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2018-02-06 Planning & Environment Committee Agenda
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PLANNING & ENVIRONMENT COMMITTEE MEETING AGENDA 6 FEBRUARY 2018
Page 63 of 86
PLANNING & ENVIRONMENT COMMITTEE MEETING AGENDA 6 FEBRUARY 2018
Noosa Biosphere Reserve Trust
ABN 12733 644 586
Notes to the Financial Statements
For the Year Ended 30 June 2017
2 Summary of Significant Accounting Policies continued
(g) | New Accounting Standards and Interpretations
The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory
application dates for future reporting periods. The Trust has decided not to early adopt these Standards. The
following table summarises those future requirements, and their impact on the Trust where the standard is
relevant:
Effective
date for
Standard Name entity Requirements Impact
AASB 1058 Income of 30/06/2020 AASB 1058 supersedes all the Grants currently received with an
NFP Entities income recognition requirements obligation to fund projects are
relating to private sector NFP already recognised as a liability,
entities, and the majority of income _ the treatment of such grants will not
recognition requirements relating to change.
public sector NFP entities, previously There will be a material impact in
in AASB 1004 Contributions. The relation to the Foundations
timing of income recognition peppercorn lease with Noosa
depends on whether such a Council as detailed below.
transaction gives rise to a liability or
other performance obligation (a
promise to transfer a good or
service), or a contribution by owners,
related to an asset (such as cash or
another asset) received by an entity.
AASB 16 Leases 30/06/2020 AASB 16 will cause anincreasein The Foundation currently uses
the assets and liabilities recorded for office space under a peppercorn
most entities, whilst the net asset lease agreement. Currently there
impact on day 1 may be nil, this will are no entries in the financial
not be the case going forward as the statements, under AASB 1058 and
asset and liability will be AASB 16, the fair value of the
amortised using different bases. remaining right of use asset and
Operating profit should increase as__ the present value of remaining
rental expense is now shown as lease payments will be recorded in
depreciation and interest expense. _ the statement of financial position.
On an ongoing basis, there willbe ~ The difference between these
revisions to the asset and liability figures will be recorded as income.
whenever a relevant index affecting On transition, this will be recorded
payments (such as CPI) changes, __in opening retained earnings,
the lease term changes or the lease however for all new peppercorn
is modified. leases, the difference will be taken
to income. The fair value of the
right to use asset has not yet been
determined, advice will be sought
from Noosa Council as part of the
June 2020 reporting process.
3 Critical Accounting Estimates and Judgments
The responsible persons have not made any significant accounting estimates or judgements which are likely to affect
the future results of the Trust.
7
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