Annual Report 2007-08 - Plumbing Industry Commission

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NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2008 1.22 New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2008 reporting period. The Department of Treasury and Finance assesses the impact of these new standards and advises the Commission of their applicability and early adoption where applicable. As at 30 June 2008, the following standards and interpretations (applicable to the Commission) had been issued but were not mandatory for financial years ending 30 June 2008. The Plumbing Industry Commission has not, and does not intend to, adopt these standards early. Standard/Interpretation Summary Applicable for annual reporting periods beginning or ending on Interpretation 12 Service Concession Arrangements. AASB 2007-2 Amendments to Australian Accounting Standards arising from AASB Interpretation 12. Revised AASB 1004 Contributions AASB 1050 Administered Items AASB 1051 Land Under Roads AASB 1052 Disaggregated Disclosures AASB 2007-9 Amendments to Australian Accounting Standards arising from the review of AAS 27, AAS 29 and AAS 31 AASB approved an Australian Interpretation 12, equivalent to IFRIC 12, applying to private sector operators, but explicitly excludes accounting for public sector grantors. Amendments arise from the release in February 2007 of Interpretation 12 Service Concession Arrangements. AASB decided to relocate requirements on contributions from AAS 27, 29 and 31, substantively unamended, into AASB 1004 as part of its short-term review of AAS 27, AAS 29, and AAS 31. As part of the short-term review of AAS 27, AAS 29, and AAS 31, AASB decided to relocate the requirements for the disclosure of administered items from AAS 29, substantively unamended (with some exception as noted in Appendix A) into a new topic-based standard AASB 1050. The new pronouncement AASB 1051 Land Under Roads provides the option to recognise or not recognise land under roads acquired before the end of the first reporting period ending on or after 31 December 2007. Land under roads acquired after 31 December 2007 should be accounted for following requirements of AASB 116 Property, Plant and Equipment. The State is yet to decide whether to change its policy. Until a conclusion is reached, the current default position is that land under roads will not be recognised. AASB decided to relocate requirements relating to reporting of disaggregated information from AAS 27 and AAS 29 into AASB 1052, a new topic-based standard, as part of its shortterm review of AAS 27, AAS 29 and AAS 31. An accompanying amendment standard to amend existing accounting standards as part of the short-term review of AAS 27, AAS 29 and AAS 31 in December 2007. Beginning 1 July 2008 Beginning 1 July 2008 Beginning 1 Jul 2008 Beginning 1 July 2008 Beginning 1 July 2008 Beginning 1 July 2008 Beginning 1 July 2008 Impact on financial statements The impact of any changes that may be required cannot be reliably estimated and is not disclosed in the financial report. As above. Impact expected to be insignificant. Impact expected to be insignificant. Impact is being evaluated. Impact expected to be insignificant. Impact expected to be insignificant. 64
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2008 Standard/Interpretation Summary Applicable for annual reporting periods beginning or ending on Impact on financial statements Revised Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities Editorial amendments to Interpretation 1038 due to changes to AASB 1004. Beginning 1 July 2008 Impact expected to be insignificant. AASB 8 Operating Segments. Supersedes AASB 114 Segment Reporting. Beginning 1 Jan 2009 Not applicable. AASB 2007-3 Amendments to Australian Accounting Standards arising from AASB 8 [AASB 5, AASB 6, AASB 102, AASB 107, AASB 119, AASB 127, AASB 134, AASB 136, AASB 1023 and AASB 1038]. An accompanying amending standard, also introduced consequential amendments into other Standards. Beginning 1 Jan 2009 Impact expected to be insignificant. AASB 2007-6 Amendments to Australian Accounting Standards arising from AASB 123 [AASB 1, AASB 101, AASB 107, AASB 111, AASB 116 & AASB 138 and Interpretations 1 & 12] Option to expense borrowing cost related to a qualifying asset had been removed. Entities are now required to capitalise borrowing costs relevant to qualifying assets. Beginning 1 Jan 2009 All Australian government jurisdictions are currently still actively pursuing an exemption for government from capitalising borrowing costs. AASB 2007-8 Amendments to Australian Accounting Standards arising from AASB 101 Editorial amendments to Australian Accounting Standards to align with IFRS terminology. Beginning 1 Jan 2009 Impact expected to be insignificant. 2 Components of revenue (a) Other income Other income is comprised of: 2008 2007 $ $ Recovery – court and hearing costs 79,038 80,802 Modification fees 25,618 26,224 Infringement notices 13,418 37,376 Royalties – 8,444 Work and family targeted grant – Industrial Relations Vic. – 40,000 Government grants – PIC projects 405,000 – Employee MV contributions 37,873 33,755 Miscellaneous revenue 179,792 59,627 740,739 286,228 (b) Proceeds from sale of fixed assets A loss on sale of fixed assets of $76,552 (2007: $34,113) resulted from the proceeds of $315,323 (2007: $414,969) after deducting the equipment’s written down value of $391,875 (2007: $449,082). PLUMBING INDUSTRY COMMISSION 2007–08 Financial REPORT 65
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Annual report 2007-08 Towards carbo
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Mission Regulating for a safe, live
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Financial performance summary The C
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2007-08 actual Achieved 2008-09 tar
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In line with the Government’s sus
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Organisational structure Minister f
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Muriel Marczynski* Manager - People
Page 15 and 16: The Plumbing Industry Commission en
Page 17 and 18: 93 per cent of InPipe readers are s
Page 19 and 20: Delivering information to industry
Page 21 and 22: The Plumbing Industry Commission is
Page 23 and 24: Registration and licensing of plumb
Page 25 and 26: Compliance Certificates lodged by w
Page 27 and 28: Strengthening skills and standards
Page 29 and 30: New plumbing centre of excellence r
Page 31 and 32: The Plumbing Industry Commission wo
Page 33 and 34: 5 Star sustainability audits perfor
Page 35 and 36: ResourceSmart program a step in the
Page 37 and 38: The Plumbing Industry Commission co
Page 39 and 40: Investigating practitioners 2005-06
Page 41 and 42: Working with local government for b
Page 43 and 44: The Commission aims to match its hu
Page 45 and 46: Life-balance participation 2007-08
Page 47 and 48: The Commission’s learning and dev
Page 49 and 50: Objectives The Plumbing Industry Co
Page 51 and 52: The Goods Shed North is an 1880s he
Page 53 and 54: Building Act 1993 The Commission co
Page 55 and 56: Summary of significant changes to f
Page 57 and 58: Accountable Officer’s and Chief F
Page 59 and 60: Balance sheet As at 30 June 2008 No
Page 61 and 62: CASH FLOW STATEMENT For the financi
Page 63 and 64: NOTES TO THE FINANCIAL STATEMENTS F
Page 65: NOTES TO THE FINANCIAL STATEMENTS F
Page 79 and 80: Appendix 1 Plumbing Industry Adviso
Page 81 and 82: Disclosure Index The 2007-08 Annual
Page 83 and 84: Five-year statistical summary Perfo
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Annual Report 2007-08 - Plumbing Industry Commission

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