Annual Report 2016-17

                                                                                              Financial Statements 2017



 Noosa Shire Council

Notes to the Financial Statements
    for the year ended 30 June 2017

Note 1. Summary of Significant Accounting Policies


(1.a)      Basis of preparation                               (1.c)   Date of Authorisation

These general purpose financial statements are for            The financial statements were authorised for issue on
the period 1 July 2016 to 30 June 2017 and have               the date they were submitted to the Auditor-General
been prepared in compliance with the requirements             for final signature. This is the date the management
of the Local Government Act 2009 and the Local                certificate is signed.
Government Regulation 2012. Consequently, these
financial statements have been prepared in                    (1.d)   Adoption of New               and      Revised
accordance     with   all  Australian    Accounting                   Accounting Standards
Standards, Australian Accounting Interpretations and
other authoritative pronouncements issued by the              In the current year, Council adopted all of the new and
Australian Accounting Standards Board.                        revised Standards and Interpretations issued by the
                                                              Australian Accounting Standards Board (AASB) that
These financial statements have been prepared                 are relevant to its operations and effective for the
under the historical cost convention except for the           current reporting period. The adoption of the new and
following:                                                    revised Standards and Interpretations has not
                                                              resulted in any material changes to Council's
•      Financial assets and liabilities, certain classes of   accounting policies.
       property, plant and equipment and investment
       property which are measured at fair value;             Noosa Shire Council has not applied any Australian
                                                              Accounting Standards and Interpretations that have
Council is constituted under the Queensland Local             been issued but are not yet effective.
Government Act 2009 and .is domiciled in Australia.
                                                              AASB 124 Related Party Disclosures is applicable
Council uses the Australian dollar as its functional          from 1 July 2016. This year Council has applied
currency and its presentation currency.                       AASB 124 Related Party Disclosures for the first time.
                                                              This information is presented in Note 29.
Amounts included in the financial statements have
been rounded to the nearest $1,000 unless                     Other amended Australian Accounting Standards and
otherwise indicated.                                          Interpretations which were issued at the date of
                                                              authorisation of the financial report, but have future
Comparative information has been restated where               commencement dates are not likely to have a material
necessary to be consistent with disclosures in the            impact on the financial statements.
current reporting period.
                                                              As at the date of authorisation of the financial
(1.b)      Statement of Compliance                            statements, the standards and interpretations listed
                                                              below were in issue but not yet effective.
These general purpose financial statements comply
with all accounting standards and interpretations             Effective for annual reporting periods beginning
issued by the Australian Accounting Standards                 on or after 1 January 2018
Board (AASB) that are relevant to Council's
operations and effective for the current reporting            AASB 9 Financial Instruments (December 2009). Is
period. Because the Council is a not-for-profit entity        applicable from 1 July 2018 and replaces AASB 139
and the Australian Accounting Standards include               Financial Instruments: Recognition and Measurement
requirements for not-for-profit entities which are            and changes the classification, measurement and
inconsistent with International Financial Reporting           disclosure of financial assets.      This change will
Standards     (IFRS),     to  the    extent     these         require Council to measure all financial ass~ts at fair
inconsistencies are applied,       these financial            value or amortised cost rather than at cost. The
statements do not comply with IFRS. The main                  impact is expected to be immaterial.
impacts are the offsetting of revaluation and
impairment gains and losses within a class of                 AASB 15 Revenue from Contracts with Customers is
assets, and the timing of the recognition of non-             applicable from 1 January 2018 and will replace
reciprocal grant revenue.                                     AASB 118 Revenue, AASB 111 Construction


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