Annual Report 2021-22(PDF, 15MB)

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2022

Note 1. Information about these Financial Statements
§Note/Subtotal§
§Subnote§




(a) Basis of preparation                                           (d) Estimates and Judgements
The Noosa Shire Council is constituted under the                   Councils make a number of judgements, estimates and
Queensland Local Government Act 2009 and is domiciled in           assumptions in preparing these financial statements. These
Australia.                                                         are based on the best information available to Council at the
                                                                   time, however due to the passage of time, these
These general purpose financial statements are for the             assumptions may change and therefore the recorded
period 1 July 2021 to 30 June 2022. They are prepared in           balances may not reflect the final outcomes. The significant
accordance with the Local Government Act 2009 and the              judgements, estimates and assumptions relate to the
Local Government Regulation 2012.                                  following items and specific information is provided in the
                                                                   relevant note:
These financial statements comply with Australian
Accounting Standards and Interpretations issued by the               •   Valuation of investment property - Note 15
Australian Accounting Standards Board (AASB). Council is             •   Valuation and depreciation of property, plant and
a not-for-profit entity for financial reporting purposes and the         equipment - Note 15
financial statements comply with Australian Accounting               •   Provisions - Note 21
Standards and Interpretations as applicable to not-for-profit        •   Contingent liabilities - Note 25
entities.                                                            •   Financial instruments and financial assets - Note 30
                                                                     •   Revenue recognition - Note 3
These financial statements have been prepared under the
historical cost convention except for the revaluation of certain   (e) Rounding and Comparatives
classes of property, plant and equipment and investment
property.                                                          The financial statements are in Australian dollars and have
                                                                   been rounded to the nearest $1,000, unless otherwise
(b) New and revised Accounting                                     stated.
    Standards adopted during the year
                                                                   Comparative information is generally restated for
Noosa Shire Council has adopted all standards which                reclassifications, errors and changes in accounting policies
became mandatorily effective for annual reporting periods          unless permitted otherwise by transition rules in a new
beginning on 1 July 2021.                                          Accounting Standard. Comparative information is prepared
                                                                   on the same basis as prior year.
Council also made a change in accounting policy relating to
the application of AASB 138 - Intangibles following the            (f) Volunteer Services
International Financial Reporting Interpretations Committee
(IFRIC) decision clarifying how configuration and                  Council currently utilises volunteer resources at Noosa
customisation costs relating to Software as a Service (SaaS)       Community Support Centre, Noosaville & Cooroy Libraries,
should be accounted for. This change resulted in a material        Noosa Botanic Gardens, Noosa Bushland Care and Noosa
impact on the reported position, performance and cash flows.       Gallery.
Further details of this change are outlined in Note 28.
                                                                   Council has not recognised the value of volunteer services
                                                                   in these financial statements as the value donated cannot
(c) Standards issued by the AASB not yet                           be reliably measured at this time. Furthermore, if these
                                                                   volunteer services had not been donated they would not
    effective                                                      have been procured.
The AASB has issued Australian Accounting Standards and
Interpretations which are not yet effective at 30 June 2022,       (g) Taxation
these standards have not been adopted by Council and will
be included in the financial statements on their effective date.   Council is exempt from income tax, however Council is
                                                                   subject to Fringe Benefits Tax, Goods and Services Tax
While Council will align with any changes in :                     (GST) and payroll tax on certain activities. The net amount
    • AASB 2020-1 Amendments to Australian Accounting              of GST recoverable from the ATO or payable to the ATO is
       Standards – Classification of Liabilities as Current or     shown as an asset or liability respectively.
       Non-Current and associated standards,
    • AASB 2020-3 Amendments to Australian Accounting              (h) COVID-19
       standards – Annual Improvements 2018-2020 and
       Other Amendments, and                                       The COVID-19 pandemic has continued to impact staff
    • AASB 2021-2 Amendments to Australian Accounting              resources at some Council operations however there has
       Standards - Disclosure of Accounting Policies and           been no significant financial impact on Council for the year
                                                                   ended 30 June 2022.
       Definition of Accounting Estimates
it does not currently anticipate any material impact upon its
future financial statements.


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