financial year.
Revenue
Revenue from the sale of goods is recognised upon the delivery of goods to customers.
Interest revenue is recognised on a proportional basis taking in to account the interest rates applicable to the
financial assets.
Dividend revenue is recognised when the right to receive a dividend has been established. Dividends
received from associates and joint venture entities are accounted for in accordance with the equity method of
accounting.
Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
All revenue is stated net of the amount of goods and services tax (GST).
The accompanying notes form part of these financial statements.
41