Annual Report 2005 - Publications Unit - The University of Western ...

THE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 200547. Explanation of transition to Australian equivalents to International Financial Reporting Standards (continued)EImpairmentThe University has impaired a building which was planned to be demolished in 2005.$'000(i) At 1 January 2004No adjustment as recorded at fair value -(ii) At 31 December 2004Impairment (294)(iii) For the year ended 31 December 2004Impairment (294)F Retrospective application of prior period adjustmentsThe University identified in 2004 funding that had been provided to the University had been recorded as income rather than held in trust. Thisadjustment was reflected in the 2004 financial statements.$'000(i) At 1 January 2004Recording of fund held in trust 1,913(ii) At 31 December 2004No adjustment -(iii) For the year ended 31 December 2004Reversal of reduction in donation income 1,913GRevenue recognitionThe University is required to classify revenue received as reciprocal or non-reciprocal. Reciprocal income is required to be recognised on a stage-ofcompletionbasis which has resulted in an adjustment to the recognition of research income.$'000(i) At 1 January 2004Deferred revenue 28,641Accrued revenue 4,010Net adjustment 24,631(ii) At 31 December 2004Deferred revenue 32,892Accrued revenue 6,013Net adjustment 26,879(iii) For the year ended 31 December 2004Adjustment to Commonwealth Government Financial Assistance (2,686)Adjustment to Other research grants and contracts (1,854)Adjustment to Western Australian and Local Government Financial Assistance 2,288(2,252)HClassification of short term depositsA short term deposit previously recorded in investments has been reclassified to cash under the definition of cash equivalents in AASB 107.$'000(i) At 1 January 2004Short-term deposit 190(ii) At 31 December 2004Short-term deposit 200ITransfer of revaluation reserveThe University has elected to utilise deemed cost on transition to AIFRS (as discussed above). The previous revaluation reserve has been transferred toretained profits.$'000(i) At 1 January 2004Transfer to retained profits (31,064)(ii) At 31 December 2004Transfer to retained profits (52,423)75