Parks Victoria - Annual Report 2009-10

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FINANCIAL REPORTNOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.21 Goods and Services TaxRevenues, expenses and assets are recognised net of goods and services tax (GST), except wherethe amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In thesecircumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item ofexpense.Receivables and payables are stated inclusive of GST. The net amount of GST recoverable from,or payableto, the ATO is included as part of receivables or payables.Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flowsarising from investing and financing activities, which is recoverable from, or payable to, the ATO, isclassified as operating cash flows and disclosed therein.2.22 Rounding of AmountsAmounts in the financial statements have been rounded to the nearest thousand dollars, unlessotherwise stated. Figures in the financial statements may not equate due to rounding.70 Parks Victoria - Annual Report 2009-10
NOTES TO THE FINANCIAL STATEMENTSFor The Financial Year Ended 30 June 20102.23 New Accounting Standards and InterpretationsCertain new AASs have been published that are not mandatory for the 30 June 2010 reporting period.Parks Victoria assesses the impact of these new standards and advises their applicability and earlyadoption where applicable.As at 30 June 2010, the following standards and interpretations (applicable to agencies) had been issuedbut were not mandatory for the financial year ending 30 June 2010. Parks Victoria has not early adoptedthese standards.Standard / InterpretationSummaryApplicable for annualreporting periodsbeginning onImpact on departmentalfinancial statementsAASB 2009–5 Furtheramendments to AustralianAccounting Standardsarising from the annualimprovements project[AASB 5, 8, 101, 107, 117,118, 136 and 139]Some amendments will resultin accounting changes forpresentation, recognition ormeasurement purposes, whileother amendments will relateto terminology and editorialchanges.Beginning 1 Jan 2010Terminology and editorialchanges. Impact minor.Erratum GeneralTerminology changesEditorial amendments to arange of Australian AccountingStandards and InterpretationsBeginning 1 Jan 2010Terminology and editorialchanges. Impact minor.AASB 2009–13 Amendmentsto Australian AccountingStandards arising frominterpretation 19 [AASB 1]Consequential amendment toAASB 1 arising from publicationof Interpretation 19.Beginning 1 Jul 2010Parks Victoria does notextinguish financial liabilitieswith equity instruments,therefore requirements ofInterpretation 19 and relatedamendments have no impact.AASB 124 Related partydisclosures (Dec 2009)Government related entitieshave been granted partialexemption with certaindisclosure requirements.Beginning 1 Jan 2011Preliminary assessment suggeststhat impact is insignificant.However, Parks Victoria willassess the detailed impactand whether to adopt earlynext year.AASB 2009–14 Amendmentsto Australian Interpretation– Prepayments of a minimumfunding requirement[AASB Interpretation 14]Amendment to Interpretation14 arising from the issuanceof Prepayments of a minimumfunding requirement.Beginning 1 Jan 2011Expected to have no significantimpact.Parks Victoria - Annual Report 2009-10 71
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CONTENTSREPORT OF OPERATIONSChairma
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CHIEF EXECUTIVE’S MESSAGEParks Vi
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ABOUT PARKS VICTORIAParks Victoria
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ABOUT PARKS VICTORIATotal meeting a
Page 12 and 13:
ABOUT PARKS VICTORIAThe Year in Rev
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HEALTHY PARKSNew River Red Gum park
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❚ 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 69: 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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