Department of Environment and Heritage Protection. Financial Statements. for the financial year ended 30 June 2014

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Department of Environment and Heritage Protection. Financial Statements. for the financial year ended 30 June 2014"

Transcription

1 Department of Environment and Heritage Protection Financial Statements for the financial year ended 30 June 2014 Contents Page Number Statement of Comprehensive Income 2 Statement of Financial Position 3 Statement of Changes in Equity 4 Statement of Cash Flow 5 Statement of Comprehensive Income by Major Departmental Services 6 Statement of Assets and Liabilities by Major Departmental Services 8 Notes to and forming part of the Financial Statements 9 Management Certificate 47 General information These financial statements report on the financial results for the Department of Environment and Heritage Protection for the financial year 1 July 2013 to 30 June The Department of Environment and Heritage Protection is a Queensland Government department established under the Public Service Act It is controlled by the State of Queensland which is the ultimate parent. The head office and principal place of business of the department is: Level George Street Brisbane Qld 4000 A description of the nature of the operations and principal activities of this department is included in the notes to these financial statements. For information in relation to these financial statements please call (07) , or visit the departmental internet site Amounts shown in these financial statements may not add to the correct sub-totals or totals due to rounding. Page 1

2 Statement of Comprehensive Income for the year ended 30 June 2014 Notes Income from continuing operations Revenue Appropriation revenue for services 4 121, ,509 User charges, fees and fines * 5 35,968 4,533 Grants and other contributions 6 8,233 12,973 Revaluation increment Interest revenue 8-20 Other revenue 9 7,540 9,182 Total revenue 173, ,377 Gains Gain on sale of property, plant and equipment Total income from continuing operations 173, ,381 Expenses from continuing operations Employee expenses , ,655 Supplies and services 13 40,654 45,609 Grants and subsidies 14 31,950 25,266 Depreciation and amortisation 15 2,844 3,059 Impairment losses 16-1,110 Revaluation decrement Other expenses 18 3,954 5,055 Total expenses from continuing operations 182, ,931 Total comprehensive income (8,912) 5,450 * A component of user charges, fees and fines revenue relates to environmentally relevant activity collections which up to 30 June 2013 was classified as administered revenue (refer note 37). From 1 July 2013 such revenue was classified as controlled revenue (refer note 5). The accompanying notes form part of these statements.

3 Statement of Financial Position as at 30 June 2014 Current assets Notes Cash and cash equivalents 19 1,288 5 Receivables 20 23,769 95,671 Unexpended advances Other assets 22 2, Total current assets 27,390 96,420 Non-current assets Property, plant and equipment 23 24,677 19,634 Intangible assets 24 3,588 3,977 Total non-current assets 28,265 23,611 Total assets 55, ,031 Current liabilities Bank overdraft 25-15,383 Payables 26 7,013 51,702 Accrued employee benefits 27 3,395 2,801 Provision Other liabilities Total current liabilities 10,759 69,897 Non-current liabilities Provision Total non-current liabilities Total liabilities 11,638 69,897 Net assets 44,017 50,134 Equity Contributed equity 58,878 56,082 Accumulated surplus/deficit (14,861) (5,948) Total equity 44,017 50,134 The accompanying notes form part of these statements. Page 3

4 Statement of Changes in Equity for the year ended 30 June 2014 Accumulated surplus Contributed equity Total Balance at 1 July (5,948) (11,398) 56,082 73,544 50,134 62,146 Total comprehensive income for the year (8,912) 5, (8,912) 5,450 Transactions with owners as owners Equity injections (note 4) - - 7, , Equity withdrawals (note 4) - - (672) (17,572) (672) (17,572) Net transfer of assets/liabilities to other government agencies - - (4,338) (218) (4,338) (218) Net transactions with owners as owners - - 2,796 (17,462) 2,796 (17,462) Balance at 30 June (14,861) (5,948) 58,878 56,082 44,017 50,134 The accompanying notes form part of these statements. Page 4

5 Statement of Cash Flows for the year ended 30 June 2014 Cash flows from total comprehensive income Notes Inflows: Service appropriation receipts 120, ,617 User charges, fees and fines 96,903 11,128 Grants and other contributions 6,744 11,048 Interest receipts - 20 GST input tax credits received from Australian Taxation Office 12,414 17,626 Other 10,085 5,022 Outflows: Employee expenses (98,216) (119,888) Supplies and services (93,204) (16,389) Grants and subsidies (30,526) (25,748) GST remitted to Australian Taxation Office (1,377) (5,507) Other (3,845) (80,061) Net cash provided by (used in) operating activities 30 19,759 (28,132) Cash flows from investing activities Inflows: Sales of property, plant and equipment Outflows: Payments for property, plant and equipment and intangibles (10,230) (1,141) Net cash (used in) investing activities (10,227) (886) Cash flows from financing activities Inflows: Equity injections 7, Outflows: Equity withdrawals (672) (17,572) Net cash provided by (used in) financing activities 7,134 (17,280) Net increase (decrease) in cash and cash equivalents 16,666 (46,298) Cash and cash equivalents at beginning of financial year (15,378) 30,920 Cash and cash equivalents at end of financial year 19/25 1,288 (15,378) The accompanying notes form part of these statements. Page 5

6 Statement of Comprehensive Income by Major Departmental Services for the year ended 30 June 2014 Environment Management Conservation Programs Built Heritage Corporate Partnership Income from continuing operations * Appropriation revenue for services 46, ,205 59,548 59,345 4,810 3,297 10,982 11, , ,509 User charges, fees and fines 34,422 2,811 1,439 1, ,968 4,533 Grants and other contributions 1,258 8,043 6,936 4, ,233 12,973 Revaluation increment Interest revenue Other revenue 787 5,693 6,740 3, ,540 9,182 Total revenue 83, ,863 74,663 69,018 4,969 3,834 10,982 11, , ,377 Total Gains on sale of property, plant and equipment Total Gains Total income from continuing operations 83, ,865 74,666 69,020 4,969 3,834 10,982 11, , ,381 Expenses from continuing operations * Employee expenses 57,039 67,484 34,388 39,183 3,228 2,177 8,174 8, , ,655 Supplies and services 20,067 26,597 16,839 15,441 1, ,727 2,713 40,654 45,609 Grants and subsidies ,665 31,106 9, ,950 25,266 Depreciation and amortisation 1,747 1, , ,844 3,059 Impairment losses ,110 Revaluation decrement Other expenses 2,910 3, , ,954 5,055 Total expenses from continuing operations 82, ,489 84,259 67,055 5,001 3,725 10,982 11, , ,931 Total comprehensive income 713 3,376 (9,593) 1,965 (32) (8,912) 5,450 * Allocation of income and expenses to corporate services (disclosure only) Revenue 29,518 26,589 13,722 15, ,919 42,881 Expenses 29,518 26,589 13,722 15, ,919 42,881 Page 6

7 Statement of Comprehensive Income by Major Departmental Services for the year ended 30 June 2014 Allocation of revenues and expenses from ordinary activities to corporate services: Corporate Services income and expenses attributable solely to the Department of Environment and Heritage Protection are apportioned across the major departmental services while corporate services income and expenses attributable under the corporate partnership arrangements are outlined in the Statement of Comprehensive Income by Major Departmental Services. Functions (and allocation of revenue and expenses) hosted by other agencies in the corporate partnership are disclosed in the relevant department s financial statements. Refer to note 2 for a description of major departmental services. Income and expenses attributed to other agencies through corporate partnership activities are shown separately and not allocated across departmental services The accompanying notes form part of these statements. Comparative information has been restated where necessary to be consistent with disclosures in the current reporting period.. Page 7

