Royal Botanic Gardens Victoria Annual Report 2018-19

8. OTHER DISCLOSURES
Compensation paid to KMPs during the reporting period is as follows:
Short-term benefits 327,380
Post-employment benefits 24,624
Other long-term benefits 6,762
Termination benefits -
Total 358,766
Transactions and balances with key management personnel and other related parties
Given the breadth and depth of State government activities, related parties transact with the Victorian public sector in a manner consistent
with other members of the public, eg stamp duty and other government fees and charges. Further employment of processes within the
Victorian public sector occur on terms and conditions consistent with the Public Administration Act 2004 and Codes of Conduct and
Standards issued by the Victorian Public Sector Commission. Procurement processes occur on terms and conditions consistent with the
Victorian Government Procurement Board requirements.
Outside of normal citizen type transactions with the Board, there were no related party transactions that involved key management
personnel, their close family members and their personal business interests. No provision has been required, nor any expense recognised,
for impairment of receivables from related parties.
2019
-
2018
$
319,690
24,142
6,836
-
350,668
8.7 Remuneration of auditors
Victorian Auditor-General's Office
Audit of the financial statements (a) 21,600
2019
$
21,600
2018
$
21,000
21,000
Note (a): The Victorian Auditor-General's Office is not allowed to provide non-audit services.
8.8 Other accounting policies
Contribution by owners
Consistent with the requirements of AASB 1004 Contributions, contributions by owners (that is, contributed capital and its repayment) are
treated as equity transactions and, therefore, do not form part of the income and expenses of the Board.
Additions to net assets that have been designated as contributions by owners are recognised as contributed capital. Other transfers that
are in the nature of contributions to or distributions by owners have also been designated as contributions by owners.
8.9 Change in accounting policies
The Board has elected to apply the limited exemption in AASB 9 paragraph 7.2.15 relating to transition for classification and measurement
and impairment, and accordingly has not restated comparative periods in the year of initial application. As a result:
(a)
(b)
any adjustments to carrying amounts of financial assets or liabilities are recognised at the beginning of the current reporting period
with any difference recognised in opening retained earnings; and
financial assets and provision for impairment have not been reclassified and/or restated in the comparative period.
8.9.1
Changes to classification and measurement
On initial application of AASB 9 on 1 July 2018, contractual receivables previously classified as other loans and receivables under AASB
139 are now reclassified as financial assets at amortised cost under AASB 9. No change was recognised in the loss allowance for these
assets in opening retained earnings for the period.
The accounting for financial liabilities remains largely the same as it was under AASB 139.
ROYAL BOTANIC GARDENS BOARD VICTORIA — ANNUAL REPORT 2018–19 111
Royal Botanic Gardens Board Victoria 2018-19 Financial Report Page 34