Department of Education

2.18
Foreign
currency
Transactions denominated in a foreign currency are
converted at the exchange rate at the date of the
transaction. Foreign currency receivables and payables
are translated at the exchange rates current as at
balance date.
2.19
Comparative
figures
Comparative figures have been adjusted to reflect any
changes in accounting policy or the adoption of new
standards.
Where amounts have been reclassified within the
financial statements, the comparative statements have
been restated.
The comparatives for administrative restructures are not
reflected in the financial statements.
2.20
Budget
information
Budget information refers to original estimates as
disclosed in the 2010–11 Budget Papers and is not
subject to audit. The budget data does not incorporate
the Tasmanian Polytechnic and Tasmanian Academy
except for the memorandum of understanding and
purchaser provider payments.
2.21
Rounding
All amounts in the financial statements have been
rounded to the nearest thousand dollars unless
otherwise stated. Where the result of expressing
amounts to the nearest thousand dollars would result
in an amount of zero, the financial statement will
contain a note expressing the amount to the nearest
whole dollar.
2.22
The department is exempt from all forms of taxation
Departmental except Fringe Benefits Tax, Payroll Tax and the
taxation Goods and Services Tax (GST).
2.23
Goods and
services tax
Revenue, expenses and assets are recognised net of the
amount of Goods and Services Tax, except where the
GST incurred is not recoverable from the Australian
Taxation Office (ATO). Receivables and payables are
stated inclusive of GST. The net amount recoverable, or
payable, to the ATO is recognised as an asset or liability
within the Statement of Financial Position.
In the Statement of Cash Flows, the GST component of
cash flows arising from operating, investing or financing
activities which is recoverable from, or payable to, the
Australian Taxation Office is, in accordance with the
Australian Accounting Standards, classified as operating
cash flows.
Note 3: Departmental output schedules
3.1
Output
group
information
Comparative information has not been restated for external administrative restructures.
Budget information refers to original estimates for the department only (excludes Tasmanian Polytechnic and Tasmanian
Academy) and has not been subject to audit.
The 2010 actual comparatives do not include the Tasmanian Polytechnic and the Tasmanian Academy which were consolidated
from 1 January 2011.
Financial Statements – Notes
101