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2022-11-14 GC Agenda - Item 5 - Attachment 1 - Annual Report 2021-22
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Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2022
Note 27. Reconciliation of Net Result for the year to Net Cash Inflow/(Outflow) from
Operating Activities
§Note/Subtotal§
§Subnote§
$ '000 2022 2021
Net Operating Result from Income Statement 17,960 13,466
Non-Cash Items
Depreciation and Amortisation 17,929 17,082
Non-cash Capital Contributions (699) (1,730)
17,230 15,352
Losses/(Gains) recognised on fair value re-measurements through the Income
Statement
Investment Properties (400) 100
Movement in Restoration Provisions 8,016 1,236
7,616 1,336
Investing and Development Activities
Net (Profit)/Loss on Disposal of Assets 2,645 4,700
Capital Grants and Contributions (14,745) (11,447)
Share of Net (Profits)/Losses of Associates (6,508) (5,556)
Impairment of Receivables and Bad Debts Written Off 7 (8)
Interest Expense capitalised in QTC loans 527 3,458
(18,074) (8,853)
Changes in Operating Assets and Liabilities:
(Increase)/Decrease in Receivables (970) (365)
Increase/(Decrease) in Provision for Doubtful Debts – (6)
(Increase)/Decrease in Inventories 1 37
(Increase)/Decrease in Contract Assets 487 –
(Increase)/Decrease in Other Assets 1,717 1,497
Increase/(Decrease) in Payables 8,671 554
Increase/(Decrease) in Contract Liabilities (547) 118
Increase/(Decrease) in Employee Leave Entitlements (282) 328
Increase/(Decrease) in Other Liabilities 12,385 (163)
21,462 2,000
Net Cash provided from/(used in) Operating Activities from the
Statement of Cash Flows 46,194 23,301
Note 28. Changes in Accounting Policy
§Note§
Software as a Service (SaaS) Arrangements
§Subnote§
§Total§
In April 2021, the International Financial Reporting Interpretations Committee (IFRIC), published an agenda decision clarifying
how the configuration and customisation costs incurred in implementing Software as a Service (SaaS) should be accounted for.
SaaS arrangements are service contracts providing the customer with the right to access the provider’s application software
over the contract period. Costs incurred to configure or customise software in a cloud computing arrangement, can be
recognised as intangible assets only if the activities create an intangible asset that the entity controls and the intangible asset
meets the recognition criteria.
Some of these costs incurred are for the development of software code that enhances or modifies, or creates additional
capability to, existing on-premises systems and meets the definition of and recognition criteria for an intangible asset. These
costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis.
continued on next page ... Page 42 of 62
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