8 Statement of Assets and Liabilities by Major Departmental Services as at 30 June 2014 Environment Management Conservation Programs Built Heritage Corporate Partnership General not attributable Current assets Cash and cash equivalents , ,288 5 Receivables 7,343 8,712 2,377 5, ,817 81,619 23,769 95,671 Unexpended advances Other assets 1, , Total current assets 8,780 9,174 3,228 5, ,105 81,624 27,390 96,420 Total Non-current assets Property, plant and equipment 6,061 11,418 17,890 6, , ,677 19,634 Intangible assets 3,522 2, , ,588 3,977 Total non-current assets 9,583 13,882 17,956 8, , ,265 23,611 Total assets 18,363 23,056 21,184 13, ,220 15,105 81,624 55, ,031 Current liabilities Bank overdraft ,383-15,383 Payables 1,548 2,827 3,452 1,642 (50) ,063 47,142 7,013 51,702 Accrued employee benefits 2,009 1,737 1,273 1, ,395 2,801 Provision Other liabilities Total current liabilities 3,775 4,571 4,851 2, ,063 62,525 10,759 69,897 Non-current liabilities Provision Total non-current liabilities Total liabilities 4,320 4,571 5,167 2, ,063 62,525 11,638 69,897 Net assets 14,043 18,485 16,017 10, ,220 13,042 19,099 44,017 50,134 The accompanying notes form part of these statements. Comparative information has been restated where necessary to be consistent with disclosures in the current reporting period. Page 8

9 Note Note title 1 Objectives and principal activities of the department 2 Major departmental services 3 Summary of significant accounting policies 4 Reconciliation of payments from consolidated fund 5 User charges, fees and fines 6 Grants and other contributions 7 Revaluation increment 8 Interest revenue 9 Other revenue 10 Gain on sale of property, plant and equipment 11 Employee expenses 12 Key executive management personnel and remuneration 13 Supplies and services 14 Grants and subsidies 15 Depreciation and amortisation 16 Impairment losses 17 Revaluation decrement 18 Other expenses 19 Cash and cash equivalents 20 Receivables 21 Unexpended advances 22 Other current assets 23 Property, plant and equipment 24 Intangibles 25 Bank overdraft 26 Payables 27 Accrued employee benefits 28 Provisions 29 Other liabilities 30 Reconciliation of operating result to net cash from operating activities 31 Non-cash financing and investing activities 32 Commitments for expenditure 33 Contingencies 34 Related party disclosure 35 Events occurring after balance date 36 Financial instruments 37 Schedule of Administered items 38 Trust transactions and balances Page 9

10 1. Objectives and principal activities of the department The Department of Environment and Heritage Protection provides strong environmental management supporting sustainable economic development. The department s three primary objectives are: avoiding, minimising or mitigating impacts to the environment protecting the integrity of Queensland s ecosystems protecting Queensland s built heritage. The department s primary objectives are achieved through partnering with government, business, industry and the community; and with innovative, evidence based environmental policies, programs and services; supported by a capable and accountable organisation. Role of the department The department role and purpose is to: manage the health of Queensland s environment by protecting the State s unique ecosystems. This includes its landscapes and waterways, as well as its native plants, animals and biodiversity act as a strong environmental regulator by supporting sustainable long-term economic development: and identify and conserve the State s built heritage places. Sources of departmental funding The department is principally funded for the services it delivers by parliamentary appropriations, and the significant revenue collected from environmentally related licencing activities. 2. Major departmental services During the department conducted its business through the Environment and Heritage Protection service. This service has three service areas: Environment Management with a focus on avoiding, minimising or mitigating impacts to the environment by developing and coordinating policy, planning, legislative frameworks and regulatory enforcement; Conservation programs provides focus on protecting the integrity of Queensland s ecosystems by ensuring the diversity and integrity of Queensland s natural ecosystems are preserved and conservation status of native species are maintained or enhanced; and Built Heritage - focuses on protecting Queensland s built heritage. In addition to the corporate services provided to the Department of Environment and Heritage Protection, the department also participates in a corporate partnership arrangement whereby some departments host a number of strategic and operational corporate services provided to a number of other recipient departments. This arrangement was developed with a focus on ensuring economies of scale, service integration, scalability, and responsiveness. The host department of each corporate service function receives the appropriation of funds and reports full time equivalent positions in the respective department. The model is multi-layered for different corporate services functions. That is, some functions are provided to two departments, and some provided to six departments with any combination in between. Page 10

11 2. Major departmental services (continued) As a host, this department provides defined services to the following departments for which no charges are levied: Recipient Department Department of Agriculture, Fisheries and Forestry Department of Tourism, Major Events, Small Business and the Commonwealth Games Department of Natural Resources and Mines Department of Energy and Water Supply Department of National Parks, Recreation, Sport and Racing Services provided by Department of Environment and Heritage Protection Internal Audit; Procurement; Right to Information Internal Audit; Procurement; Right to Information Internal Audit; Procurement; Right to Information Internal Audit; Procurement; Right to Information Finance; Human Resources; Corporate Communications; Governance Oversight; Performance Management; Privacy and Ethics; Procurement; Right to Information. Corporate Services income and expenses attributable solely to the Department of Environment and Heritage Protection are apportioned across the major departmental services while corporate services income and expenses attributable under the corporate partnership arrangements are outlined in the Statement of Comprehensive Income by Major Departmental Services. Functions (and allocation of revenue and expenses) hosted by other departments in the corporate partnership are disclosed in the relevant department s financial statements. The Department of Environment and Heritage Protection receives defined services from the following departments for which no charges are levied: Provider Department Department of Agriculture, Fisheries and Forestry Department of Natural Resources and Mines Services received by Department of Environment and Heritage Protection Fleet Management; Telecommunications Property and Facilities Management; Legal Services The department receives information technology services from the Department of Agriculture, Fisheries and Forestry as a fee for service within the corporate partnership. 3. Summary of significant accounting policies (a) Statement of compliance The Department of Environment and Heritage Protection has prepared these financial statements in compliance with section 42 of the Financial and Performance Management Standard These general purpose financial statements have been prepared on an accrual basis, in accordance with Australian Accounting Standards and Interpretations. In addition, these financial statements comply with Queensland Treasury and Trade s Minimum Reporting Requirements for the period ending 30 June 2014 and other authoritative pronouncements. Being a not for profit entity, the department has applied the requirements of Australian Accounting Standards and interpretations applicable to not-for-profit entities. Except where stated, the historical cost convention is used. (b) The reporting entity These financial statements include the value of all revenues, expenses, assets, liabilities and equity of the department. The major departmental services undertaken by the department are disclosed in note 2. Page 11

12 (c) Administered transactions and balances The department administers, but does not control, certain resources on behalf of the Government. In doing so, it is responsible and accountable for administering related transactions and items, but does not have the discretion to deploy the resources for the achievement of the department s objectives. Administered transactions and balances are disclosed in note 37. These transactions and balances are not significant in comparison to the department s overall financial performance/financial position. (d) Trust and agency transactions and balances The department holds cash and bank guarantees on behalf of companies and individuals for the following: a. As a condition of the environmental authority for petroleum and gas leases under the Environmental Protection Act 1994, applicants are required to provide financial security in the form of cash or bank guarantee to ensure compliance with specific requirements set by the state over petroleum and gas activities, to prevent or minimise any environmental harm, or to rehabilitate or restore the environment. The security is held to protect the State should the lessee not meet the conditions set out in the environmental authority. b. As a condition of other miscellaneous environment management sections of the Environmental Protection Act 1994 and other relevant Acts, financial assurances are held in the form of cash or bank guarantee to ensure compliance with specific environmental requirements as determined. As the department acts only in a custodial role in respect of these transactions and balances, they are not recognised in the financial statements, but are disclosed in note 38. Applicable audit arrangements are also shown. (e) Appropriation revenue for services revenue/administered revenue Appropriations provided under the annual Appropriation Act are recognised as revenue when received. Approval has been obtained from Queensland Treasury and Trade to recognise specific adjustments to appropriation revenue for services. Refer to note 4. Amounts appropriated to the department for transfer to other entities in accordance with legislative or other requirements are reported as administered item appropriations. As of 1 July 2012 the department no longer receives administered appropriation. Refer to note 37. (f) User charges, fees and fines User charges and fees controlled by the department are recognised as revenues when revenue has been earned and can be measured reliably with a sufficient degree of certainty through invoicing or the recognition of accrued revenue. User charges and fees are controlled by the department where they can be deployed for the achievement of departmental objectives. Refer to note 5. Fees and fines collected, but not controlled, by the department are reported as administered revenue. Refer to note 37. (g) Grants and other contributions Grants, contributions, donations and gifts, non-reciprocal in nature, are recognised as revenue in the year in which the department obtains control over them. Where monies are received that are reciprocal in nature, revenue is progressively recognised as it is earned, according to the terms of the funding agreements. Contributed assets are recognised at their fair value. Contributions of services are recognised as an expense and revenue at equal amount, only where the services would have been purchased, had they not been donated. (h) Special Payments Special payments include ex gratia expenditure and other expenditure that the department is not contractually or legally obligated to make to other parties. In compliance with the Financial and Performance Management Standard 2009, the department maintains a register detailing the special payments. The total expenditure incurred as special payments is disclosed separately within Other Expenses (note 18). However descriptions of the nature of special payments are provided only in respect of the material components of such expenditure. (i) Cash and cash equivalents For the purposes of the Statement of Financial Position and the Statement of Cash Flows, cash assets include all cash on hand, cash at bank and cash and cheques receipted but not banked at 30 June 2014, as well as deposits at call with financial institutions. Page 12

