Declaration in the financial statements
The attached financial statements for the Adult, Community, and Further Education Board have been prepared in accordance with Direction 5.2 of the Standing Directions of the Assistant Treasurer under the Financial Management Act 1994, applicable Financial Reporting Directions, Australian Accounting Standards, including interpretations, and other mandatory professional reporting requirements.
We further state that, in our opinion, the information set out in the comprehensive operating statement, balance sheet, statement of changes in equity, cash flow statement and accompanying notes, presents fairly the financial transactions during the year ended 30 June 2024, and the financial position of the Board at 30 June 2024.
At the time of signing, we are not aware of any circumstance which would render any particulars included in the financial statements to be misleading or inaccurate.
We authorise the attached financial statements for issue on 3 October 2024.
Ms Laura Lo Bianco-Smith
Accountable Officer
Adult Community and Further Education Board
3 October 2024
Mr Ron Mak
Acting Chief Finance Officer
Adult Community and Further Education Board
3 October 2024
Dr Teresa De Fazio
Chairperson
Adult Community and Further Education Board
3 October 2024
VAGO independent auditor's report
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Comprehensive operating statement
For the financial year ended 30 June 2024
Notes | 30 June | 30 June | |
Income from transactions |
|
|
|
Grants | 2 | 33,617 | 32,645 |
Services received free of charge | 2 | 6,562 | 6,106 |
Total income from transactions |
| 40,179 | 38,751 |
Expenses from transactions |
|
|
|
Grants and transfer payments | 3 | (27,127) | (27,273) |
Operating expenses | 4 | (3,104) | (1,820) |
Services provided free of charge | 4 | (6,562) | (6,106) |
Total expenses from transactions |
| (36,793) | (35,199) |
Net result from transactions (net operating balance) |
| 3,386 | 3,552 |
Other economic flows included in net result |
|
|
|
Net loss on financial instruments | 5 | (9) | (4) |
Total other economic flows included in net result |
| (9) | (4) |
Net result |
| 3,377 | 3,548 |
Other economic flows – other comprehensive income |
|
|
|
Items that will not be reclassified to net result |
|
|
|
Total other economic flows – other comprehensive income |
| – | – |
Comprehensive result |
| 3,377 | 3,548 |
The above comprehensive operating statement should be read in conjunction with the accompanying notes.
Balance sheet
As at 30 June 2024
| Notes | 30 June 2024 $’000 | 30 June 2023 $’000 |
Assets |
|
|
|
Financial assets |
|
|
|
Receivables | 6,9 | 31,773 | 30,254 |
Total financial assets |
| 31,773 | 30,254 |
Non-financial assets |
|
|
|
Prepayment |
| 34 | 101 |
Total non-financial assets |
| 34 | 101 |
Total assets |
| 31,807 | 30,355 |
Liabilities |
|
|
|
Payables | 7,9 | 1,315 | 3,240 |
Total liabilities |
| 1,315 | 3,240 |
Net assets |
| 30,492 | 27,115 |
Equity |
|
|
|
Accumulated surplus/(deficit) |
| 30,492 | 27,115 |
Net worth |
| 30,492 | 27,115 |
The above balance sheet should be read in conjunction with the accompanying notes.
Cash flow statement
For the financial year ended 30 June 2024
| Notes | 30 June 2024 | 30 June 2023 |
Cash flows from operating activities |
|
| |
Receipts |
|
|
|
Receipts from government |
| 31,957 | 30,650 |
GST recovered from ATO |
| 3,055 | 3,111 |
Total receipts |
| 35,012 | 33,761 |
Payments |
|
|
|
Payments of grants and other expenses |
| (35,012) | (33,761) |
Total payments |
| (35,012) | (33,761) |
Net cash flows from/(used in) operating activities |
| – | – |
Net increase/(decrease) in cash and cash equivalents |
|
|
|
Cash and cash equivalents at the beginning of the financial year |
| – | – |
Cash and cash equivalents at the end of the financial year |
| – | – |
The above cash flow statement should be read in conjunction with the accompanying notes.
Statement of changes in equity
For the financial year ended 30 June 2024
| Accumulated surplus | Contributions | Total |
Balance at 30 June 2022 | 23,567 | – | 23,567 |
Net result for the year | 3,548 | – | 3,548 |
Balance at 30 June 2023 | 27,115 | – | 27,115 |
Net result for the year | 3,377 | – | 3,377 |
Balance at 30 June 2024 | 30,492 | – | 30,492 |
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Notes to and forming part of the financial statements
The financial statements cover the Adult, Community and Further Education Board (the board) as a statutory authority/individual reporting entity under the Education and Training Reform Act. The board reports separately to Parliament through the Minister for Skills and TAFE.
The board’s principal address is:
Adult, Community and Further Education Board
Level 32
35 Collins Street
Melbourne VIC 3000A description of the nature of the board’s operations and its principal activities is included in the report of operations, which does not form part of these financial statements.
Objectives and funding
The board’s overall objective is to support the expansion of adult community education across all learner groups, qualification levels and industry sectors, and to develop a strong Learn Local provider base that is responsive to industry and community needs. The board is predominantly funded by accrual‑based parliamentary appropriations.
