ROYAL ASIATIC SOCIETY-HONG KONG BRANCH
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST DECEMBER 1993
1. ACCOUNTING POLICIES
(a) Subscriptions
Annual subscription income is accounted for as it is received, except that amounts received from new members joining after 31st October in any year are carried forward into the following year.
Income relating to life memberships is taken into account in five equal instalments, commencing with the year in which it is received.
(b) The Society's journal
Provision is made each year for the estimated cost of printing the journal published for the previous year. Only those members who have paid their subscriptions in full in any year are entitled to receive the previous year's journal. No value is attributed to journals remaining in stock at the balance sheet date.
(c) Other publications
As and when the Society commissions other publications, the stock of such publications is carried at net cost to the Society, less sales proceeds received, less provision to reduce the balance to estimated net realisable value.
(d) Purchase of books
The cost of books purchased for the Society's library is written off in the year in which it is incurred.
(e) Depreciation of fixed assets
Fixed assets, such as the Society's photocopier and other equipment are capitalised in the balance sheet. Depreciation is provided so as to write off the cost of these assets over their estimated lives of four years.
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