Parks Victoria - Annual Report 2009-10

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FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.3 Asset recognition and measurementParks Victoria only recognises assets on land it controls as the committee of management. Parks Victoriaalso manages other assets on behalf of the Crown. Those assets and any new assets constructed by ParksVictoria on behalf of the Crown are recognised in the asset register of the Department of Sustainabilityand Environment.2.4 Scope and presentation of financial statementsComprehensive operating statementIncome and expenses in the comprehensive operating statement are classified according to whether ornot they arise from ‘transactions’ or ‘other economic flows’. This classification is consistent with the wholeof government reporting format and is allowed under AASB 101 Presentation of financial statements.‘Transactions’ are those economic flows that are considered to arise as a result of policy decisions, usuallyinteractions between two entities by mutual agreement. Transactions also include flows within an entity,such as depreciation where the owner is simultaneously acting as the owner of the depreciating asset andas the consumer of the service provided by the asset. Transactions can be in kind (e.g. assets provided/given free of charge or for nominal consideration) or where the final consideration is cash.‘Other economic flows’ are changes arising from market re-measurements. They include gains and lossesfrom disposals, revaluations and impairments of non-current physical assets and intangible assets; fairvalue changes of financial instruments and revaluation of certain employee benefit liabilities.The net result is equivalent to profit or loss derived in accordance with AASs.Balance sheetAssets and liabilities are presented in liquidity order with assets aggregated into financial assets and nonfinancialassets.Current and non-current assets and liabilities (those expected to be recovered or settled beyond 12months) are disclosed in the notes, where relevant.Statement of changes in equityThe statement of changes in equity presents reconciliations of each non-owner and owner equity openingbalance at the beginning of the reporting period to the closing balance at the end of the reportingperiod. It also shows separately changes due to amounts recognised in the comprehensive result andamounts recognised in other comprehensive income related to other non-owner changes in equity.Cash flow statementCash flows are classified according to whether or not they arise from operating activities, investingactivities or financing activities. This classification is consistent with requirements under AASB 107Statement of cash flows.60 Parks Victoria - Annual Report 2009-10
NOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.5 Changes in Accounting policyDuring the financial year ended 30 June 2010 Parks Victoria changed its Capital Asset Policy, increasingthe capitalisation threshold for recognising plant and equipment. Accordingly plant and equipment witha cost exceeding $5,000 are recognised as an asset at cost (previous threshold: $1,200). In management’sopinion the new capitalisation threshold results in the financial report providing reliable and morerelevant information regarding the Parks Victoria’s financial position and financial performance.This change aligns with the Department of Sustainability and Environment’s capitalisation thresholdaccounting policy.In accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, ParksVictora has retrospectively applied the new capitalisation threshold in the previous financial year whichresulted in a decrease of $942,000 in the Net assets and total equity as at 1 July 2008 (beginning of thecomparative period 2008/09); and a decrease of $932,000 in the previously reported Net assets and totalequity as at 30 June 2009. This change also resulted in an increase of the Net results from transactions forthe financial year ended 30 June 2009 of $10,000.The following adjustments were made to the Balance Sheet as at 1 July 2008 and 30 June 2009:30 June 2008$’000Increase /(decrease)$’0001 July 2008(restated)$’000Balance sheet (extract)Plant and equipment 2,939 (942) 1,997Net assets 1,192,240 (942) 1,191,298Accumulated surplus/(deficit) (38,362) (942) (39,304)Total equity 1,192,240 (942) 1,191,29830 June 2009$’000Increase /(decrease)$’00030 June 2009(restated)$’000Balance sheet (extract)Plant and equipment 2,796 (932) 1,864Net assets 1,196,458 (932) 1,195,526Accumulated surplus/(deficit)– balance brought forward (38,362) (942) (39,304)– current period (1,462) 10 (1,452)(39,824) (932) (40,756)Total equity 1,196,458 (932) 1,195,526Items on the Balance Sheet other than those mentioned above were not affected by the retrospectiveadoption of the revised policy.Parks Victoria - Annual Report 2009-10 61
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CONTENTSREPORT OF OPERATIONSChairma
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CHIEF EXECUTIVE’S MESSAGEParks Vi
Page 8 and 9:
ABOUT PARKS VICTORIAParks Victoria
Page 10 and 11: ABOUT PARKS VICTORIATotal meeting a
Page 12 and 13: ABOUT PARKS VICTORIAThe Year in Rev
Page 14 and 15: HEALTHY PARKSNew River Red Gum park
Page 17 and 18: ❚ Treating more than 6,000 hectar
Page 19: For the first time, Parks Victoria
Page 22 and 23: HEALTHY PEOPLEQueenscliffHarbour.Im
Page 24 and 25: HEALTHY PEOPLEParklands to EastLink
Page 26 and 27: HEALTHY PEOPLECurriculum-based prog
Page 28 and 29: eakout overset copyHEALTHY PEOPLEco
Page 30 and 31: HEALTHY PEOPLECULTURAL HERITAGEFor
Page 32 and 33: HEALTHY PEOPLEPROM’S RICH HISTORY
Page 35 and 36: SUPPORTING HEALTHY PARKS HEALTHY PE
Page 37 and 38: SIGNS OF RECOVERY AT KINGLAKE NATIO
Page 39 and 40: COMMERCIAL OPERATIONSParks Victoria
Page 41 and 42: RESPONSIBLY MANAGING OUR RESOURCESP
Page 43 and 44: Workforce dataEmployee(Headcount)On
Page 45 and 46: Parks Victoria’s services are del
Page 47 and 48: CORPORATE PERFORMANCEIndicator2005-
Page 49 and 50: FINANCIAL PERFORMANCEFive year fina
Page 51 and 52: FINANCIAL REPORTCOMPREHENSIVE OPERA
Page 53 and 54: BALANCE SHEETAs at 30 June 2010Note
Page 55 and 56: CASH FLOW STATEMENTFor The Financia
Page 57 and 58: Note 14Note 15Note 16Note 17Note 18
Page 59: NOTES TO THE FINANCIAL STATEMENTSFo
Page 63 and 64: NOTES TO THE FINANCIAL STATEMENTSFo
Page 79 and 80: Piers, Jetties andRiver Improvement
Page 97 and 98: RISK MANAGEMENT ATTESTATIONRISK MAN
Page 99 and 100: AUDITOR’S REPORTParks Victoria -
Page 101 and 102: NOTESParks Victoria - Annual Report
Page 103 and 104: SIGNS OF RECOVERY - KINGLAKE NATION
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Parks Victoria - Annual Report 2009-10

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