Annual Report 2019-20

Noosa Shire Council

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

Note 28. Changes in Accounting Policy
                                                                                          2020                2019
Changes in Accounting Policies

During the year ended 30 June 2020, the Council has adopted AASB 15 Revenue from Contracts with
Customers , AASB 1058 Income of NFP Entities and AASB 16 Leases using the modified retrospective
(cumulative catch-up) method and therefore the comparative information for the year ended 30 June 2019
has not been restated and continues to comply with AASB 111 Construction Contracts , AASB 117
Leases , AASB 118 Revenue , AASB 1004 Contributions and associated Accounting Interpretations.

All adjustments on adoption of AASB 15, AASB 1058 and AASB 16 have been taken to retained earnings
at 1 July 2019.

The impacts of adopting these standards and associated transition disclosures are provided below:

Revenue standards - AASB 15 and AASB 1058

The following options have been applied on transition to AASB 15 and AASB 1058:
- Council has not adopted the completed contract expedient and therefore has not excluded revenue which
  was fully recognised in previous years in accordance with the former accounting standards and pronouncements.
- Council has not retrospectively restated contracts for modifications that occurred before 1 July 2019 unless
  such contract modification were minor.

Changes in accounting policy on adoption of AASB 15 and AASB 1058

                                                                                                     Balance at
                                                                                                         1-Jul-19
                                                                                                           $'000


Opening Contract Balances on transition at 1 July 2019

Contract Assets
Under AASB 15                                                                                                   2
Under AASB 1058                                                                                                 -
Total Contract Assets                                                                                           2

Contract Liabilities
Under AASB 15                                                                                                  82
Under AASB 1058                                                                                                69
Total Contract Liabilities                                                                                    151




                                                                                                    page 44