Annual Report 2021-22

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

Note 28. Changes in Accounting Policy (continued)

The useful lives are reviewed at least at the end of each financial year, and any change accounted for prospectively as a
change in accounting estimate.

Costs that do not result in intangible assets are expensed as incurred unless they represent payment for future services to be
received. In which case a prepayment is initially recognised and then expensed as those subsequent services are received.

These provisions also apply to Unitywater and as such Council’s investment in an associate has also been impacted with
comparatives being restated.

Retrospective adjustments have not been applied as the adjustments span more than 5 years.
§Total§




Changes to the opening Statement of Financial Position at 1 July 2020

Statement of Financial Position

                                                                             Original             Impact           Restated
                                                                             Balance            Increase/           Balance
$ '000                                                                   1 July, 2020         (Decrease)        1 July, 2020

Equity Investment                                                              88,040               (375)            87,665
Intangible Assets                                                               3,211             (2,509)               702
Total Assets                                                               1,142,095             (2,884)         1,139,211
Retained Surplus/Deficit                                                      999,512             (2,884)           996,628
Total Community Equity                                                     1,085,108             (2,884)         1,082,224


§Total§




Adjustments to the Comparative Figures for the year ended 30 June 2021

Statement of Financial Position

                                                                            Original              Impact           Restated
                                                                            Balance             Increase/           Balance
$ '000                                                                 30 June, 2021          (Decrease)      30 June, 2021

Equity Investments                                                             92,433               (709)            91,724
Intangibles                                                                     3,036             (2,629)               407
Total Assets                                                               1,183,587             (3,338)         1,180,249

Total Liabilities                                                             61,682                    –            61,682
Retained Surplus / (Deficiency)                                             1,013,432             (3,338)         1,010,094
Total Community Equity                                                     1,121,905             (3,338)         1,118,567




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