Annual Report 2010-2011 - Western Australian Museum

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Western Australian Museum ANNUAL REPORT 2010/2011 NOTES TO THE FINANCIAL STATEMENTS 1. AustRAliAn AccountinG stAnDARDs General The Western Australian Museum’s financial statements for the year ended 30 June 2011 have been prepared in accordance with Australian Accounting Standards. The term ‘Australian Accounting Standards’ includes Standards and Interpretations issued by the Australian Accounting Standards Board (AASB). The Western Australian Museum has adopted any applicable new and revised Australian Accounting Standards from their operative dates. early adoption of standards The Western Australian Museum cannot early adopt an Australian Accounting Standard unless specifically permitted by TI 1101 Application of Australian Accounting Standards and Other Pronouncements. No Australian Accounting Standards that have been issued or amended (but not operative) have been early adopted by the Western Australian Museum for the annual reporting period ended 30 June 2011. 2. suMMARy of siGnificAnt AccountinG policies a) General statement The financial statements constitute general purpose financial statements that have been prepared in accordance with Australian Accounting Standards, the Framework, Statements of Accounting Concepts and other authoritative pronouncements of the AASB as applied by the Treasurer’s Instructions. Several of these are modified by the Treasurer’s Instructions to vary application, disclosure, format and wording. The Financial Management Act and the Treasurer’s Instructions are legislative provisions governing the preparation of financial statements and take precedence over Australian Accounting Standards, the Framework, Statements of Accounting Concepts and other authoritative pronouncements of the AASB. Where modification is required and has had a material or significant financial effect upon the reported results, details of that modification and the resulting financial effect are disclosed in the notes to the financial statements. b) Basis of preparation The financial statements have been prepared on the accrual basis of accounting using the historical cost convention, except for land, buildings and Museum collections which have been measured at fair value. The accounting policies adopted in the preparation of the financial statements have been consistently applied throughout all periods presented unless otherwise stated. The financial statements are presented in Australian dollars and all values are rounded to the nearest thousand dollars ($’000). Note 4 ‘Judgements made by management in applying accounting policies’ discloses judgements that have been made in the process of applying the Western Australian Museum’s accounting policies resulting in the most significant effect on amounts recognised in the financial statements. c) Reporting entity The reporting entity comprises The Western Australian Museum. 46 BACK CONTENTS FORWARD
d) contributed equity Western Australian Museum ANNUAL REPORT 2010/2011 AASB Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities requires transfers in the nature of equity contributions, other than as a result of a restructure of administrative arrangements, to be designated by the Government (the owner) as contributions by owners (at the time of, or prior to transfer) before such transfers can be recognised as equity contributions. Capital appropriations have been designated as contributions by owners by TI 955 Contributions by Owners made to Wholly Owned Public Sector Entities and have been credited directly to Contributed Equity. The transfer of net assets to/from other agencies, other than as a result of a restructure of administrative arrangements, are designated as contributions by owners where the transfers are non-discretionary and nonreciprocal. e) income Revenue recognition Revenue is recognised and measured at the fair value of consideration received or receivable. The following specific recognition criteria must also be met before revenue is recognised for the major business activities as follows: Sale of goods Revenue is recognised from the sale of goods and disposal of other assets when the significant risks and rewards of ownership transfer to the purchaser and can be measured reliably. Provision of services Revenue is recognised on delivery of the service to the client or by reference to the stage of completion of the transaction. Interest Revenue is recognised as the interest accrues. Service appropriations Service Appropriations are recognised as revenues at fair value in the period in which the Western Australian Museum gains control of the appropriated funds. The Western Australian Museum gains control of appropriated funds at the time those funds are deposited to the bank account or credited to the ’Amounts receivable for services’ (holding account) held at Treasury. Grants, donations, gifts and other non-reciprocal contributions Revenue is recognised at fair value when the Western Australian Museum obtains control over the assets comprising the contributions, usually when cash is received. Other non-reciprocal contributions that are not contributions by owners are recognised at their fair value. Contributions of services are only recognised when a fair value can be reliably determined and the services would be purchased if not donated. Gains BACK CONTENTS FORWARD Realised and unrealised gains are usually recognised on a net basis. These include gains arising on the disposal of non-current assets and some revaluations of non-current assets. 47
Page 1 and 2: Western Australian Museum AnnuAl Re
Page 3 and 4: contents Western Australian Museum
Page 5 and 6: I am delighted to introduce this ye
Page 7 and 8: A major priority for the WA Museum
Page 9 and 10: HIGHLIGHTS OF 2010/11 COMMUNITy ENG
Page 11 and 12: AWARDS AND HONOURS BACK CONTENTS FO
Page 13 and 14: BOARD MEMBERS: • Mr Tim Ungar BEc
Page 15 and 16: ORGANISATIONAL CHART PRE-INTERIM ST
Page 17 and 18: Western Australian Museum ANNUAL RE
Page 19 and 20: ACHIEVEMENTS BACK CONTENTS FORWARD
Page 23 and 24: ACHIEVEMENTS AUDIENCE DEVELOPMENT W
Page 29 and 30: WA Museum - Albany Western Australi
Page 31 and 32: ACHIEVEMENTS finAnciAl AnD Asset MA
Page 33 and 34: café Developments Western Australi
Page 37 and 38: Issue 5 Western Australian Museum A
Page 41 and 42: finAnciAl stAteMents CERTIFICATION
Page 43 and 44: STATEMENT OF FINANCIAL POSITION AS
Page 45: STATEMENT OF CASH FLOWS FOR THE yEA
Page 51 and 52: • Financial Liabilities - Payable
Page 55 and 56: AASB 9 Financial Instruments Wester
Page 57 and 58: 8. DepReciAtion AnD AMoRtisAtion ex
Page 59 and 60: 15. otHeR Revenue Western Australia
Page 61 and 62: 21. pRopeRty, plAnt AnD eQuipMent l
Page 63 and 64: 22. MuseuM collections MuseuM colle
Page 65 and 66: 26 otHeR liABilities cuRRent Wester
Page 67 and 68: 29. coMMitMents The commitments bel
Page 69 and 70: other expenses Western Australian M
Page 71 and 72: other expenses The Museum’s worke
Page 73 and 74: c) financial instrument disclosures
Page 75 and 76: fair values Western Australian Muse
Page 79 and 80: KEy EFFECTIVENESS INDICATOR ONE —
Page 81 and 82: Measurement of indicator 2006/07 20
Page 83 and 84: comparative Attendance figures 2009
Page 85 and 86: KEy EFFICIENCy INDICATOR Western Au
Page 87 and 88: OTHER LEGAL REQUIREMENTS ADVERTISIN
Page 95 and 96: Mr Scudamore was appointed to the M
Page 97:
2010-11 TEMPORARy ExHIBITIONS The M
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Annual Report 2010-2011 - Western Australian Museum

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