Annual Report 2018-19

                                                                                                 Financial Statements 2019



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2019

Note 1. Summary of Significant Accounting Policies

(1.a)    Basis of preparation                                 (1.d)     Adoption of New and Revised Accounting
                                                                        Standards
These general purpose financial statements are for the
period 1 July 2018 to 30 June 2019 and have been              In the current year, Council adopted all of the new and
prepared in compliance with the requirements of the Local     revised Standards and Interpretations issued by the
Government Act 2009 and the Local Government                  Australian Accounting Standards Board (AASB) that are
Regulation     2012.    Consequently,   these    financial    relevant to its operations and effective for the current
statements have been prepared in accordance with all          reporting period. The adoption of the new and revised
Australian Accounting Standards, Australian Accounting        Standards and Interpretations has not resulted in any
Interpretations and other authoritative pronouncements        material changes to Council's accounting policies.
issued by the Australian Accounting Standards Board.
                                                              Noosa Shire Council has not applied any Australian
These financial statements have been prepared under the       Accounting Standards and Interpretations that have been
historical cost convention except for the following:          issued but are not yet effective.

   Financial assets and liabilities, certain classes of      This year Council has applied AASB 9 Financial Instruments
    property, plant and equipment and investment              for the first time. AASB 9 replaces AASB 139 and relates to
    property which are measured at fair value;                the recognition, classification and measurement of financial
                                                              assets and financial liabilities. Implementing AASB 9 has
Council is constituted under the Queensland Local             resulted in a change to the way council calculates
Government Act 2009 and is domiciled in Australia.            impairment provisions, which are now based on expected
                                                              credit losses instead of incurred credit losses.
Council uses the Australian dollar as its functional
currency and its presentation currency.                       On 1 July 2018 (the date of initial application), council re-
                                                              assessed the classification, measurement category and
Amounts included in the financial statements have been        carrying amount of each financial instrument (listed below)
rounded to the nearest $1,000 unless otherwise indicated.     in accordance with AASB 9. There were some changes to
                                                              classification, but this did not result in changes to
Comparative information has been restated where               measurement categories (listed below). Carrying amounts
necessary to be consistent with disclosures in the current    were also unchanged, except for receivables which
reporting period.                                             decreased by $2,807 due to an increase in impairment
                                                              under the new rules. A corresponding adjustment was made
(1.b)    Statement of Compliance                              to retained earnings as at 1 July 2018.

These general purpose financial statements comply with        Financial asset/liability           Measurement
all accounting standards and interpretations issued by the                                        Category (unchanged)
Australian Accounting Standards Board (AASB) that are
relevant to Council's operations and effective for the        Cash and cash equivalents           Amortised cost
current reporting period. Because the Council is a not-for-   Receivables                         Amortised cost
profit entity and the Australian Accounting Standards         Other financial assets              Amortised cost
include requirements for not-for-profit entities which are    Borrowings                          Amortised cost
inconsistent with International Financial Reporting
Standards (IFRS), to the extent these inconsistencies are     Some Australian Accounting Standards and Interpretations
applied, these financial statements do not comply with        have been issued but are not yet effective. Those standards
IFRS. The main impacts are the offsetting of revaluation      have not been applied in these financial statements. Council
and impairment gains and losses within a class of assets,     will implement them when they are effective.
and the timing of the recognition of non-reciprocal grant
revenue.                                                      The standards that are expected to have a material
                                                              impact upon Council's future financial statements are:
(1.c)    Date of Authorisation
                                                              Effective for annual reporting periods beginning on or
                                                              after 1 July 2019
The financial statements were authorised for issue on the
date they were submitted to the Auditor-General for final
                                                                  AASB 15 Revenue from Contracts with Customers,
signature. This is the date the management certificate is
                                                                   AASB 1058 Income of Not-for-Profit Entities and AASB
signed.
                                                                   2016-8 Amendments to Australian Accounting
                                                                   Standards - Australian Implementation Guidance for
                                                                   Not-for-Profit Entities.



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