13 (j) Receivables Trade debtors are recognised at the amounts due at the time of sale or service delivery, i.e. the agreed sales/contract price. Settlement of these amounts is required within ranged trading terms of 14 days to 30 days from invoice date depending on the service provided. The collectability of receivables is assessed periodically with provision being made for impairment. All known bad debts were written-off as at 30 June The impairment movement is based on the events disclosed in note 36(c). Other debtors generally arise from transactions outside the usual operating activities of the department and are recognised at their assessed values. Other than receivables from government, settlement terms of these debtors are between days net, no interest is charged and no collateral is collected. (k) Work in progress Work in progress is recognised at cost. All costs relating to items of property, plant and equipment and intangibles constructed in-house are recorded as work in progress until completion of the project using all direct costs and, where reliably attributable, indirect costs. Work in progress performed under external contracts is recorded using the invoice amount supplied by the contractor. (l) Acquisitions of assets Actual cost is used for the initial recording of all non-current physical and intangible asset acquisitions. Cost is determined as the value given as consideration plus costs incidental to the acquisition, including all other costs incurred in getting the assets ready for use, such as architects fees and engineering design fees. However, any training costs are expensed as incurred. Where assets are received free of charge from another Queensland Government department (whether as a result of a machinery-of-government or other involuntary transfer), the acquisition cost is recognised as the gross carrying amount in the books of the transferor immediately prior to the transfer together with any accumulated depreciation. Assets acquired at no cost or for nominal consideration, other than from an involuntary transfer from another Queensland Government department, are recognised at their fair value at date of acquisition in accordance with AASB 116 Property, Plant and Equipment. (m) Property, plant and equipment Items of property, plant and equipment with a cost or other value equal to or in excess of the following thresholds are recognised for financial reporting purposes in the year of acquisition: Asset Class Threshold Land $ 1 Buildings and Infrastructure $ 10,000 Other (including heritage and cultural) $ 5,000 Items with a lesser value are expensed in the year of acquisition. Land improvements undertaken by the department are included with Buildings or Infrastructure based on the proximity of the asset to which they relate. Research, design and appraisal studies Preliminary appraisal costs, cost estimates and/or investigating study costs that precede management decisions on the acceptance of particular projects are expensed as incurred. Repairs and maintenance Expenditure incurred in normal operations to ensure that an asset realises its normal operating capacity until the conclusion of its useful life is regarded as repairs and maintenance and is expensed. Expenditure that enhances an existing asset, significantly replaces or refurbishes an asset, or extends the asset s useful life, capacity, function and/or efficiency is capitalised into the carrying amount of the asset. Library materials Items in the department s technical library are expensed on acquisition. Page 13

14 (n) Revaluations of non-current physical and intangible assets Land, buildings, infrastructure, and heritage and cultural assets are measured at fair value in accordance with AASB 116 Property, Plant and Equipment, AASB 13 Fair Value Measurement and Queensland Treasury and Trade s Non- Current Asset Policies for the Queensland Public Sector. These assets are reported at their revalued amounts, being the fair value at the date of valuation, less any subsequent accumulated depreciation and impairment losses where applicable. In respect of the abovementioned asset classes, the cost of items acquired during the financial year has been judged by management of the department to materially represent their fair value at the end of the reporting period. Plant and equipment, is measured at cost in accordance with the Non-Current Asset Policies. The carrying amounts for such plant and equipment at cost should not materially differ from their fair value. Intangible assets are measured at their historical cost, unless there is an active market for the assets concerned (in which case they are measured at fair value). Property, plant and equipment classes measured at fair value (refer above) are revalued on an annual basis either by appraisals undertaken by an independent professional valuer or internal expert, or by the use of appropriate and relevant indices. For financial reporting purposes, the revaluation process is managed by a team in the department s Finance and Asset Management branch, who determine the specific revaluation practices and procedures. Revaluations using independent professional valuer or internal expert appraisals are undertaken at least once every five years. However, if a particular asset class experiences significant and volatile changes in fair value, that class is subject to specific appraisal in the reporting period, where practicable, regardless of the timing of the last specific appraisal. The fair values reported by the department are based on appropriate valuation techniques that maximise the use of available and relevant observable inputs and minimise the use of unobservable inputs. Where assets have not been specifically appraised in the reporting period, their previous valuations are materially kept up-to-date via the application of relevant indices. The department ensures that the application of such indices results in a valid estimation of the assets' fair values at reporting date. The State Valuation Service (SVS) supplies the indices used for the various types of assets. Such indices are either publicly available, or are derived from market information available to SVS. SVS provides assurance of their robustness, validity and appropriateness for application to the relevant assets. Indices used are also tested for reasonableness by applying the indices to a sample of assets, comparing the results to similar assets that have been valued by an independent professional valuer or internal expert, and analysing the trend of changes in values over time. Through this process, which is undertaken annually, management assesses and confirms the relevance and suitability of indices provided by SVS based on the departments' own particular circumstances. Early in the reporting period, the department reviewed all fair value methodologies in light of the new principles in AASB 13 and identified no material changes to the valuation principles of the department s property, plant and equipment. Any revaluation increment arising on the revaluation of an asset is credited to the asset revaluation surplus of the appropriate class, except to the extent it reverses a revaluation decrement for the class previously recognised as an expense. A decrease in the carrying amount on revaluation is charged as an expense, to the extent it exceeds the balance, if any, in the revaluation surplus relating to that asset class. On revaluation, accumulated depreciation is restated proportionately with the change in the carrying amount of the asset and any change in the estimate of remaining useful life. Materiality concepts under AASB 1031 Materiality are considered in determining whether the difference between the carrying amount and the fair value of an asset is material. Separately identified components of assets are measured on the same basis as the assets to which they relate. Page 14

15 (o) Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions (i.e. an exit price) regardless of whether that price is directly derived from observable inputs or estimated using another valuation technique. Observable inputs are publicly available data that are relevant to the characteristics of the assets/liabilities being valued. Observable inputs used by the department include, but are not limited to, published sales data for land and general office buildings. Unobservable inputs are data, assumptions and judgements that are not available publicly, but are relevant to the characteristics of the assets/liabilities being valued. Significant unobservable inputs used by the department include, but are not limited to, subjective adjustments made to observable data to take account of the characteristics of the department assets/liabilities, internal records of recent construction costs (and/or estimates of such costs) for assets' characteristics/functionality, and assessments of physical condition and remaining useful life. Unobservable inputs are used to the extent that sufficient relevant and reliable observable inputs are not available for similar assets/liabilities. A fair value measurement of a non-financial asset takes into account a market participant s ability to generate economic benefits by using the asset in its highest and best use. All assets and liabilities of the department for which fair value is measured or disclosed in the financial statements are categorised within the following fair value hierarchy, based on the data and assumptions used in the most recent specific appraisals: level 1 represents fair value measurements that reflect unadjusted quoted market prices in active markets for identical assets and liabilities; level 2 represents fair value measurements that are substantially derived from inputs (other than quoted prices included within level 1) that are observable, either directly or indirectly; and level 3 represents fair value measurements that are substantially derived from unobservable inputs. None of the department s valuations of assets or liabilities are eligible for categorisation into level 1 of the fair value hierarchy. As 2014 is the first year of application of AASB 13 by the department, there were no transfers of assets between fair value hierarchy levels during the period. More specific fair value information about the department s Property, Plant and Equipment is outlined in note 23. (p) Intangibles Intangible assets with a cost or other value equal to or greater than $100,000 are recognised in the financial statements, items with a lesser value being expensed. Each intangible asset is amortised over its estimated useful life to the department, less any anticipated residual value. The residual value is zero for all the department's intangible assets. It has been determined that there is not an active market for any of the department's intangible assets. As such, the assets are recognised and carried at cost less accumulated amortisation and accumulated impairment losses. No intangible assets have been classified as held for sale or form a part of a disposal group held for sale. Internally generated software Expenditure on research activities relating to internally generated intangible assets is recognised as an expense in the period in which it is incurred. Costs associated with the development of computer software have been capitalised and are amortised on a straightline basis over the period of expected benefit to the department, namely 3 10 years. Purchased software The purchase cost of this software has been capitalised and is being amortised on a straight-line basis over the period of the expected benefit to the department, namely 8 15 years. Page 15

