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)
§Note/Subtotal§
§Total§




Statement of Comprehensive Income

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

Equity Share of profit (loss) in Associate through Participation
Rights                                                                           5,890               (334)              5,556
Total Income                                                                  120,741                (334)           120,407
Employee Benefits                                                               35,692                 240             35,932
Materials & Services                                                            44,071                 229             44,300
Amortisation - Intangibles                                                         404               (349)                 55
Total Expenses                                                                106,821                 120            106,941

Net Result                                                                     13,920                (454)            13,466



Statement of Cash Flows
§Total§




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

                                                                                      –                  –                   –
Cash Flows from Operating Activities
Payments to Suppliers and Employees                                            (85,962)              (469)            (86,431)
Net Cash Inflows/(Outflows) from Operating Activities                            23,770              (469)              23,301

Cash Flows from Investing Activities
Payments for Intangible Assets                                                    (505)                469                (36)
Net Cash Inflows/(Outflows) from Investing Activities                           (7,004)                469             (6,535)

Net Increase/(Decrease) in Cash and Cash Equivalents held                       13,004                   –             13,004


Changes in Accounting Estimates
§Subnote§




When completing the comprehensive valuation of land, APV used the cost approach for the majority of land parcels. This
approach differs significantly to the market approach which was used in the previous land valuation in March 2018. As such
there has been an underlying change in methodology adopted in respect to the valuation of land. Further details on this
valuation approach are outlined in Note 15.

Given the significant movement in land values generally and the complex nature of valuations, in that they are subject to
judgement, interpretation, and market conditions, Council is unable to determine the quantum of adjustment relating specifically
to this change in underlying methodology.

No retrospective adjustments have been made in this regard and any resulting movements have been recorded through the
asset revaluation reserve.



Note 29. Events after the Reporting Period
§Note§




§Subnote§




Council is unaware of any material or significant "adjusting" or "non adjusting events" that should be disclosed.


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