2015-11-16 GC Agenda - Item 3, Attach 1 - Annual Report 2014-15

                                                                                                                                                 QAO
                                                                                                                                          certified statements


NOOSA    SHIRE COUNCIL


Notes to the Financial       Statements
For the year ended 30 June 2015

                Investment Prope,1y - note 1.12 and note 12
                Valuation and depreciation  of property,             plant and equipment      ~ note 1.13 and note 14 Fair value
                measurements
                Provisions - note 1.18 and note 17
               Contingent       liabilities   ~ note 22


  1.6          Revenue
               Rates, levies. grants and other revenue are recognised                   as revenue    on receipt of funds or earlier
               upon unconditional   entitlement to the funds.

 1.6    (a)       Rates and levies
               Where rate monies are received  prior to the commencement    of the rating/Jevying period, the
               amount is recognised as revenue in the period in which they are received, otherwise rates are
               recognised at the commencement  of rating period.

 1.6    (b)         Grants and subsidies
               Grants, subsidies and contributions   that are non-reciprocal                in nature are recognised       as revenue
               in the year in which Council obtains control over them.


 1.6    (c)         Cash contributions
               Council receives cash contributions    from property developers to construct assets such as roads
               and footpaths.    Where agreements       between   Council   and the developers  relating to these
               contributions  are determined   to fall within the scope of AASB Interpretation    18 Transfers of
               Assets from Customers these contributions      are recognised as revenue when the related service
               obligations are fulfilled.


 1.6    (d)         Interest and dividends
               Interest received from term deposits is accrued over the term of the investment.      Dividends                      are
               recognised once they are formally declared by the directors of the associated entity.



 1.6    (e)         Fees and Charges
              Fees and charges are recognised upon unconditional   entitlement to the funds. Generally this is
              upon lodgement of the relevant applications or documents,    issuing of the infringement notice or
              when the service is provided.


 1.7          FInancialassetsand liabilities
              Council recognises a financial asset or a financial liability in its Statement                 of Financial Position
              when, and only when, Council becomes a party to the contractual provisions                     of the instrument.



              Noosa Shire Council has categorised                 and measured      the financial   assets and financial    liabilities
              held at balance date as follows:

              Financial    assets
              Cash and cash equivalents (note 1.8)
              Receivables      - measured        at amortised    cost (note 1.9)

              Financial    liabilities
              Payables - measured at amortised cost (note 1.15)
              Borrowings     - measured        at amortised     cost (note 1.17)


              Financial assets and financial liabilities are presented separately from each other and offsetting
              has not been applied. All other disclosures        relating to the measurement  and financial risk
              management    of financial instruments are included in note 28.


1.8           Cash and cash          equivalents
              Cash and cash equivalents       includes cash on hand, all cash and cheques receipted but not
              banked at the year end, deposits held at call with financial institutions, other short-term, highly
              liquid investments with original maturities of three months or less that are readily convertible to
              known amounts of cash and which are subject to an insignificant       risk of changes in value. and
              bank overdrafts.




                                                                                   P~np 7