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                      (continued)

                                                                           Carrying                           Carrying
                                                                         amount per                          amount if
                                                                          Statement                           previous
                                                                         of Financial                    Standards had
                                                                            Position    Adjustments       been applied
                                                                            Dr / (Cr)        Dr / (Cr)         Dr / (Cr)
                                                             Notes            $'000            $'000             $'000

Comparison of affected Financial Statement lines between AASB 15/1058 and previous revenue

The following table shows the amout by which the financial statement line item is affected by the application of
AASB 15 and AASB 1058 as compared to the previous revenue standards.

Statement of Comprehensive Income for the year ended 30 June 2020

Revenue
Operating Grants                                                            (5,446)              (50)          (5,496)
Fees and Charges                                                            (6,444)               (3)          (6,447)
Capital Revenue                                                             (8,400)           (1,339)          (9,739)
Rates, Levies and Charges                                                  (69,237)            1,872          (67,365)
Net Revenue                                                                (89,527)              480          (89,047)

Statement of Financial Position at 30 June 2020

Contract Assets                                                                  27              (27)               -
Contract Liabilities                                                         (1,568)           1,568                -
Other Liabilities                                                            (3,158)             480           (2,678)
Retained Earnings                                                        (1,003,274)          (2,021)      (1,005,295)
Total community equity                                               (1,007,973)                   -     (1,007,973)
The adjustments above relate to the recognition of Contract Assets and Contract Liabilities for revenue streams
where the revenue is recognised over time rather than on receipt of funding under AASB 1004.

Statement of Cash Flows for the year ended 30 June 2020

The adoption of AASB 15 and AASB 1058 has not caused a material change to the Statement of Cash Flows
for the year ended 30 June 2020.




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