16 (q) Amortisation of intangibles and depreciation of property, plant and equipment Land is not depreciated as it has an unlimited useful life. All intangible assets of the department have finite useful lives and are amortised on a straight line basis. Property, plant and equipment is depreciated on a straight-line basis so as to allocate the net cost or revalued amount of each asset, less its estimated residual value, progressively over its estimated useful life to the department. Assets under construction (work in progress) are not depreciated or amortised until they reach service delivery capacity. Service delivery capacity relates to when construction is complete and the asset is first put to use or is installed ready for use in accordance with its intended application. These assets are then reclassified to the relevant classes with property, plant and equipment. Where assets have separately identifiable components that are subject to regular replacement, these components are assigned useful lives distinct from the asset to which they relate and are depreciated accordingly. Any expenditure that increases the originally assessed capacity or service potential of an asset is capitalised and the new depreciable amount is depreciated over the remaining useful life of the asset to the department. For each class of depreciable asset the following depreciation and amortisation rates are used: Physical asset class Rate % Buildings Heritage and cultural assets Infrastructure Plant and equipment Motor vehicles Heavy vehicles Scientific and technical equipment Office equipment Computer equipment Leasehold improvements Boats and boating equipment Intangible asset class Internally generated software Purchased software (r) Impairment of non-current assets All non-current physical and intangible assets are assessed for indicators of impairment on an annual basis. If an indicator of possible impairment exists, the department determines the asset's recoverable amount. Any amount by which the asset's carrying amount exceeds the recoverable amount is recorded as an impairment loss. The asset's recoverable amount is determined as the higher of the asset's fair value less costs to sell and depreciated replacement cost. An impairment loss is recognised immediately in the Statement of Comprehensive Income, unless the asset is carried at a revalued amount. When the asset is measured at a revalued amount, the impairment loss is offset against the asset revaluation surplus of the relevant class to the extent available. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income, unless the asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Refer also note 3 (n). Page 16

17 (s) Leases A distinction is made in the financial statements between finance leases that effectively transfer from the lessor to the lessee substantially all risks and benefits incidental to ownership, and operating leases, under which the lessor retains substantially all risks and benefits. Lease payments are allocated between the principal component of the lease liability and the interest expense. Operating lease payments are representative of the pattern of benefits derived from the leased assets and are expensed in the periods which they are incurred. Incentives received on entering into operating leases are recognised as liabilities. Lease payments are allocated between rental expense and reduction of the liability. (t) Payables Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the agreed purchase/contract price, gross of applicable trade and other discounts. Amounts owing are unsecured and are generally settled on 30 day terms. (u) Financial instruments Recognition Financial assets and financial liabilities are recognised in the Statement of Financial Position when the department becomes party to the contractual provisions of the financial instrument. Classification Financial instruments are classified and measured as follows: Cash and cash equivalents held at fair value through profit or loss Receivables held at amortised cost Payables held at amortised cost The department does not enter into transactions for speculative purposes, nor for hedging. Apart from cash and cash equivalents, the department holds no financial assets classified at fair value through profit or loss. All other disclosures relating to the measurement and financial risk management of financial instruments held by the department are disclosed in note 36. (v) Employee benefits Annual leave levies, long service leave levies and employer superannuation contributions are regarded as employee benefits. Payroll tax and workers compensation insurance are a consequence of employing employees, but are not counted in an employee s total remuneration package. They are not employee benefits and are recognised separately as employee related expenses. Wages, salaries, and sick leave Wages and salaries due but unpaid at reporting date are recognised in the Statement of Financial Position at the current salary rates. For unpaid entitlements expected to be paid within 12 months, the liabilities are recognised at their undiscounted values. Prior history indicates that on average, sick leave taken each reporting period is less than the entitlement accrued. This is expected to continue in future periods. Accordingly, it is unlikely that existing accumulated entitlements will be used by employees and no liability for unused sick leave entitlements is recognised. As sick leave is non-vesting, an expense is recognised for this leave as it is taken. Annual leave The Queensland Government s Annual Leave Central Scheme became operational on 30 June 2008 for departments, commercialised business units and shared service providers. Under this scheme, a levy is made on the department to Page 17

18 (v) Employee benefits (continued) cover the cost of employees' annual leave (including leave loading and on-costs). The levies are expensed in the period in which they are payable. Amounts paid to employees for annual leave are claimed from the scheme quarterly in arrears. No provision for annual leave has been recognised in the department's financial statements as the liability is held on a whole-of-government basis and reported in those financial statements pursuant to AASB 1049 Whole of Government and General Government Sector Financial Reporting. Long service leave Under the Queensland Government s long service leave scheme, a levy is made on the department to cover the cost of employees' long service leave. The levies are expensed in the period in which they are payable. Amounts paid to employees for long service leave are claimed from the scheme quarterly in arrears. No provision for long service leave is recognised in the financial statements, the liability being held on a whole-of- Government basis and reported in those financial statements pursuant to AASB 1049 Whole of Government and General Government Sector Financial Reporting. Superannuation Employer superannuation contributions are principally paid to QSuper, the superannuation plan for Queensland Government employees, at rates determined by the Treasurer on the advice of the State Actuary. Contributions are expensed in the period in which they are paid or payable. The department s obligation is limited to its contribution to QSuper. The QSuper scheme has defined benefit and defined contribution categories. The liability for defined benefits is held on a whole-of-government basis and reported in those financial statements pursuant to AASB 1049 Whole of Government and General Government Sector Financial Reporting. Key executive management personnel and remuneration Key executive management personnel and remuneration disclosures are made in accordance with the section 5 of the Financial Reporting Requirements for Queensland Government Agencies issued by Queensland Treasury and Trade. Refer to note 12 for the disclosures on key executive management personnel and remuneration. (w) Allocation of corporate services revenue and expenses from ordinary activities to services The department discloses income and expenses attributable to corporate services in the Statement of Comprehensive Income by Major Departmental Services. These do not include the value of the costs associated with the corporate partnership service delivery which are disclosed separately. (x) Insurance The department s non-current physical assets and other risks are insured through the Queensland Government Insurance Fund, premiums being paid on a risk assessment basis. In addition, the department pays premiums to WorkCover Queensland in respect of its obligations for employee compensation. (y) Services received free of charge or for nominal value Contributions of services are recognised only if the services would have been purchased if they had not been donated and their fair value can be measured reliably. Where this is the case, an equal amount is recognised as revenue and as an expense. (z) Contributed equity Non reciprocal transfers of assets and liabilities between wholly-owned Queensland State Public Sector entities as a result of machinery-of-government changes are adjusted to Contributed equity in accordance with Interpretation 1038 Contributions by Owners Made to Wholly Owned Public Sector Entities. Appropriations for equity adjustments are similarly designated. (aa) Taxation The department is a State body as defined under the Income Tax Assessment Act 1936 and is exempt from Commonwealth taxation with the exception of Fringe Benefits Tax (FBT) and Goods and Services Tax (GST). FBT and GST are the only taxes accounted for by the Department of Environment and Heritage Protection. As such, GST credits receivable from/payable to the Australian Taxation Office are recognised. Refer note 20. Page 18

