Financial Statements 2017
Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2017
Note 24. Correction of Error
Notes
2017
$'000
2016
$'000
Correction of Error/s relating to a Previous Reporting Period
In the process of reviewing Council's Site improvement assets for the current year revaluations, it was discovered
the amount of the correction in each prior period that some assets had been omitted from the depreciation
calculations for this class of assets for the last three financial years.
The discovery of this error resulted in Council reviewing the transactions relating to the Provision for Rehabilitation
for Refuse Restoration and Quarry Rehabilitation and the underlying assets for the financial years ended 30 June
2013, 30 June 2014, 30 June 2015 and 30 June 2016.
It was further discovered that during the last valuation of these assets (as at 30 June 2013), the Gross Cost of
these assets was overstated and the Accumulated Depreciation was understated in the 2013 financial statements.
These errors have been corrected by adjusting the opening balances at 1 July 2015 and the comparative amounts
for 2015-16 in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.
The adjustments are as follows:
Reconciliation of Restated Comparatives as at 30 June 2016
Financial Report Line Item / Balance affected
Previous
2016
$'000
Restated
Correction 2016
$'000
78,919
286,089 1,971
1,971 80,890
288,060
Increase Other Capital Expenses
Total Expenses
Net Result 2,124
288,213
92,027 7,714
9,685
(9,685) 9,838
297,898
82,342
Total Comprehensive Income for the period 187,093 (9,685) 177,408
Decrease Property, Plant and equipment
Total Non-Current Assets 4,494,125
4,503,485
4,685,857 (72,716)
(72,716)
(72,716) 4,421,409
4,430,769
4,613,141
Non-current Liabilities 2,553,177
97,878
270,350
334,681
Statement of Comprehensive Income
Recurrent Expenses
Increase Depreciation and Amortisation
Total Operating Expenses
Capital Expenses
Statement of Financial Position
Non-current Assets
TOTAL ASSETS
Increase Provisions
Total Non-Current Liabilities
TOTAL LIABILITES
Net Community Assets
Decrease Asset Revaluation Surplus
Decrease Retained Surplus
Total Community Equity
1
1
1
1
97,879
97,879
270,351
334,682
4,351,176 (72,717) 4,278,459
1,797,999
2,553,177
4,351,176 (21,215)
(51,502)
(72,717) 1,776,784
2,501,675
4,278,459
page 42
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TOOWOOMBA REGIONAL COUNCIL I Annual Report 2016 - 2017