Challenger TAFE | Annual Report 2006 - Parliament of Western ...

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96 Challenger TAFE | Annual Report 2006 Challenger TAFE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 3. UIG Interpretation 4 ‘Determining whether an Arrangement Contains a Lease’. This Interpretation deals with arrangements that comprise a transaction or a series of linked transactions that may not involve a legal form of a lease but by their nature are deemed to be leases for the purposes of applying AASB 117 ‘Leases’. At balance date, the College has not entered into any arrangements as specifi ed in the Interpretation, resulting in no impact in applying the Interpretation. The following accounting standards and interpretations are not applicable to the College as they have no impact. AASB Standards and Interpretations 2005-1 Amendments to Australian Accounting Standards’ (AASB 139 - Cash Flow hedge accounting of forecast intragroup transactions) 2005-5 Amendments to Australian Accounting Standards’ [AASB 1 and AASB 139] 2006-1 Amendments to Australian Accounting Standards’ [AASB 121] 2006-2 Amendments to Australian Accounting Standards’ [AASB 1] 2006-3 Amendments to Australian Accounting Standards’ [AASB 1045] UIG 5 Rights to Interest arising from Decommissioning, Restoration and Environmental Rehabilitation Funds’. UIG 6 Liabilities arising from Participating in a Specifi c Market - Waste Electrical and Electronic Equipment’. Future impact of Australian Accounting Standards not yet operative. The College cannot early adopt an Australian Accounting Standard or UIG Interpretation unless specifi cally permitted by TI 1101 ‘Application of Australian Accounting Standards and Other Pronouncements’ Consequently, the College has not applied the following Australian Accounting Standards and UIG Interpretations that have been issued but are not yet effective. These will be applied from their application date: 1. AASB 7 ‘Financial Instruments: Disclosures’ (including consequential amendments in AASB 2005-10 ‘Amendments to Australian Accounting Standards [AASB 132, AASB 101, AASB 114, AASB 117, AASB 133, AASB 1, AASB 4, AASB 1023 & AASB 1038]. This Standard requires new disclosures in relation to fi nancial instruments. The Standard is considered to result in increased disclosures, both quantitative and qualitative of the College’s exposure to risks, enhanced disclosure regarding components of the College’s fi nancial position and performance, and possible changes to the way of presenting certain items in the fi nancial statements. The College does not expect any fi nancial impact when the Standards is fi rst applied, The Standard is required to be applied to annual reporting periods beginning or after 1 January 2007. 2. AASB 2005-10 ‘ Amendments to Australian Accounting Standards (AASB 132, AASB 101 AASB 114, AASB 117, AASB 133, AASB 139, AASB 1, AASB 4, AASB 1023, & AASB 1038)’. The amendments are as a result of the issue of AASB 7 ‘Financial Instruments: Disclosure’, which amends the fi nancial instrument disclosure requirements in these standards. The College does not expect any fi nancial impact when the Standard is fi rst applied. This Standard is required to be applied to annual reporting periods beginning on or after 1 January 2007. 3. UIG 9 ‘Reassessment of Embedded Derivatives’. This Interpretation requires an embedded derivatives that has been combined with a non-derivatives to be separated from the host contract and accounted for as a derivatives in certain circumstances. At balance sheet date, the College has not entered into any contracts as specifi ed in the Interpretation resulting in no impact when the Interpretation is fi rst applied. The Interpretation is required to be applied to annual reporting periods beginning on or after 1 June 2006. 4. AASB 101 ‘Presentation of Financial Statements’. This Standard was revised and issued in October 2006 so that AASB 101 has the same requirements as IAS 1 ‘Presentation of Financial Statements’ (as issued by the IASB) in respect of for-profi t entities. The College is a not-for-profi t entity and consequently does not expect any fi nancial impact when the Standards is fi rst applied. The Standard is required to be applied to annual reporting periods beginning on or after 1 January 2007. The following Accounting Standards and Interpretations are not applicable to the College as they will have no impact: AASB Standards and Interpretations AASB 1049 Financial Reporting of General Government Sectors by Governments’ 2006-2 Amendments to Australian Accounting Standards (AASB 1) 2006-3 Amendments to Australian Accounting Standards (AASB 1045) UIG 7 Applying the Restatement Approach under AASB 129 ‘Financial Reporting in Hyperinfl ationary Economics’. UIG 8 Scope of AASB 2’ UIG 10 Interim Financial Reporting and Impairment’,