19 (ab) Issuance of Financial Statements These financial statements are authorised for issue by the Director-General and the Chief Finance Officer at the date of signing the Management Certificate. (ac) Accounting estimates and judgements The preparation of financial statements necessarily requires the determination and use of certain critical accounting estimates, assumptions and management judgements that have the potential to cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Such estimates, judgements and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods as relevant. Estimates and assumptions made that have a potential significant effect are outlined in the following notes to the financial statements: Property, plant and equipment: Note 23 Contingencies: Note 33 The Australian government passed its Clean Energy Act in November 2011 which resulted in the introduction of a price on carbon emissions made by Australian businesses from 1 July From 1 July 2014, the Australian government plans to abolish the carbon tax. The withdrawal of the carbon pricing mechanism is not expected to have a significant impact on the Department s critical accounting estimates, assumptions and management judgements. (ad) Rounding and comparatives Amounts included in the financial statements are in Australian dollars and have been rounded to the nearest $1,000 or, where that amount is $500 or less, to zero, unless disclosure of the full amount is specifically required. Comparative information has been restated where necessary to be consistent with disclosures in the current reporting period. (ae) New and revised accounting standards Current Impacts The department did not voluntarily change any of its accounting policies during The only Australian Accounting Standard changes applicable for the first time as from that have had a significant impact on the department's financial statements are those arising from AASB 13 Fair Value Measurement, as explained below. AASB 13 Fair Value Measurement became effective from reporting periods beginning on or after 1 January AASB 13 sets out a new definition of 'fair value' as well as new principles to be applied when determining the fair value of assets and liabilities. The new requirements apply to all of the department's assets and liabilities (excluding leases) that are measured and/or disclosed at fair value or another measurement based on fair value. The impacts of AASB 13 relate to the fair value measurement methodologies used and financial statement disclosures made in respect of such assets and liabilities. The department reviewed its fair value methodologies (including instructions to valuers, data used and assumptions made) for all items of property, plant and equipment measured at fair value to assess whether those methodologies comply with AASB 13. To the extent that the previous methodologies were not in compliance with AASB 13, valuation methodologies were revised accordingly to be in line with AASB 13. The revised valuation methodologies have not resulted in material differences from the previous methodologies. AASB 13 has required an increased amount of information to be disclosed in relation to fair value measurements for both assets and liabilities. For those fair value measurements of assets or liabilities that substantially are based on data that is not 'observable' (i.e. accessible outside the department), the amount of information disclosed has significantly increased. Note 3 (n) explains some of the principles underpinning the additional fair value information disclosed. Most of this additional information is set out in note 23 Property Plant and Equipment. A revised version of AASB 119 Employee Benefits became effective for reporting periods beginning on or after 1 January As the department does not directly recognise any employee benefit liabilities (refer to note 3(v)), the only implications for the department were the revised concept of 'termination benefits' and the revised recognition criteria for termination benefit liabilities. If termination benefits meet the AASB 119 timeframe criterion for 'short-term employee benefits', they will be measured according to the AASB 119 requirements for 'short-term employee benefits'. Otherwise, termination benefits need to be measured according to the AASB 119 requirements for 'other long-term employee benefits'. Under the revised standard, the recognition and measurement of other long-term employee benefits' are accounted for according to most of the requirements for defined benefit plans. Page 19

20 (ae) New and revised accounting standards (continued) The revised AASB 119 includes changed criteria for accounting for employee benefits as 'short-term employee benefits'. However, as the department is a member of the Queensland Government central schemes for annual leave and long service leave, this change in criteria has no impact on the department s financial statements as the employer liability is held by the central scheme. The revised AASB 119 also includes changed requirements for the measurement of employer liabilities/assets arising from defined benefit plans, and the measurement and presentation of changes in such liabilities/assets. The department makes employer superannuation contributions principally to the QSuper defined benefit plan, and the corresponding QSuper employer benefit obligation is held by the State. Therefore, those changes to AASB 119 will have no impact on the department. AASB 1053 Application of Tiers of Australian Accounting Standards became effective for reporting periods beginning on or after 1 July AASB 1053 establishes a differential reporting framework for those entities that prepare general purpose financial statements, consisting of two Tiers of reporting requirements Australian Accounting Standards (commonly referred to as 'Tier 1'), and Australian Accounting Standards Reduced Disclosure Requirements (commonly referred to as 'Tier 2'). Tier 1 requirements comprise the full range of AASB recognition, measurement, presentation and disclosure requirements that are currently applicable to reporting entities in Australia. The only difference between the Tier 1 and Tier 2 requirements is that Tier 2 requires fewer disclosures than Tier 1. Pursuant to AASB 1053, public sector entities like the department may adopt Tier 2 requirements for their general purpose financial statements. However, AASB 1053 acknowledges the power of a regulator to require application of the Tier 1 requirements. In the case of this department, Queensland Treasury and Trade is the regulator and has advised that adoption of Tier 1 reporting is required by all Queensland Government departments (including this department) and statutory bodies that are consolidated into the whole-of-government financial statements. Therefore, the release of AASB 1053 and associated amending standards has no impact on this department. The department is not permitted to early adopt a new or amended accounting standard ahead of the specified commencement date unless approval is obtained from Queensland Treasury and Trade. Consequently, the department has not applied any Australian Accounting Standards and Interpretations that have been issued but are not yet effective. The department applies standards and interpretations in accordance with their respective commencement dates. Future Impacts At the date of authorisation of the financial report, the expected impacts of new or amended Australian Accounting Standards with future commencement dates are as set out below. AASB 1055 Budgetary Reporting applies from reporting periods beginning on or after 1 July The department will need to include in its financial statements the original budgeted figures from the Income Statement, Balance Sheet, Statement of Changes in Equity, and Cash Flow Statement as published in the Queensland Government's Service Delivery Statements. The budgeted figures will need to be presented consistently with the corresponding (actuals) financial statements, and will be accompanied by explanations of major variances between the actual amounts and the corresponding original budgeted figures. In addition, the department will need to include the original budgeted information for major classes of administered income and expenses, and major classes of administered assets and liabilities. This budgeted information will need to be presented consistently with the corresponding (actuals) administered information, and will be accompanied by explanations of major variances between the actual amounts and the corresponding budgeted financial information. The following new and revised standards apply as from reporting periods beginning on or after 1 January 2014: AASB 10 Consolidated Financial Statements; AASB 11 Joint Arrangements; AASB 12 Disclosure of Interests in Other Entities; AASB 127 (revised) Separate Financial Statements; AASB 128 (revised) Investments in Associates and Joint Ventures; AASB Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards [AASB 1, 2, 3, 5, 7, 101, 107, 112, 118, 121, 124, 132, 133, 136, 138, 139, 1023 & 1038 and Interpretations 5, 9, 16 & 17]; and AASB Amendments to Australian Accounting Standards - Australian Implementation Guidance for Not-for- Profit Entities - Control and Structured Entities. Page 20

Department of National Parks, Recreation, Sport and Racing. Annual Financial Statements for the financial year ended 30 June 2013

Department of National Parks, Recreation, Sport and Racing. Annual Financial Statements for the financial year ended 30 June 2013 Annual Financial Statements for the financial year ended 30 June 2013 Department of National Parks, Recreation, Sport and Racing Financial Statements for the financial year ended 30 June 2013 Contents

More information

DEPARTMENT OF TOURISM, MAJOR EVENTS, SMALL BUSINESS AND THE COMMONWEALTH GAMES. Financial Statements. for the year ended 30 June 2014

DEPARTMENT OF TOURISM, MAJOR EVENTS, SMALL BUSINESS AND THE COMMONWEALTH GAMES. Financial Statements. for the year ended 30 June 2014 Financial statements DEPARTMENT OF TOURISM, MAJOR EVENTS, SMALL BUSINESS AND THE COMMONWEALTH GAMES Financial Statements for the year ended 3 June Contents Page No. Statement of comprehensive income....

