Annual Report 2017

Directors’ declaration

26 Correction of prior period error The investment property is accounted for using the cost model, however it was noted during the year that depreciation had not been recognised since the property was acquired. This was corrected during the current year resulting in a reduction in retained earnings at 1 January 2016 of $124,562, an increase in depreciation expense of $7,909 for the year ended 31 December 2016 and an increase in accumulated depreciation of $132,471. Leasehold improvements are required to be depreciated over the shorter period of the term of the lease or reference to comparable owned property. It was noted during the year that some assets were being depreciated over a period greater than the lease term. This was corrected in the current year resulting in a reduction in retained earnings at 1 January 2016 of $18,993, an increase in depreciation expense of $28,411 for the year ended 31 December 2016 and an increase in accumulated depreciation of $47,404.

In the opinion of the Directors of The Speech Pathology Association of Australia Ltd: a. The financial statements and notes of The Speech Pathology Association of Australia Ltd are in accordance with the Corporations Act 2001, including: i Giving a true and fair view of its financial position as at 31 December 2017 and of its performance for the financial year ended on that date; and ii Complying with Australian Accounting Standards – Reduced Disclosure Requirements (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and b. There are reasonable grounds to believe that The Speech Pathology Association of Australia Ltd will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors:

Belinda Hill (Price) Vice President of Operations

Gaenor Dixon President Dated the 2nd day of March 2018

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2017 ANNUAL REPORT Speech Pathology Australia