Annual Report 2004-2005 - City of Vincent

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NOTES TO AND FORMING PARTS OF THE FINANCIAL STATEMENTS Notes to and forming parts of the Financial Statements for the year ended 30 June 2005 29. IMPACT OF ADOPTING AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (AIFRSs) The Council will report for the first time in compliance with AIFRSs in the annual financial report for the year ended 30 June 2006 (that is the year commencing 1 July 2005). The annual financial report for the year ended 30 June 2005 will be prepared in accordance with Australian Accounting Standards and other financial reporting requirement (Australian GAAP). The transition to the AIFRSs has been managed via a process of education which includes technical training and liaison with Council’s auditors and industry groups. This has included a review of AIFRSs to determine the effect on the Council’s existing accounting policies and treatments. The majority of the AIFRSs transitional adjustments will be made retrospectively against opening retained earnings on 1 July 2004. Transitional adjustment relating to those standards for which comparatives are not required will only be made with effect from 1 July 2005. The following areas have been identified as requiring assessment for impact of AIFRSs on the Council’s current accounting policies and treatments. They should not be taken as an exhaustive list. Property, Plant and Equipment, Infrastructure Assets Each class of property, plant and equipment and infrastructure assets can be valued at either cost or fair value. The Council expects to adopt the existing policy and therefore it is not anticipated any adjustments will be necessary. Employee Benefits The treatment for long service leave under the AIFRSs remains unchanged for the measurement of long service leave entitlements under current Australian GAAP. AIFRSs requires non-current annual leave entitlements to be measured as present value. Under Australian GAAP non-current annual leave entitlements are currently measure at the amount the Council expects to pay. It is not anticipated any such adjustment will be significant. 106 TOWN OF VINCENT _ A NNUAL R EPORT 2004-2005
NOTES TO AND FORMING PARTS OF THE FINANCIAL STATEMENTS Notes to and forming parts of the Financial Statements for the year ended 30 June 2005 Impairment of Assets Assets are tested for impairment where an impairment trigger (per AIFRSs) has occurred. To the extent any impairment is determined, this will be recognised immediately in the operating statement. Based on the assessment performed to date, it is not anticipated any such adjustment will be significant. Assets may be considered impaired in one reporting period and not in subsequent periods. Therefore, it is not practicable to determine the impact of the change in accounting policy for future financial reports as any impairment or reversal thereof will be affected by future conditions. Financial Assets and Financial Liabilities Under current Australian GAAP, financial assets and financial liabilities are recognised at cost, at fair value, or at net market value. On adoption of AIFRSs, the Council will be required to classify these financial instruments into various specified categories, this being loans and receivables, held to maturity investments, trading assets or available for sale of assets. It is anticipated, based on definitions contained within AIFRSs, most of the Council’s financial assets and liabilities will fall into loans and receivables category and will be measured at their initial recognition amount. Based on review performed to date, it is not anticipated any such adjustments will be significant. Such financial assets will be subject to annual impairment testing and to the extent any impairment testing is determined, it will be recognised immediately in the operating statement. Investment Property Investment property is valued at either cost or fair value on adoption of AIFRSs. Investment property at fair value should reflect market conditions at each reporting date. It is not anticipated any adjustments will result from the above approach. If they do, they will be recognised against opening retained earnings or past revaluation reserves in the balance sheet. Cash Flow Statement There is no material differences between the cash flow statement presented under AIFRSs and the cash flow statement presented under current Australian GAAP. TOWN OF VINCENT _ A NNUAL R EPORT 2004-2005 107
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Annual Report 2004-2005 Enhancing a
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C ONTENTS Contents Mayor’s Report
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M AYOR’ S R EPORT Beatty Park Lei
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C OUNCIL I NFORMATION Council Infor
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C OUNCIL I NFORMATION Audit Committ
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C HIEF E XECUTIVE O FFICER’ S R E
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C HIEF E XECUTIVE O FFICER’ S D I
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S ENIOR O FFICERS Senior Officers T
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C ORPORATE S ERVICES Concert at Ban
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C ORPORATE S ERVICES Arts The Wetla
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C ORPORATE S ERVICES Outcome 5: Opp
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C ORPORATE S ERVICES Compliance wit
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C ORPORATE S ERVICES Health and Fit
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E NVIRONMENTAL AND D EVELOPMENT S E
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T ECHNICAL S ERVICES Technical Serv
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T ECHNICAL S ERVICES Worm Farms and
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T ECHNICAL S ERVICES • Robertson
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T ECHNICAL S ERVICES The redevelopm
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P RINCIPAL A CTIVITIES P LAN Princi
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P RINCIPAL A CTIVITIES P LAN PRINCI
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P RINCIPAL A CTIVITIES P LAN PARKIN
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P RINCIPAL A CTIVITIES P LAN STATIS
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Page 61 and 62: P RINCIPAL A CTIVITIES P LAN Effici
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Page 67 and 68: P RINCIPAL A CTIVITIES P LAN State
Page 69 and 70: C OMPETITION P RINCIPLES A GREEMENT
Page 71 and 72: T OWN P ROFILE The Viking by Vaness
Page 73 and 74: T OWN M AP Area of Parks and Garden
Page 75 and 76: F INANCIAL R EPORT FOR THE YEAR END
Page 77 and 78: S TATEMENT BY C HIEF E XECUTIVE O F
Page 79 and 80: S TATEMENT OF F INANCIAL P OSITION
Page 81 and 82: S TATEMENT OF C ASH F LOWS Statemen
Page 83 and 84: NOTES TO AND FORMING PARTS OF THE F
Page 107: NOTES TO AND FORMING PARTS OF THE F
Page 111 and 112: T OWN OF V INCENT L OGO In late 199
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Annual Report 2004-2005 - City of Vincent

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