More information

Queensland Fire and Emergency Services 2013-14 Annual Report

Queensland Fire and Emergency Services 2013-14 Annual Report 51 Foreword Queensland Fire and Emergency Services is a Queensland Government department established under the Public Service Act 2008. The department was established on 1 November 2013 under The Public

More information

Department of the Premier and Cabinet Financial Statements

Department of the Premier and Cabinet Financial Statements Department of the Premier and Cabinet Financial Statements for the year ended 30 June 2014 Financial Statements 2013-14 Contents Page No. Statement of Comprehensive Income 3 Statement of Financial Position

More information

Financial statements Department of Agriculture, Fisheries and Forestry

Financial statements Department of Agriculture, Fisheries and Forestry Financial statements Department of Agriculture, Fisheries and Forestry DEPARTMENT OF AGRICULTURE, FISHERIES AND FORESTRY Financial Statements Contents Page Statement of Comprehensive Income 66 Statement

More information

These financial statements cover the Department of Communities Retail Stores.

These financial statements cover the Department of Communities Retail Stores. Foreword Foreword These financial statements cover the. Retail Stores is an operational unit established within the Department of Communities which is a Queensland Government department established under

More information

Financial Statements. Contents. General information

Financial Statements. Contents. General information Financial Statements General information These financial statements cover the Crime and Misconduct Commission, an independent statutory body established under the Crime and Misconduct Act 2001, which reports

More information

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015)

POLICY MANUAL. Financial Management Significant Accounting Policies (July 2015) POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations

More information

FINANCE POLICY POLICY NO F.6 SIGNIFICANT ACCOUNTING POLICIES. FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002

FINANCE POLICY POLICY NO F.6 SIGNIFICANT ACCOUNTING POLICIES. FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002 POLICY NO F.6 POLICY SUBJECT FILE NUMBER FIN 2 ADOPTION DATE 13 June 2002 Shire of Toodyay Policy Manual FINANCE POLICY SIGNIFICANT ACCOUNTING POLICIES LAST REVIEW 22 July 2014 (Council Resolution No 201/07/14)

More information

FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2015 ABORIGINAL AND TORRES STRAIT ISLANDER HEALTH PRACTICE COUNCIL OF NSW

FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2015 ABORIGINAL AND TORRES STRAIT ISLANDER HEALTH PRACTICE COUNCIL OF NSW FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2015 ABORIGINAL AND TORRES STRAIT ISLANDER HEALTH PRACTICE COUNCIL OF NSW New South Wales Health Professional Councils Annual Report 2015 190 Aboriginal and Torres

More information

UNCONTROLLED IF PRINTED ACCOUNTING POLICY

UNCONTROLLED IF PRINTED ACCOUNTING POLICY UNCONTROLLED IF PRINTED NAVY CANTEENS ACCOUNTING POLICY Applicability: This procedure is applicable to all RANCCB directors and Navy Canteens, managers and staff in all Navy Canteens business units. Legislation:

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET

FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET Adopted: Audit Committee 20 June 2013 Committee Decision No. 10 Audit Committee Minutes endorsed by Council OMC 18 July 2013 Council Decision No. 2753 AASB

More information

SHIRE OF CARNARVON POLICY

SHIRE OF CARNARVON POLICY SHIRE OF CARNARVON POLICY POLICY NO C010 POLICY SIGNIFICANT ACCOUNTING POLICIES RESPONSIBLE DIRECTORATE CORPORATE COUNCIL ADOPTION Date: 27.5.14 Resolution No. FC 5/5/14 REVIEWED/MODIFIED Date: Resolution

More information

ABN: Financial Report

ABN: Financial Report CYC (SA) Unit Trust CYC (SA) Unit Trust Financial Report For the Year Ended 31 May 2012 CYC (SA) Unit Trust For the year ended 31 May 2012 Contents Page Statement by the Directors 1 Statement of Comprehensive

More information

Financial Statements Business Services Trust Account

Financial Statements Business Services Trust Account Financial Statements Business Services Trust Account B S T A F i n a n c i a l S t a t e m e n t s 268 B S T A F i n a n c i a l S t a t e m e n t s 269 B S T A F i n a n c i a l S t a t e m e n t s 270

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide.

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide. POLICY Area covered ACCOUNTING POLICY This Policy is University-wide Approval date 5 May 2016 Policy Statement Intent Scope Effective date 5 May 2016 Next review date 5 May 2019 To establish decisions,

More information

Statutory Financial Reporting Policy

Statutory Financial Reporting Policy Statutory Financial Reporting Policy Reference Number: 3.15 12/270185 Type: Council Category: Corporate Services Relevant Community Plan Outcome: Demonstrate effective leadership with strong community

More information

Professional Standards Council of South Australia

Professional Standards Council of South Australia Professional Standards Council of South Australia FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013 1 Financial Statements 2013 Financial Statements Contents Statement of Comprehensive Income

More information

STATEMENT OF COMPLIANCE AND BASIS OF MEASUREMENT

STATEMENT OF COMPLIANCE AND BASIS OF MEASUREMENT Accounting policies REPORTING ENTITY The Waikato Regional Council is a territorial local authority governed by the Local Government Act 2002, and is domiciled in New Zealand. The main purpose of prospective

More information

Department of Industry financial performance. Department of Industry financial performance

Department of Industry financial performance. Department of Industry financial performance financial performance Chapter 9 PART A CHAPTER 9 financial performance Independent auditor s report 108 Statement by the Secretary and Chief Financial Officer 110 Financial statements 111 Annual Report

More information

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 In accordance with a resolution of the Directors dated 16 December 2015, the Directors of the Company have pleasure in reporting on the Company for

More information

The Uniting Church in Australia - Queensland Synod UnitingCare Queensland. Financial Statements

The Uniting Church in Australia - Queensland Synod UnitingCare Queensland. Financial Statements The Uniting Church in Australia - Queensland Synod Financial Statements Contents Page Consolidated Statement of Profit or Loss and Other Comprehensive Income 1 Consolidated Statement of Financial Position

More information

February 2015. tpp 15-01. Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities. Policy & Guidelines Paper

February 2015. tpp 15-01. Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities. Policy & Guidelines Paper February 2015 15-01 Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities Policy & Guidelines Paper Preface The Financial Reporting Code (the Code) applies to all New South

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

Accounting and reporting by charities

Accounting and reporting by charities 10. Balance sheet Introduction 10.1. All charities preparing accruals accounts must prepare a balance sheet at the end of each reporting period which gives a true and fair view of their financial position.

More information

Independent Auditor s Report. To the Trustees of Tas Communications Unit Trust. Special Purpose Financial Report for the Year Ended 30 June 2015

Independent Auditor s Report. To the Trustees of Tas Communications Unit Trust. Special Purpose Financial Report for the Year Ended 30 June 2015 Independent Auditor s Report To the Trustees of Tas Communications Unit Trust Special Purpose Financial Report for the Year Ended 30 June 2015 Report on the Financial Report I have audited the accompanying

More information

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION Section 1: Agency overview and resources... 153 1.1 Strategic direction statement... 153 1.2 Agency resource statement... 154 1.3 Budget measures... 156

More information

Australian Nursing and Midwifery Federation ABN: 41 816 898 298

Australian Nursing and Midwifery Federation ABN: 41 816 898 298 Australian Nursing and Midwifery Federation Financial Statements For the Year Ended 30 June Financial Report Page Financial Statements Operating Report 1 Statement of Profit or Loss and Other Comprehensive

More information

Auditor General. I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my audit opinion.

Auditor General. I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my audit opinion. Auditor General INDEPENDENT AUDITOR S REPORT To the Parliament of Western Australia SMALL BUSINESS DEVELOPMENT CORPORATION Report on the Financial Statements I have audited the accounts and financial statements

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

Annual Report For the Year Ended 30 June 2012

Annual Report For the Year Ended 30 June 2012 Annual Report Annual Report CONTENTS Page Financial Statements Directors' Report 1 Auditors' Independence Declaration 4 Statement of Comprehensive Income 5 Statement of Financial Position 6 Statement of

More information

Total assets 16,045,875 12,923,365

Total assets 16,045,875 12,923,365 schedule of administered assets and liabilities as at 30 June 2001 Notes $ 000 $ 000 118 ASSETS Financial assets Cash 20a (832,168) 987,784 Receivables 20b 14,226,282 9,778,752 Investments 20c 2,388,423

More information

The acquisition method of accounting is used to account for business combinations by the group.

