Annual Report 2017-18

                                                                                                Financial Statements 2018



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2018

Note 1. Summary of Significant Accounting Policies

(1.a)    Basis of preparation                                 (1.d)   Adoption of New and Revised Accounting
                                                                      Standards
These general purpose financial statements are for the
period 1 July 2017 to 30 June 2018 and have been              In the current year, Council adopted all of the new and
prepared in compliance with the requirements of the Local     revised Standards and Interpretations issued by the
Government Act 2009 and the Local Government                  Australian Accounting Standards Board (AASB) that are
Regulation     2012.    Consequently,   these    financial    relevant to its operations and effective for the current
statements have been prepared in accordance with all          reporting period. The adoption of the new and revised
Australian Accounting Standards, Australian Accounting        Standards and Interpretations has not resulted in any
Interpretations and other authoritative pronouncements        material changes to Council's accounting policies.
issued by the Australian Accounting Standards Board.
                                                              Noosa Shire Council has not applied any Australian
These financial statements have been prepared under the       Accounting Standards and Interpretations that have been
historical cost convention except for the following:          issued but are not yet effective.

    Financial assets and liabilities, certain classes of      Some Australian Accounting Standards and Interpretations
    property, plant and equipment and investment              have been issued but are not yet effective. Those standards
    property which are measured at fair value;                have not been applied in these financial statements. Council
                                                              will implement them when they are effective.
Council is constituted under the Queensland Local
Government Act 2009 and is domiciled in Australia.
                                                              The standards that will be adopted by Council in future
Council uses the Australian dollar as its functional          financial statements are as follows
currency and its presentation currency.
                                                              Effective for annual reporting periods beginning on or
Amounts included in the financial statements have been        after 1 July 2018
rounded to the nearest $1,000 unless otherwise indicated.
                                                                  AASB 9 Financial Instruments. This replaces AASB 139
Comparative information has been restated where
                                                                  Financial Instruments: Recognition and Measurement,
necessary to be consistent with disclosures in the current
                                                                  and addresses the classification, measurement and
reporting period.
                                                                  disclosure of financial assets and liabilities. This
                                                                  change will require Council to measure all financial
(1.b)    Statement of Compliance                                  assets at fair value or amortised cost rather than at
                                                                  cost. The impact is expected to be immaterial.
These general purpose financial statements comply with
all accounting standards and interpretations issued by the
Australian Accounting Standards Board (AASB) that are         Effective for annual reporting periods beginning on or
relevant to Council's operations and effective for the        after 1 July 2019
current reporting period. Because the Council is a not-for-
profit entity and the Australian Accounting Standards             AASB 15 Revenue from Contracts with Customers,
include requirements for not-for-profit entities which are        AASB 1058 Income of Not-for-Profit Entities and AASB
inconsistent with International Financial Reporting               2016-8 Amendments to Australian Accounting
Standards (IFRS), to the extent these inconsistencies are         Standards - Australian Implementation Guidance for
applied, these financial statements do not comply with            Not-for-Profit Entities
IFRS. The main impacts are the offsetting of revaluation
and impairment gains and losses within a class of assets,         AASB 15 will replace AASB 118 Revenue, AASB 111
and the timing of the recognition of non-reciprocal grant         Construction Contracts and a number of Interpretations.
revenue.                                                          AASB 2016-8 provides Australian requirements and
                                                                  guidance for not-for-profit entities in applying AASB 9
(1.c)    Date of Authorisation                                    and AASB 15, and AASB 1058 will replace AASB 1004
                                                                  Contributions. Together they contain a comprehensive
The financial statements were authorised for issue on the         and robust framework for the recognition, measurement
date they were submitted to the Auditor-General for final         and disclosure of income including revenue from
signature. This is the date the management certificate is         contracts with customers.
signed.
                                                                  Council is currently reviewing the way that income is
                                                                  measured and recognised to identify whether there will
                                                                  be any material impact arising from these standards.


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