Annual Report 2016-17

                                                                                            Financial Statements 2017



Noosa Shire Council

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

Note 25. Restated Balances

Council has adjusted the 2015/16 comparatives in the Statement of Comprehensive Income, Statement of Financial
Position, Statement of Changes in Equity and notes where indicated for the following:

(a) Contributed assets not previously recognised

During the 2016/17 financial year Council became aware of some contributed assets in property, plant and equipment
that should have been previously recognised in the prior reporting period. Consequently the.assets have been
recognised retrospectively and certain comparative figures have been restated. Details of the assets not previously
recognised are as follows:

   - Road and Bridge Network increased by $1.193 million
   - Stormwater increased by $0.829 million

To correct the impact of the prior year error, Council has adjusted the 2015/16 comparative in the Statement of
Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and notes where indicated.
There is no material impact to the depreciation expense in 2015/16 and accordingly this balance has not been
adjusted.

(b) Provision Landfill"adjustment

During the 2016/17 fnancial year Council identified that an adjustment of $1.454 million was necessary to the opening
equity balance for 1 July 2015, to reflect a change in the assumptions used in the calculation of the provision for
the restoration of the landfill site. Accordingly, the adjustment has been recognised retrospectively and comparative
figures have been restated.

Details of the impact of the above adjustment to the financial statement line items is provided in the 'Reconciliation of
Restated Balances' table below.




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