Parks Victoria - Annual Report 2009-10

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FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.5 Changes in Accounting policy (continued)The net result for the 2009 end of reporting period changed as follows:2009$’000Net resultincrease/(decrease)$’0002009(restated)$’000Comprehensive operating statementDepreciation and amortisation 5,464 (170) 5,294Other operating expenses 26,901 160 27,061Net result (1,462) 10 (1,452)2.6 Financial Assets(i) Cash and DepositsCash and deposits, including cash equivalents, comprise cash on hand and cash at bank, deposits atcall and those highly liquid investments subject to an insignificant risk of changes in value with anoriginal maturity of three months or less, which are held for the purpose of meeting short term cashcommitments rather than for investment purposes.For the purpose of the Cash Flow Statement, cash assets include cash on hand and highly liquidinvestments with short periods to maturity that are readily convertible to cash on hand at Parks Victoria’soption and are subject to insignificant risk of changes in values, net of outstanding bank overdrafts.(ii) ReceivablesReceivables are recorded initially at fair value and subsequently measured at amortised cost, using theeffective interest method, less impairment.The effective interest method is a method of calculating the amortised cost of a financial asset and ofallocating interest income over the relevant period. The effective interest rate is the rate that exactlydiscounts estimated future cash receipts through the expected life of the financial asset, or whereappropriate, a shorter period.Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to beuncollectible are written off. A provision for doubtful debts is established when there is objectiveevidence that Parks Victoria will not be able to collect all amounts due according to the original termsof receivables. The amount of the provision is the difference between the asset’s carrying amount andthe present value of estimated future cash flows, discounted at the original effective interest rate. Cashflows relating to short-term receivables are not discounted if the effect of discounting is immaterial.The amount of the provision is recognised in the Comprehensive Operating Statement. A provisionfor doubtful debts is recognised to the extent that recovery of the outstanding receivable balance isconsidered less than likely. Bad debts are written off in the period in which they are recognised.The average credit period on sales of goods or provision of services is 30 days. No interest is charged ontrade and other receivables.62 Parks Victoria - Annual Report 2009-10
NOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.6 Financial Assets (Continued)(iii) Other Financial AssetsOther financial assets are recognised and derecognised on trade date where purchase or sale of aninvestment is under a contract whose terms require delivery of the investment within the timeframeestablished by the market concerned, and are initially measured at fair value, net of transaction costs.Parks Victoria classifies its other financial assets between current and non-current assets based on thepurpose for which the assets were acquired. Management determines the classification of its otherfinancial assets at initial recognition.Parks Victoria assesses at each balance sheet date whether a financial asset or group of financialassets is impaired.All investments held by Parks Victoria are classified as being available-for-sale and are stated at fair value.Gains and losses arising from changes in fair value are recognised directly in equity, until the investmentis disposed of or is determined to be impaired, at which time to the extent appropriate.2.7 Non Financial Assets(i) InventoriesInventories comprise stores and materials and are valued at the lower of cost and net realisable value.Costs are assigned to inventory on hand at balance date on a first-in, first out basis. Net realisable valuerepresents the estimated selling price less all estimated costs of completion and costs to be incurred inmarketing, selling distribution.(ii) Property, Plant and EquipmentAll non-current physical assets except land under declared roads are measured initially at cost andsubsequently revalued at fair value less accumulated depreciation and impairment.Property, Plant and Equipment represent non–current assets comprising:❚ Crown Land, Land and Land Improvements❚ Buildings and Building Improvements❚ Piers, Jetties and River Improvements❚ Plant, Equipment, Machinery and Vehicles❚ Antiques❚ Works in Progressused by Parks Victoria in its operations.Items with a cost or value of $5,000 (previously $1,200 – refer to note 2.5 for information of the financialimpact of this change in accounting policy) or more, and a useful life of more than one year arerecognised as an asset. All other assets acquired are expensed.Parks Victoria - Annual Report 2009-10 63
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CONTENTSREPORT OF OPERATIONSChairma
Page 5:
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 and 60: NOTES TO THE FINANCIAL STATEMENTSFo
Page 61: 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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