Financial Statements 2017
Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2017
Note 1. Significant Accounting Policies
1. a Basis of preparation
These general purpose financial statements are for
the period 1 July 2016 to 30 June 2017 and have
been prepared in compliance with the requirements
of the Local Government Act 2009 and the Local
Government Regulation 2012. Consequently, these
financial statements have been prepared in
accordance
with
all
Australian
Accounting
Standards, Australian Accounting Interpretations and
other authoritative pronouncements issued by the
Australian Accounting Standards Board.
Board (AASB) that are relevant to Council's
operations and effective for the current reporting
period. Because the Council is a not-for-profit entity
and the Australian Accounting Standards include
requirements for not-for-profit entities which are
inconsistent with International Financial Reporting
Standards (IFRS), to the extent these inconsistencies
are applied, these financial statements do not comply
with IFRS. The main impacts are the offsetting of
revaluation and impairme