2016-17 Annual Report 2016-17 Annual Report | Page 80

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 80 TOOWOOMBA REGIONAL COUNCIL I Annual Report 2016 - 2017