Broome Port Authority - Parliament of Western Australia

20. Equity
Contributed equity
Balance at the start of the year
Capital contributions
Balance at the end of the year
2011 2010
$’000 $’000
17,136
-
17,136
-
17,136 17,136
Retained earnings
Balance at start of year 2,111 1,978
Profit for the period (106) 1,193
Prior peri od error adjustment - (235)
Dividends declared (775) (825)
Balance at end of year 1,230 2,111
Correction of Prior Period Errors
During the year, the Authority identified an error in capitalized assets for associated infrastructure.
Costs to move and update a water main located on Port property were capitalized during the
2009/10 financial year. The Authority reevaluated the asset and decided that the costs were not
eligible for capitalization as the underlying asset was not the Authority’s property. The prior period
comparative numbers have been adjusted accordingly where
material to the presentation of the
financial statements.
As the error was made in a financial year prior to the comparative year, the Statement of Financial
Position opening balance as at 1 July 2009 were restated as follows:
Property plant and equipment decreased by $235,524 to de-recognise the previously recognised
water main from infrastructure assets. This decrease to property, plant and equipment was made up
of the following:
• Infrastructure assets by $243,890
• Accumulated depreciation on the buildings by $8,366
• Retained earnings were increased by $235,524
In addition, this error resulted in restatement of the following line items for the year ending 30 June
2011:
• Property, plant and equipment decreased by $243,890
• Retained earnings decreased by $243,890
• Accumulated Depreciation on infrastructure assets increased by $8,366 and
• Retained earnings decreased by $8,366
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