Department of Education

Notes
Notes to and
forming part
of the financial
statements for
the year ended
30 June 2011
Note Description Page No.
1 Administered financial statements 91
1.1 Schedule of administered income and expenses 91
1.2 Schedule of administered assets and liabilities 91
1.3 Schedule of administered cash flows 92
1.4 Schedule of administered changes in equity 92
2 Significant accounting policies 93
2.1 Objectives and funding 93
2.2 Basis of accounting 95
2.3 Reporting entity 95
2.4 Functional and presentation currency 95
2.5 Change in accounting estimate 95
2.6 Changes in accounting policies 96
2.7 Administered transactions and balances 96
2.8 Activities undertaken under a trustee or agency relationship 96
2.9 Transactions by the government as owner – restructuring of administrative arrangements 97
2.10 Income from transactions 97
2.11 Expenses from transactions 98
2.12 Other economic flows included in net result 98
2.13 Assets 99
2.14 Liabilities 100
2.15 Leases 100
2.16 Unrecognised financial instruments 100
2.17 Judgements and assumptions 100
2.18 Foreign currency 101
2.19 Comparative figures 101
2.20 Budget information 101
2.21 Rounding 101
2.22 Departmental taxation 101
2.23 Goods and services tax 101
3 Departmental output schedules 101
3.1 Output group information 101
3.2 Reconciliation of total output groups comprehensive result to Statement of Comprehensive 105
Income
3.3 Reconciliation of total output groups net assets to Statement of Financial Position 105
3.4 Administered output schedule 106
3.5 Reconciliation of total administered output groups comprehensive result to administered
Statement of Changes in Equity
106
3.6 Reconciliation of total administered output groups net assets to schedule of administered
assets and liabilities
106
4 Explanations of material variances between budget and actual outcomes 107
4.1 Statement of Comprehensive Income 107
4.2 Statement of Financial Position 107
4.3 Statement of Cash Flows 108
5 Events occurring after balance date 108
6 Income from transactions 108
6.1 Revenue from government 108
6.2 Grants 109
6.3 Sales of goods and services 109
6.4 Fees and fines 109
6.5 Contributions received 109
6.6 Other revenues 109
Financial Statements – Notes
89