The acquisition method of accounting is used to account for business combinations by the group. ABN 79 114 456 781 Summary of Significant Accounting Policies Basis of Preparation Huon produce general purpose financial statements which are been prepared in accordance with the Corporations Act 2001,

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

INSOLVENCY AND TRUSTEE SERVICE AUSTRALIA

INSOLVENCY AND TRUSTEE SERVICE AUSTRALIA INSOLVENCY AND TRUSTEE SERVICE AUSTRALIA Section 1: Agency overview and resources 1.1 STRATEGIC DIRECTION STATEMENT The Insolvency and Trustee Service Australia s (ITSA s) purpose is to provide improved

More information

Australian Ethical World Trust ARSN 123 618 520. Annual Financial Report for the year ended 30 June 2013

Australian Ethical World Trust ARSN 123 618 520. Annual Financial Report for the year ended 30 June 2013 ARSN 123 618 520 Annual Financial Report for the year ended 30 June 2013 (AEWT) Annual Financial Report for the year ended 30 June 2013 Contents Page Directors' Report 1 Statement of Profit or Loss and

More information

Accounting policies for the year ended 31 March 2012

Accounting policies for the year ended 31 March 2012 Accounting policies 1. Basis of preparation The financial statements have been prepared in accordance with the Standards of GRAP including any interpretations, guidelines and directives issued by the Accounting

More information

Accounting Policy Manual

Accounting Policy Manual Approved by Council 9 th December 2015 (Resolution C 195/15) G50-746-429 1 Catergory: Finance Index 1 Introduction... 4 1.1 Purpose... 4 1.2 Statement of Compliance... 4 1.3 Not for profit status... 4

More information

Financial Assets, Liabilities and Commitments

Financial Assets, Liabilities and Commitments Financial Assets, Liabilities and Commitments Policy Statement Ref: A52923, 5.0 1 of 10 Policy name: Financial Assets, Liabilities and Commitments Policy number: Finance Key result areas: Finance Branch:

More information

Financial Report 76. Certifications... 77. Auditor s Report... 78. Income Statements... 79. Balance Sheets... 80

Financial Report 76. Certifications... 77. Auditor s Report... 78. Income Statements... 79. Balance Sheets... 80 Financial Report 76 contents Certifications... 77 Auditor s Report... 78 Income Statements... 79 Balance Sheets... 80 Statements of Changes in Equity... 81 Cash Flow Statements... 82... 83 Report by the

More information

Statement of Accounting Policies

Statement of Accounting Policies Statement of Accounting Policies Statement of Responsibility & Cautionary Note The Draft 2015/2025 Long Term Plan was authorised for issue by Council on 22 April 2015. The purpose of this Long Term Plan

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

Accounting and reporting by charities EXPOSURE DRAFT

Accounting and reporting by charities EXPOSURE DRAFT 10. Balance sheet Introduction 10.1. All charities preparing accruals accounts must prepare a balance sheet at the end of each reporting period which gives a true and fair view of their financial position.

More information

REPORT. of the BOARD OF ARCHITECTS OF QUEENSLAND

REPORT. of the BOARD OF ARCHITECTS OF QUEENSLAND REPORT of the BOARD OF ARCHITECTS OF QUEENSLAND 1 July 2013 to 30 June 2014 2 3 Letter of compliance The Honourable Tim Mander, MP Minister for Housing and Public Works Level 7, 80 George Street BRISBANE

More information

Financial Reporting Requirements for Queensland Government Agencies

Financial Reporting Requirements for Queensland Government Agencies Financial Reporting Requirements for Queensland Government Agencies APG 7 Accounting for Employee Benefits Introduction The purpose of this APG is to provide guidance regarding the calculation of employee

More information

Comcare, the Safety, Rehabilitation and Compensation Commission, and the Seafarers Safety, Rehabilitation and Compensation Authority

Comcare, the Safety, Rehabilitation and Compensation Commission, and the Seafarers Safety, Rehabilitation and Compensation Authority Comcare, the Safety, Rehabilitation and Compensation Commission, and the Seafarers Safety, Rehabilitation and Compensation Authority Agency Resources and Planned Performance COMCARE, THE SAFETY, REHABILITATION

More information

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A CONTENTS DIRECTORS STATEMENT 1 INCOME STATEMENT 2 STATEMENT OF COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL

More information

Principal Accounting Policies

Principal Accounting Policies 1. Basis of Preparation The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ). The accounts have been prepared under the historical cost convention as modified

More information

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 A.B.N. 90 168 653 521 Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 Appendix 4E - Preliminary Financial Report For the year ended 30 June 2015 Preliminary Report This preliminary

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information

Charities Accounting Standard Accounting Template Explanatory Notes

Charities Accounting Standard Accounting Template Explanatory Notes Charities Accounting Standard Accounting Template Explanatory Notes Introduction Purpose of Accounting Template The Accounting Template is designed to help smaller charities prepare and present financial

More information

Mitchells & Butlers plc Accounting policies under IFRS

Mitchells & Butlers plc Accounting policies under IFRS Mitchells & Butlers plc Accounting policies under IFRS 7 December 2005 Background With effect from 2 October 2005, Mitchells & Butlers plc ( the Group ) is required to prepare its consolidated financial

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Large Company Limited. Report and Accounts. 31 December 2009

Large Company Limited. Report and Accounts. 31 December 2009 Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 14 Credit unions - Illustrative financial statements

Accounting and Reporting Policy FRS 102. Staff Education Note 14 Credit unions - Illustrative financial statements Accounting and Reporting Policy FRS 102 Staff Education Note 14 Credit unions - Illustrative financial statements Disclaimer This Education Note has been prepared by FRC staff for the convenience of users

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

NOXOPHARM LIMITED ACN: GENERAL PURPOSE FINANCIAL REPORT FOR THE PERIOD

NOXOPHARM LIMITED ACN: GENERAL PURPOSE FINANCIAL REPORT FOR THE PERIOD NOXOPHARM LIMITED ACN: 608 966 123 GENERAL PURPOSE FINANCIAL REPORT FOR THE PERIOD 27 OCTOBER 2015 TO 31 MARCH 2016 CONTENTS Directors report 3 Auditor s Independence Declaration 5 Statement of Profit

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements Consolidated Income Statement for the year ended 30 June Consolidated Financial Statements Notes $'000 $'000 Revenue from continuing operations 437,459 336,460 Employee

More information

DEFENCE ANNUAL REPORT 2013 14

DEFENCE ANNUAL REPORT 2013 14 DEFENCE ANNUAL REPORT 2013 14 Volume Two Audited financial statements Defending Australia and its National Interests www.defence.gov.au COVER IMAGE: Lisa Tomasetti 2014 Lance Corporal James Duncan, who

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS Directors Statement The directors of Air New Zealand Limited are pleased to present to shareholders the Annual Report* and financial statements for Air New Zealand and its controlled

More information

COOK S BODY WORKS PTY LTD A.B.N. 42 005 070 084 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015

COOK S BODY WORKS PTY LTD A.B.N. 42 005 070 084 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 In accordance with a resolution of the Directors dated 16 December 2015 the Directors of the Company have pleasure in reporting on the Company for

More information

IV FINANCIAL ASSET AND LIABILITY FRAMEWORK

IV FINANCIAL ASSET AND LIABILITY FRAMEWORK IV FINANCIAL ASSET AND LIABILITY FRAMEWORK Re-Issued: 17 June 2015 1. Introduction Application and Operative Date Scope Australian Accounting Standards 2. Measurement of Financial Assets 3. Liabilities

More information

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS

NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS NAS 21 NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2-14 Identifying a business combination 5-10 Business combinations involving entities under common control

More information

1. Parent company accounting policies

1. Parent company accounting policies Financial Statements Notes to the parent company financial statements 1. Parent company accounting policies Basis of preparation The separate financial statements of the Company are presented as required

More information

INNER CITY MINISTRIES LIMITED (incorporated in Hong Kong with liability limited by guarantee and not having a share capital)

INNER CITY MINISTRIES LIMITED (incorporated in Hong Kong with liability limited by guarantee and not having a share capital) REPORT OF THE DIRECTORS The directors present herewith their annual report together with the financial statements for the year ended 31 December 2014. PRINCIPAL ACTIVITY The principal activity of the association

More information

Draft Statement of Accounting Policies

Draft Statement of Accounting Policies Bay of Plenty Regional Council Draft Statement of Accounting Policies Supporting Document for the Consultation Document for the proposed Long Term Plan 2015-2025 20 February 2015 Statement of accounting

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

Department of the Legislative Assembly Annual Report 2007-08 Financial Statements. Table of Contents

Department of the Legislative Assembly Annual Report 2007-08 Financial Statements. Table of Contents 1 Table of Contents FINANCIAL STATEMENT 3 OVERVIEW... 3 CERTIFICATION OF THE FINANCIAL STATEMENTS... 5 Operating Statement...6 Balance Sheet...7 Statement of Changes of Equity...8 Cash Flow Statement...9

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

Not-for-profit entity requirements in Australian Accounting Standards (Updated December 2008)

Not-for-profit entity requirements in Australian Accounting Standards (Updated December 2008) Not-for-profit entity requirements in Australian Accounting Standards This document identifies requirements in Australian Accounting Standards that relate specifically to not-for-profit (NFP) entities.

