Annual Report 2014

Opening balance adjustments were required as the amounts approved via the transfer committee varied to the formal subordinate
          debt and participation agreements.

     (c)  Detail of adjustments to opening balances for property, plant and equipment
          Correction to opening balances due to asset register irregularities
          Operating expenditure contained within work in progress                                                         (2,241,057)
          Assels not previously recognised                                                                                   212,365
          Assets previously recognised incorrectly                                                                        (3,200,292)
          Revaluation of assets to fair value
          Revaiuation adjustment to asset values                                                                         107,747,005
          Revaluation adjustment to accumulated depreciation                                                            (163,952,776)
          Total adjustments to property, plant and equipment                                                             (61,434,755)

          As part of the due diligence process involved in the transfer of assets, a reconcilation process was undertaken between the migrated source data and
          the balance signed off by the transfer committee. This reconciliation identified a number of asset records that had either been incorrectly recognised
          or physically disposed of and not reflected in the asset system.

          Normal business processes were undertaken to capilalise completed projects and to remove expenditure that did not comply with asset recognition
          critieria and thresholds.
          The process also encompassed identification of disposals and write offs of assets invloved in the capitalisation of completed assets.

           As part of the de-amalgamation process a revaluation of the major asset classes transferred from Sunshine Coast Regional Council was undertaken
           to ensure fair value is recognised.

          The fair values disclosed through the revaluation process represent the true value of the of the assets transferred as at | January 2014 and an
           adjustment has been made to the opening balances for property, plant and equipment to recognise this change.
     (d)   Detail of opening balance adjustment for Other Liabilities

           Other liabillities                                                                                                 69,168
           Total adjustment                                                                                                   69,168

           Opening balance adjustments were required as the amounts approved via the transfer committee varied to the susbsidiary systems migrated.
           The scope of adjustments encompassed Cemetery Registers and Caravan Parks uneamed revenue.

     (e}   Detail of opening balance adjustment for landfill rehabilitation provision
           Restatement of Jandfill rehabilitation provision                                                                3,120,919
           Total adjustment                                                                                                3,120,919

           Adjustments were made to the opening balance of the landfill rehabilitation provision afier a fornal review by extemal consultants ATC Williams
           was undertaken.
           The review faciliated a more accurate estimate of the Eumundi Road Jandfill's current cells used and unused capacity and expected future capping
           outlay's as at | January 2014.

     ()    Detail of opening balance adjustment for working capital loan

           Value of QTC de-amalgamation loan capital facility transferred                                                  2,230,042
           Total adjustment                                                                                                2,230,042

           As Sunshine Coast Regional Council had removed the impact of the de-amalgamation costs from their statements prepared as at 31 December
           2013 there is a requirement that the opening balances for the Noosa Council be adjusted to recognise the Queensland Treasury Corporation
           working capital facility.
           This adjustment represents the operational de-amalgamation expenditures incurred by Sunshine Coast Regional Council to 31 December 2013 and
           have been absorbed against the reported gain on restructure of local government.                                                        .

                                                                                                                              ~   QAO
                                                                                                                          cernified statements
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