Annual Report 2019-20

Noosa Shire Council
General Purpose Financial Statements
for the year ended 30 June 2020

Table of Contents                                                                    Page

1. Primary Financial Statements:
  Statement of Comprehensive Income                                                   2
  Statement of Financial Position                                                     3
  Statement of Changes in Equity                                                      4
  Statement of Cash Flows                                                             5

2. Notes to the Financial Statements
    1     Summary of significant accounting policies                                  6
   2(a)   Council functions - Component Descriptions                                  8
   2(b)   Analysis of Results by Function                                             9
    3     Revenue                                                                     10
    4     Interest and Other Income                                                   14
    5     Employee Benefits                                                           15
    6     Materials and Services                                                      15
    7     Finance Costs                                                               16
    8     Capital Expenses                                                            16
    9     Cash and Cash Equivalents                                                   17
    10    Receivables                                                                 18
    11    Other Assets                                                                19
    12    Equity Investments                                                          20
    13    Investment Property                                                         22
    14    Property, Plant and Equipment                                               22
    15    Fair Value Measurement                                                      26
    16    Intangible Assets                                                           31
    17    Contract Balances                                                           31
    18    Leases                                                                      32
    19    Payables                                                                    36
    20    Borrowings                                                                  36
    21    Provisions                                                                  37
    22    Other Liabilities                                                           39
    23    Asset Revaluation Surplus                                                   39
    24    Commitments for Expenditure                                                 40
    25    Contingent Liabilities                                                      41
    26    Superannuation                                                              42
          Reconciliation of Net Result for the year to Net Cash Inflow/(Outflow)
    27                                                                                43
          from Operating Activities
    28    Changes in Accounting Policy                                                44
    29    Events after the Reporting Period                                           47
    30    Financial Instruments and Financial Risk Management                         47
    31    National Competition Policy                                                 55
    32    Trust Funds                                                                 55
    33    Transactions with Related Parties                                           56

3. Management Certificate                                                             59

4. Independent Auditor's Report                                                       60

5. Current Year Financial Sustainability Statement                                    63
  Certificate of Accuracy - Current Year Financial Sustainability Statement           65
  Independent Auditor's Report - Current Year Financial Sustainability Statement      66

6. Unaudited Long Term Financial Sustainability Statement                             69
  Certificate of Accuracy - Unaudited Long Term Financial Sustainability Statement    71

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