Annual Report 2021-22

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

Note 12. Other Assets
§Subnote§




$ '000                                                                                              2022               2021

Current
Prepayments                                                                                         2,898              2,938
Total Current Other Assets                                                                         2,898              2,938



Note 13. Equity Investments
§Note§




§Subnote§




Accounting Recognition:

As at 1 July 2010 a water distribution and retail business called Unitywater was established in accordance with the South-East
Queensland Water (Distribution and Retail Restructuring) Act 2009 to deliver water and waste water services to customers
within the local government areas of Moreton Bay Regional Council, Sunshine Coast Regional Council and Noosa Shire
Council.

Under the Act, governance arrangements for Unitywater were established in a Participation Agreement which commenced
from 1 July 2010. The agreement provides for participation rights to be held by the participating Councils. The participating
Councils are Noosa Shire Council, Moreton Bay Regional Council and the Sunshine Coast Regional Council. The Participation
Rights effectively represent an investment in an associate by Noosa Shire Council.

Investment in Associates are accounted for using the Equity method whereby the investment is initially recognised at cost and
adjusted thereafter for the post-acquisition change in the Council’s share of the Unitywater's net assets.

Council's Statement of Comprehensive Income includes its share in Unitywater's profit or loss and other comprehensive income
for the year ended 30 June 2022.

During the year, Unitywater revised its accounting policy in relation to configuration and customisation costs incurred in
implementing cloud computing arrangements in response to the IFRIC agenda decision clarifying its interpretation of how
current accounting standards apply to these types of arrangements. The change in policy has been retrospectively applied
and comparative financial information has been restated. Further information on this change is outlined in Note 28.

                                                    Council’s Share of Net Income          Council’s Share of Net Assets
                                                             2022             2021                 2022             2021
$ '000                                                                    Restated                              Restated

Unitywater                                                   6,508               5,556           100,140             95,349
Total                                                        6,508               5,556           100,140             95,349



Associates
§Subnote§




Council has incorporated the following Associates into it's consolidated Financial Statements.
§Total§




(a) Net Carrying Amounts – Council’s Share

                                                              Nature of          Measurement
                                                              Relationship       Method                  2022         2021
$ '000                                                                                                             Restated

Unitywater                                                    Associate          Equity                96,515        91,724
Total Carrying Amounts                                                                                 96,515        91,724




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