BERRY STREET VICTORIA INC . ABN 24 719 196 762 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012 o )
Change in Accounting Policy
The entity changed its accounting policy relating to the recognition and presentation of unexpended grants during the financial year ended 30 June 2012 . Unexpended grants were previously presented by the entity as a reserve . The entity has now elected to present unexpended grants as liabilities . The board of directors consider that recognition and presentation of unexpended grants as liabilities provides more relevant information about the entity ’ s financial position , assists users in better understanding the risks to which the entity is exposed , and is consistent with the practices adopted by other not-for-profit entities receiving government grants .
The aggregate effect of the change in accounting policy on the annual financial statements for the year ended 30 June 2012 is as follows . The impact of the change in accounting policy in relation to periods before those presented has not been disclosed because quantifying the impact for prior periods is impracticable .
Statement of Comprehensive Income
Previous policy
2012 Adjustment
Revised policy
Other revenue 1,513,685 289,817 1,803,502 Total revenue 63,001,577 289,817 63,291,394 Operating loss ( 2,765,389 ) 289,817 ( 2,475,572 )
Profit before tax / Profit for the year / Profit attributable to members of the entity
Total comprehensive loss for the year ( attributable to members of the entity )
151,628 289,817 441,445
( 1,018,587 ) 289,817 ( 728,770 )
Statement of Financial Position Grant obligations |
0 |
4,182,502 |
4,182,502 |
Total liabilities |
12,029,932 |
4,182,502 |
16,212,434 |
Net assets |
34,259,637 |
( 4,182,502 ) |
30,077,135 |
Reserves |
6,467,340 |
( 4,182,502 ) |
2,284,838 |
Statement of Comprehensive Income
2011
Previous policy |
Adjustment |
Revised |
|
|
policy |
Other revenue 4,292,948 ( 406,975 ) 3,885,973 Total revenue 57,941,022 ( 406,975 ) 57,534,047 Operating loss ( 1,040,492 ) ( 406,975 ) ( 1,447,467 )
Profit before tax / Profit for the year / Profit attributable to members of the entity
Total comprehensive income for the year ( attributable to members of the entity )
1,212,432 ( 406,975 ) 805,457
1,414,348 ( 406,975 ) 1,007,373
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