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 (continued)

   AASB 2018-4 Amendments to Australian Accounting             Financial liabilities
    Standards – Australian Implementation Guidance for
    Not-for-Profit Public Sector Licensors                          Payables - measured at amortised cost. Note 15.
                                                                    Borrowings - measured at amortised cost. Note 16.
   AASB 2018-5 Amendments to Australian Accounting
    Standards - Deferral of AASB 1059                           Financial assets and financial liabilities are presented
                                                                separately from each other and offsetting has not been
                                                                applied. All other disclosures relating to the measurement
Effective for annual reporting periods beginning on or          and financial risk management of financial instruments are
after 1 January 2021                                            included in Note 30.

   AASB 17 Insurance Contracts                                 (1.g)     Taxation
   AASB 17 Insurance Contracts (Appendix D)                    Income of local authorities and public authorities is exempt
                                                                from Commonwealth taxation except for Fringe Benefits Tax
(1.e)    Critical accounting judgements and key                 and Goods and Services Tax (‘GST’). The net amount of
         sources of estimation uncertainty                      GST recoverable from the ATO or payable to the ATO is
                                                                shown as an asset or liability respectively.
In the application of Council's accounting policies,
management is required to make judgements, estimates            Unitywater pays Council an income tax equivalent in
and assumptions about carrying values of assets and             accordance with the requirements of the Local Government
liabilities that are not readily apparent from other sources.   Act 2009. Where the activity of such an entity is subject to
The estimates and associated assumptions are based on           the tax equivalents regime, the income tax expense is
historical experience and other factors that are considered     calculated on the operating surplus adjusted for permanent
to be relevant. Actual results may differ from these            differences between taxable and accounting income.
estimates. The estimates and ongoing assumptions are
reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the
estimate is revised and in future periods as relevant.

Judgements, estimates and assumptions that have a
potential significant effect are outlined in the following
financial statement notes:

        Investment Property - Note 11
        Valuation and depreciation of Property, Plant &
         Equipment - Note 12
        Provisions - Note 17
        Contingent Liabilities - Note 21
        Financial Instruments and Financial Assets - Note
         30.

(1.f)    Financial assets and financial 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 9.
   Receivables - measured at amortised cost. Note 10.



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