2018-11-06 S&O Agenda - Attachment 1 to Item 5 - Draft Annual Report 2017-18

                                                                                         Financial Statements 2018



Noosa Shire Council

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

Note 26. Reconciliation of Liabilities arising from Finance Activities
                                                                As at                     Non-Cash               As at
                                                            30-Jun-17     Cashflows        Changes          30-Jun-18
                                                                $'000         $'000           $'000             $'000


Loans                                                         38,036          (4,000)          2,104           36,140
                                                             38,036          (4,000)          2,104           36,140


Note 27. Prior Period Adjustments

During the 2017/18 financial year, Council commenced a comprehensive project to stocktake and align asset
data between financial, spatial and asset management systems for land as well as road and bridge asset classes.

The stocktake identified various assets to be derecognised, initially recognised and amended due to the following:
- Incorrectly recognised assets during prior periods which resulted from a combination of duplicate data entry and
  not accounting for asset disposals.
- Initial recognition of assets that should have included in previous years financial statements.
- Adjustments to asset valuation due to re-componentisation and improved attribute information.

A restated recognition date of 1 July 2016 has been applied to all assets initially recognised, derecognised or
amended during the financial year based on their written down value. Retrospective depreciation adjustments have
not been applied due to the impractical nature of determining the depreciation expense and materiality thresholds.

                                                                                               2018              2017
                                                                                Notes          $'000             $'000

Prior year adjustments to each non-current asset class
Land                                                                                                              540
Road and Bridge Network                                                                             -         (54,834)
Total Prior Period Adjustments                                                                      -         (54,294)

Statement line items affected from the prior period adjustments
Statement of Financial Position (Extract)

Property, plant and equipment                                                   12                  -         (54,294)
Total Non-Current Assets                                                                            -         (54,294)

Total Assets                                                                                        -         (54,294)

Net Community Assets                                                                                -         (54,294)

Community Equity
Retained Surplus                                                                                    -         (54,294)
Total Community Equity                                                                              -         (54,294)

Statement of Changes in Equity (Extract)
a. Correction to opening balance                                                                    -         (54,294)
Opening Balance                                                                                     -         (54,294)
Equity Balance                                                                                      -         (54,294)
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