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2018-11-06 S&O Agenda - Attachment 1 to Item 5 - Draft Annual Report 2017-18
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Financial Statements 2018
Noosa Shire Council
Notes to the Financial Statements
for the year ended 30 June 2018
Note 15. Trade and Other Payables (continued)
2018 2017
Notes $'000 $'000
Current
ATO - Net GST Payable 109 106
Accruals 5,183 3,688
Trade Creditors 2,715 4,498
Employee Related Accruals 1,237 1,228
Annual Leave 2,349 2,207
Other Entitlements 88 91
TOTAL CURRENT TRADE AND OTHER PAYABLES 11,681 11,818
Note 16. Borrowings
2018 2017
Loans payable are measured at amortised cost using the effective interest rate
method. The effective interest rate is the rate that exactly discounts estimated future
cash payments or receipts through the expected life of the financial instrument.
Borrowing costs, which includes interest calculated using the effective interest method
and administration fees, are expensed in the period in which they arise. Costs that are
not settled in the period in which they arise are added to the carrying amount of the
borrowing.
All borrowing costs are expensed in the period in which they are incurred.
Borrowings are classified as current liabilities unless Council has an unconditional right
to defer settlement of the liability for at least 12 months after the balance date.
Current
Loans - Queensland Treasury Corporation 3,969 3,745
TOTAL CURRENT BORROWINGS 3,969 3,745
Non-current
Loans - Queensland Treasury Corporation 32,171 34,291
TOTAL NON-CURRENT BORROWINGS 32,171 34,291
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