Parks Victoria - Annual Report 2009-10

FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.21 Goods and Services TaxRevenues, expenses and assets are recognised net of goods and services tax (GST), except wherethe amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In thesecircumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item ofexpense.Receivables and payables are stated inclusive of GST. The net amount of GST recoverable from,or payableto, the ATO is included as part of receivables or payables.Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flowsarising from investing and financing activities, which is recoverable from, or payable to, the ATO, isclassified as operating cash flows and disclosed therein.2.22 Rounding of AmountsAmounts in the financial statements have been rounded to the nearest thousand dollars, unlessotherwise stated. Figures in the financial statements may not equate due to rounding.70 Parks Victoria - Annual Report 2009-10