Challenger TAFE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 Challenger TAFE | Annual Report 2006 97 2006 2005 $ $ 6 Employee benefi ts expense Wages and salaries (a) Superannuation - defi ned contribution plans (West State) (b) Superannuation - defi ned benefi t plans (Gold State) (c)(d) 32,318,623 30,766,212 Long service leave (e) 795,229 803,784 Annual leave (e) 2,163,680 2,126,374 Other 414,562 387,749 (a) Includes the value of the fringe benefi t to the employee plus the fringe benefi t tax component. (b) Defi ned contribution plans include West State and Gold State (contribution paid). (c) Defi ned benefi t plans include Pension scheme and Gold State (pre-transfer benefi t). (d) An equivalent notional income is also recognised (see note 21 ‘Income from State Government’). (e) Includes a superannuation contribution component. 39,558,437 37,406,696 Employment on-costs such as workers’ compensation insurance are included at note 12 “Other expenses’. The employment on-costs liability is included at note 30 ‘Provisions’ 7 Supplies and services Consumables and minor equipment 3,286,981 3,234,365 Communication expenses 717,176 751,004 Utilities expenses 1,033,277 1,109,982 Consultancies and contracted services 5,254,129 3,987,234 Minor works 1,821,063 981,348 Repairs and maintenance 329,355 222,209 Operating lease and hire charges 1,173,650 1,080,255 Travel and passenger transport 268,913 264,248 Advertising and public relations 622,420 841,957 Supplies and services - other 701,873 718,659 15,208,837 13,191,261 8 Depreciation and amortisation expense Depreciation Buildings 1,794,540 1,628,098 Leasehold improvements - buildings 711,566 350,051 Motor vehicles, caravans and trailers 169,127 174,190 Plant, furniture and general equipment 685,484 625,396 Computers and communication network Marine craft 155,597 120,416 Total depreciation 4,628,928 3,986,320 Amortisation Software 25,893 56,692 Total amortisation 25,893 56,692 Total depreciation and amortisation 4,654,821 4,043,012 9 Finance costs Other interest expense - 324 - 324
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Challenger TAFE | Annual Report 200
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The Hon Mark McGowan Minister for E
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CONTENTS Challenger TAFE | Annual R
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CHALLENGER TAFE IN WESTERN AUSTRALI
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7 Kadadjiny Mia - Centre for Aborig
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CHAPTER 2 - BETTER PLANNING: BETTER
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2.3 The Environment From State Goal
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CHAPTER 3 - KEY PRIORITIES FOR TAFE
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CHAPTER 4 - CHAIRPERSON’S REPORT
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CHAPTER 7 - OVERVIEW OF OPERATIONS
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Table 7.2 All delivery 2006 by fund
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INDEPENDENT AUDIT OPINION To the Pa
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Key Performance Indicators Challeng
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Figure 8.2: Cost per SCH 2002-2006
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Figure 8.4: Targeted Profi le Achie
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Figure 8.11: Graduate Labour Market
Page 45 and 46: Figure 8.13 Profi le to Non-Profi l
Page 47 and 48: Table 8.18 Total Indigenous Student
Page 49 and 50: Figure 8.22 Comparison of Customer
Page 51 and 52: CHAPTER 9 - MANAGEMENT STRUCTURE 9.
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Page 57 and 58: CHAPTER 10 - CUSTOMER FOCUS Challen
Page 59 and 60: 10.1.1.1 CareerConnect, Jan-Nov 200
Page 63 and 64: CHAPTER 11. OUTPUT REPORTS Challeng
Page 75 and 76: CHAPTER 12 - STATEMENT OF COMPLIANC
Page 83 and 84: FINANCIAL STATEMENTS CHALLENGER TAF
Page 89 and 90: Challenger TAFE NOTES TO THE FINANC
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