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Financials - The Office of Sydney Metropolitan Development Authority
Notes to the Financial Statements for year ending 30 June 2012
1. Summary of Significant Accounting Policies
(a)
Reporting entity
The Office of the Sydney Metropolitan Development Authority (the “Office”) is a Division of the Government Service,
established pursuant to Part 2 of Schedule 1 to the Public Sector Employment and Managements Act 2010. It is a notfor-profit
entity as profit is not its principal objective. It is consolidated as part of the NSW Total Sector Accounts. It is
domiciled in Australia and its principal office is at 219 – 241 Cleveland Street, Strawberry Hills, NSW 2012.
The Office’s objective is to provide personnel services to the Sydney Metropolitan Development Authority (the “Authority”).
The Office commenced operations on 17 December 2010, when it assumed responsibilities for the employees and
employee-related liabilities of the Authority who were transferred from other government agencies. The assumed liabilities
were recognised on 17 December 2010 together with an offsetting receivable representing the related funding due from
other government agencies.
Following introduction of the Redfern-Waterloo Authority Repeal Act 2011, the Redfern-Waterloo Authority (“RWA”) and the
Office of Redfern-Waterloo Authority were abolished on 1 January 2012 and all assets, rights, liabilities and the operations
of the former Redfern-Waterloo Authority and the Office of the Redfern-Waterloo Authority were transferred to the Authority
and the Office of Sydney Metropolitan Development Authority. As per TPP 09-03 Contributions by Owners Made to Wholly-
Owned Public Sector Entities, the transfer of net assets of RWA was recognised as an equity transfer. The changes in
equity as a result of this transfer on 1 January 2012 are fully explained in Note 7.
The Authority (and therefore the Office) is currently funded by the NSW Government through to 30 June 2012. The financial
statements for the year ended 30 June 2012 has been authorised for issue by the Board of the Authority on 28 September
2012.
(b)
Basis of preparation
The Office’s financial statements are general purpose financial statements which have been prepared in accordance with:
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applicable Australian Accounting Standards (which include Australian Accounting Interpretations);
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the requirements of the Public Finance and Audit Act 1983 and Regulations; and
––
the Financial Reporting Directions published in the Financial Reporting Code for
NSW General Government Sector Entities or issued by the Treasurer
Financial statement items are prepared in accordance with the historical cost convention. The defined benefit plan
obligations are measured as the net total of the plan assets, plus unrecognised past service cost and unrecognised
actuarial losses, less unrecognised actuarial gains and the present value of the defined benefit obligation
Judgements, key assumptions and estimations management has made are disclosed in the relevant notes to the financial
statements.
All amounts are rounded to the nearest one thousand dollars and are expressed in Australian currency.
(c)
Statement of compliance
The financial statements and notes comply with Australian Accounting Standards, which include Australian
Accounting Interpretations.
2011-12 ANNUAL REPORT
69