Annual Report 2019-20

Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2020

Note 1. Summary of Significant Accounting Policies

(1.a)   Basis of preparation                                 The following list identifies all the new and amended
                                                             Australian Accounting Standards, and Interpretation,
The Noosa Shire Council is constituted under the             that were issued but not yet effective at the time of
Queensland Local Government Act 2009 and is                  compiling these illustrative statements that could be
domiciled in Australia.                                      applicable to Councils.

These general purpose financial statements are for           Effective for NFP annual reporting           periods
the period 1 July 2019 to 30 June 2020. They are             beginning on or after 1 January 2020
prepared in accordance with the Local Government
Act 2009 and the Local Government Regulation                     AASB 1059 Service Concession Arrangements:
2012.                                                            Grantors

These financial statements comply with Australian                AASB 2018-6 Amendments to Australia
Accounting Standards and Interpretations issued by               Accounting Standards – Definition of a Business
the Australian Accounting Standards Board (AASB).
Council is a not-for-profit entity for financial reporting       AASB 2018-7 Amendments to Australian
purposes and complies with Australian Accounting                 Accounting Standards – Definition of Material
Standards as applicable to not-for-profit entities.
                                                                 AASB 2019-3 Amendments to Australian
These financial statements have been prepared                    Accounting Standards – Interest Rate Benchmark
under the historical cost convention except for the              Reform
revaluation of certain classes of property, plant and
equipment and investment property.                           Effective for NFP annual reporting           periods
                                                             beginning on or after 1 January 2021

(1.b)   New and revised Accounting                               AASB 17 Insurance Contracts
        Standards adopted during the year
                                                             Effective for NFP annual reporting           periods
Noosa Shire Council adopted all Australian                   beginning on or after 1 January 2022
Accounting Standards which became mandatorily
effective for annual reporting periods beginning on 1            AASB 2014-10 Sale or Contribution of Assets
July 2019. The standards which had an impact on                  between and Investor and its Associate or Joint
reported position, performance and cash flows were               Venture (amended by AASB 2015-10 and AASB
those relating to revenue and leases.                            2017-5)

Refer to the change in accounting policy Note 28 for
transition disclosures for AASB 15 Revenue from              (1.d) Estimates and Judgements
Contracts with Customers, AASB 1058 Income of
NFP Entities and AASB 16 Leases.                             Councils make a number of judgements, estimates
                                                             and assumptions in preparing these financial
                                                             statements. These are based on the best information
(1.c)   Standards issued by the AASB not                     available to Council at the time, however due to the
        yet effective                                        passage of time, these assumptions may change and
                                                             therefore the recorded balances may not reflect the
The AASB has issued Australian Accounting                    final outcomes. The significant judgements, estimates
Standards and Interpretations which are not effective        and assumptions relate to the following items and
at 30 June 2020, these standards have not been               specific information is provided in the relevant note:
adopted by Council and will be included in the
financial statements on their effective date. Where              Investment Property - Note 13
the standard is expected to have a significant impact            Valuation and depreciation of Property, Plant &
for Council then further information has been                    Equipment - Note 14
provided in this note.                                           Impairment of Property, Plant and Equipment -
                                                                 Note 8


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