More information

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited)

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited) Annual financial statements and Audit report of Certified Public Accountant For the years ended 31 December 2005 and 2004 DHANA MITR FACTORING COMPANY LIMITED Notes to Financial Statements (Continued)

More information

Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231

Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 A view of financial and non financial elements as may be presented in set of financial statements. Content Page [010000] Filing

More information

Life Insurance Business

Life Insurance Business Accounting Standard AASB 1038 November 1998 Life Insurance Business Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of this Standard are available

More information

ACCOUNTING AND FINANCIAL MANAGEMENT POLICY

ACCOUNTING AND FINANCIAL MANAGEMENT POLICY ACCOUNTING AND FINANCIAL MANAGEMENT POLICY Document data Document type: Rule/Policy/Plan/Guidelines/Operating Procedures Administering entity: Administration & Finance Manager Date approved: April 2009

More information

STATEMENT BY THE BOARD

STATEMENT BY THE BOARD Financial Statements 1 FINANCIAL STATEMENTS STATEMENT BY THE BOARD In our opinion, (a) the accompanying consolidated financial statements of Info-communications Development Authority of Singapore (the

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

Area Standard AIFRS impact Management action First time Adoption of Australian Equivalents to IFRS

Area Standard AIFRS impact Management action First time Adoption of Australian Equivalents to IFRS First time Adoption of Australian Equivalents to IFRS AASB 1 An entity s first Australian-equivalents-to-IFRS (AIFRS) financial report applies for reporting periods beginning on or after 1 January 2005

More information

Financial and statutory reports

Financial and statutory reports Financial and statutory reports Understanding our reports This financial report enables readers to assess the corporation s results for the year, including our present financial position, future outlook

More information

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS ARSN 602 666 615 Annual Financial Report for the period 10 November 2014 to 30 June 2015 BetaShares Geared U.S. Equity Fund

More information

Business Combinations

Business Combinations Compiled Accounting Standard AASB 3 Business Combinations This compilation was prepared on 6 March 2006 taking into account amendments made up to and including 22 June 2005. Prepared by the staff of the

More information

RELIANCE INDUSTRIES (MIDDLE EAST) DMCC 1. Reliance Industries (Middle East) DMCC Reports and Financial Statements for the year ended 31 December 2014

RELIANCE INDUSTRIES (MIDDLE EAST) DMCC 1. Reliance Industries (Middle East) DMCC Reports and Financial Statements for the year ended 31 December 2014 RELIANCE INDUSTRIES (MIDDLE EAST) DMCC 1 Reliance Industries (Middle East) DMCC Reports and Financial Statements for the year ended 31 December 2014 2 RELIANCE INDUSTRIES (MIDDLE EAST) DMCC Independent

More information

CROSSWORD CYBERSECURITY PLC

CROSSWORD CYBERSECURITY PLC Registered number: 08927013 CROSSWORD CYBERSECURITY PLC AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2014 COMPANY INFORMATION DIRECTORS T Ilube J Bottomley Professor D Secher

More information

Preliminary Final report

Preliminary Final report Appendix 4E Rule 4.3A Preliminary Final report AMCOR LIMITED ABN 62 000 017 372 1. Details of the reporting period and the previous corresponding period Reporting Period: Year Ended Previous Corresponding

More information

Jones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements

Jones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Period of accounts Start date: 1st June 2008 End date: 31st May 2009 Contents of the

More information

World Vision Singapore Audited Financial Statements FY2013

World Vision Singapore Audited Financial Statements FY2013 World Vision Singapore Audited Financial Statements FY2013 The financial information set out in pages FS1 to FS19 has been extracted from the financial statements of the Singapore Operations of World Vision

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

South Australia. Model Financial Statements

South Australia. Model Financial Statements South Australia Model Financial Statements 2013 Published by the Local Government Association of South Australia under the technical guidance of the South Australian Local Government Financial Management

More information

Notes to the consolidated financial statements For the year ended 31 December 2014

Notes to the consolidated financial statements For the year ended 31 December 2014 124 Annual report and accounts Notes to the consolidated financial statements For the year ended 31 December 1 Corporate information The consolidated financial statements of Limited (the Company ) for

More information

All staff dealing with fixed assets must comply with the policies and procedures that relate to fixed assets.

All staff dealing with fixed assets must comply with the policies and procedures that relate to fixed assets. Fixed Assets Policy Purpose The purpose of the policy is to define fixed assets, the policy of capitalising expenditure at fair value and effectively controlling such assets (including contributed assets).

More information

Khâi-Ma Municipality NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

Khâi-Ma Municipality NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 1. ACCOUNTING PRINCIPLES AND POLICIES APPLIED IN THE FINANCIAL STATEMENTS 1.1 BASIS OF PREPARATION The financial statements have been prepared on an accrual basis of accounting and are in accordance with

More information

Financial Reporting Requirements for Queensland Government Agencies

Financial Reporting Requirements for Queensland Government Agencies Financial Reporting Requirements for Queensland Government Agencies APG 4 Definition and Recognition of Expenses Introduction The purpose of this APG is to establish guidelines for the definition of and

More information

ACCOUNTING POLICIES. for the year ended 30 June 2014

ACCOUNTING POLICIES. for the year ended 30 June 2014 ACCOUNTING POLICIES REPORTING ENTITIES City Lodge Hotels Limited (the company) is a company domiciled in South Africa. The group financial statements of the company as at and comprise the company and its

More information

NOTES TO THE COMPANY FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS FINANCIAL S 78 79 80 81 82 CONSOLIDATED INCOME CONSOLIDATED OF COMPREHENSIVE INCOME CONSOLIDATED OF FINANCIAL POSITION CONSOLIDATED OF CONSOLIDATED OF CHANGES IN EQUITY 83 NOTES TO THE CONSOLIDATED FINANCIAL

More information

Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life.

Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. International Accounting Standard 16 Property, Plant and Equipment Objective 1 The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of

More information

THE ROYAL AUSTRALASIAN COLLEGE OF MEDICAL ADMINISTRATORS A.B.N FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012

THE ROYAL AUSTRALASIAN COLLEGE OF MEDICAL ADMINISTRATORS A.B.N FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 CONTENTS Directors' Report 1 Auditors' Independence Declaration 3 Statement of Comprehensive Income 4 Statement of Financial Position 5 Statement of

More information

Department of Education, Employment and Workplace Relations Financial Statements for 2013 14

Department of Education, Employment and Workplace Relations Financial Statements for 2013 14 Department of Education, Employment and Workplace Relations Financial Statements for 2013 14 INDEPENDENT AUDITOR'S REPORT To the Minister for Education To the Minister for Employment Report on the Financial

More information

QUEENSLAND TREASURY FRR 3C EMPLOYEE BENEFITS EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION

QUEENSLAND TREASURY FRR 3C EMPLOYEE BENEFITS EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION QUEENSLAND TREASURY 2015-16 FINANCIAL REPORTING REQUIREMENTS FOR QUEENSLAND GOVERNMENT AGENCIES FRR 3C EMPLOYEE BENEFITS EXPENSES AND KEY MANAGEMENT PERSONNEL REMUNERATION INTRODUCTION Policy items, indicated

More information