Annual Report 2020-21

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

Note 1. Information about these financial statements
§Note/Subtotal§
§Subnote§




(a) Basis of preparation                                                  •   AASB 2020-1 Amendments to Australian Accounting
                                                                              Standards – Classification of Liabilities as Current or
The Noosa Shire Council is constituted under the                              Non-Current and associated standards.
Queensland Local Government Act 2009 and is domiciled in
Australia.                                                              (d) Estimates and Judgements
These general purpose financial statements are for the                  Councils make a number of judgements, estimates and
period 1 July 2020 to 30 June 2021. They are prepared in                assumptions in preparing these financial statements. These
accordance with the Local Government Act 2009 and the                   are based on the best information available to Council at the
Local Government Regulation 2012.                                       time, however due to the passage of time, these
                                                                        assumptions may change and therefore the recorded
These financial statements comply with Australian                       balances may not reflect the final outcomes. The significant
Accounting Standards and Interpretations issued by the                  judgements, estimates and assumptions relate to the
Australian Accounting Standards Board (AASB). Council is                following items and specific information is provided in the
a not-for-profit entity for financial reporting purposes and            relevant note:
complies with Australian Accounting Standards as
applicable to not-for-profit entities.                                    •   Valuation of investment property - Note 14
                                                                          •   Valuation and depreciation of property, plant and
These financial statements have been prepared under the                       equipment - Note 14
historical cost convention except for the revaluation of certain          •   Impairment of property, plant and equipment - Note 8
classes of property, plant and equipment and investment                   •   Provisions - Note 20
property.                                                                 •   Contingent liabilities - Note 24
                                                                          •   Financial instruments and financial assets - Note 28
(b) New and revised Accounting                                            •   Revenue recognition - Note 3
    Standards adopted during the year
                                                                        (e) Rounding and Comparatives
Noosa Shire Council has adopted all standards which
became mandatorily effective for annual reporting periods               The financial statements are in Australian dollars and have
beginning on 1 July 2020, none of the standards had a                   been rounded to the nearest $1,000, unless otherwise
material impact on reported position, performance and cash              stated.
flows.
                                                                        Comparative information is generally restated for
An assessment of the impact of AASB 1059 Service                        reclassifications, errors and changes in accounting policies
Concession Arrangements: Grantors on Council resulted in                unless permitted otherwise by transition rules in a new
no arrangements being identified which would fall within the            Accounting Standard. Comparative information is prepared
scope of this standard.                                                 on the same basis as prior year.

(c) Standards issued by the AASB not yet                                (f) Volunteer Services
    effective                                                           Council currently utilises volunteer resources at Noosa
The AASB has issued Australian Accounting Standards and                 Community Support Centre, Noosaville & Cooroy Libraries,
Interpretations which are not yet effective at 30 June 2021,            Noosa Botanic Gardens, Noosa Bushland Care and Noosa
these standards have not been adopted by Council and will               Gallery.
be included in the financial statements on their effective date.
Where the standard is expected to have a significant impact             Council has not recognised the value of volunteer services
for Council then further information has been provided in this          in these financial statements as the value donated cannot
note.                                                                   be reliably measured at this time. Furthermore, if these
                                                                        volunteer services had not been donated they would not
Effective for NFP annual reporting periods beginning on                 have been procured.
or after 1 January 2022
                                                                        (g) Taxation
                  •   AASB 2020-3 Amendments to Australian Accounting
                      Standards - Annual Improvements 2018-2020 and     Council is exempt from income tax, however Council is
                      Other Amendments                                  subject to Fringe Benefits Tax, Goods and Services Tax
                  •   AASB 2014-10 Sale or Contribution of Assets       (‘GST’) and payroll tax on certain activities. The net amount
                      between and Investor and its Associate or Joint   of GST recoverable from the ATO or payable to the ATO is
                      Venture (amended by AASB 2015-10 and AASB         shown as an asset or liability respectively.
                      2017-5)

Effective for NFP annual reporting periods beginning on
or after 1 January 2023

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