Annual Report 2020-21

   Noosa Council
   Notes to the Financial Statements
   for the year ended 30 June 2021

   Note 31. Prior Period Adjustments
§Note/Subtotal§
§Subnote§




In prior years, Council recorded the costs associated with the development of the new Noosa Plan 2020, which was
adopted on 16th July 2020, as capital in nature and as such had recorded these as Property, Plant & Equipment and
Intangible Assets in the Statement of Financial Position.

Upon the completion of the project Council reviewed the requirements under the relevant accounting standards and
determined that these costs did not meet the recognition criteria for them to be disclosed as a non-current asset.

Accordingly these reporting errors have been corrected by restating the balance at the beginning of the comparative period
(1 July 2019) with the adjustments taken to equity at that date. Comparatives have been changed to reflect the correct
amounts and the impact on each item in the financial statements is shown below.

Retrospective adjustments have not been applied as the adjustments span more than 5 years.
§Total




Statement of Financial Position at 1 July 2019
§Total§




                                                                     Original balance     Adjustment        Restated balance
                                                                      as presented at                          at 1 July 2019
$ '000                                                                  30 June 2019


Intangible Assets                                                             5,953         (3,383)                   2,570
Property, Plant & Equipment                                                885,912            (230)               885,682




         Comparative figures for 30 June 2020
         §Total§




                                                                     Original balance     Adjustment         Restated balance
                                                                      as presented at                         at 30 June 2020
$ '000                                                                  30 June 2020

Statement of Financial Position (Extract)
Intangible Assets                                                            7,636           (4,425)                   3,211
Property, Plant & Equipment                                                929,355             (265)                 929,090

                   Total Non-Current Assets                            1,077,785            (4,690)             1,073,095
                   Total Assets                                       1,146,785            (4,690)             1,142,095
          Net Community Assets                                        1,089,798            (4,690)            1,085,108
Retained Surplus/(Deficiency)                                           1,003,274            (4,690)                 998,584
                   Total Community Assets                            1,089,798             (4,690)           1,085,108

Statement of Comprehensive Income (Extract)
Employee Benefits                                                           32,996             628                   33,624
Materials & Services                                                        42,394             450                   42,844

                   Total Recurrent Expenses                                96,599            1,078                   97,677
                   Total Expenses                                         100,750            1,078               101,828
                   Net Result                                             10,988           (1,078)                   9,910

          Total Comprehensive Income for the year                        46,703            (1,078)               45,625




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