Basis of preparation
These financial statements are in Australian dollars and the historical cost convention is used unless a different measurement basis is specifically disclosed in the note associated with the item measured on a different basis.
The accrual basis of accounting has been applied in the preparation of these financial statements whereby transactions are recognised in the reporting period to which they relate, regardless of when cash is received or paid.
Income, expenses and assets are recognised net of GST unless the GST is not recoverable. In this case, it is recognised as part of the cost of acquisition of the asset or as part of the expense.
Judgements, estimates and assumptions are required to be made about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on professional judgements derived from historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revisions to accounting estimates are recognised in the period in which the estimate is revised and also in future periods affected by the revision. Judgements and assumptions made by management in the application of Australian Accounting Standards (AASs) that have significant effects on the financial statements and estimates, are disclosed in the notes to the financial statements.
Amounts in the financial statements have been rounded to the nearest 1,000 dollars unless otherwise stated. Figures in the financial statements may not equate due to rounding.
Compliance information
These general-purpose financial statements have been prepared in accordance with the Financial Management Act, applicable Financial Reporting Directions (FRDs) and applicable AASs, which include interpretations, issued by the Australian Accounting Standards Board (AASB). They are presented in a manner consistent with the requirements of AASB 1049 ‘Whole of Government and General Government Sector Financial Reporting’.
Where appropriate, those AAS paragraphs applicable to not-for-profit entities have been applied. Accounting policies selected and applied in these financial statements ensure that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.
Restructuring of administrative arrangements
During the 2022–23 financial year, the Victorian Government undertook the restructure of some of its activities via machinery of government changes, taking effect from 1 January 2023. These changes included the transfer of responsibility for the Training and Skills and Higher Education portfolios to the Department of Jobs, Skills, Industry and Regions. Although this restructuring did not alter the operation of the board, it did alter the responsible portfolio department from the Department of Education (formerly known as the Department of Education and Training) to the Department of Jobs, Skills, Industry and Regions.
Income from transactions 30 June 2024
$’00030 June 2023
$’000Grants from the Department of Education –
12,900
Grants from the Department of Jobs, Skills, Industry and Regions 33,617
19,745
Administrative and salaries income received free of charge 6,562
6,106
Total income from transactions 40,179
38,751
Income is recognised to the extent that it is probable that the economic benefits will flow to the entity and the income can be reliably measured.
Grants
State government grants, received by the board during a reporting period, are recognised as income of that reporting period consistent with AASB 1058 ‘Income of Not-for-Profit Entities’. Income from grants without sufficiently specific performance obligations, or that are not enforceable, is recognised when the board has an unconditional right to receive cash that coincides with the receipt of grant funding from the department.
Services received free of charge
Contributions of services received free of charge are recognised at fair value when control is obtained over them, irrespective of whether these contributions are subject to restrictions or conditions over their use. In accordance with AASB 1058 ‘Income of Not-for-Profit Entities’ income in the form of services is only recognised when a fair value can be reliably determined, and the services would have been purchased if they had not been received as a donation.
The fair value of services received free of charge is measured based on an allocation of estimated time incurred by departmental staff in supporting the board, and includes relevant employee benefits (including oncosts), contractor support and other operating costs.
Grants and transfer payments 30 June 2024 $’000
30 June 2023 $’000
Payments to adult community education organisations 24,686
24,625
Payments to adult education institutions 1,704
1,585
Payments to other education organisations 737
1,063
Total grants and transfer payments 27,127
27,273
Grants and transfer payments
Grants and other transfers to third parties (other than contributions to owners) are recognised as an expense in the reporting period in which they are paid or payable. They include transactions such as grants, subsidies and other transfer payments to educational providers.
Operating and administrative expenses 30 June 2024
$’00030 June 2023
$’000Operational expenditure Operating expenses 3,104
1,820
Services provided free of charge Administrative and salary expenses provided free of charge 6,562
6,106
Total operating and administrative expenses 9,666
7,926
Operating expenses
Operating expenses generally represent the day-to-day running costs incurred in the normal operations of the board. These items are recognised as an expense in the reporting period in which they are incurred.
Services provided free of charge
Contributions of resources provided free of charge are recognised at their fair value after control is obtained over them, irrespective of whether restrictions or conditions are imposed over their use. Contributions in the form of services are only recognised when a fair value can be reliably determined, and the services would have been purchased if they had not been donated.
The fair value of services provided free of charge equals the services received free of charge from the relevant portfolio department in supporting the operation of the board.
Net gain/(loss) on financial instruments 30 June 2024 $’000
30 June 2023 $’000
Movement in contractual receivables (impairment) (9)
(4)
Total net gain/(loss) on financial instruments (9)
(4)
Net gain/(loss) on financial instruments
Net gain/(loss) on financial instruments includes impairment and reversal of impairment for financial instruments at amortised cost.
Revaluations of financial instruments at fair value
All financial assets, except for those measured at fair value through profit or loss, are subject to an annual review/assessment of whether there is objective evidence that a financial asset or group of financial assets is impaired. Impaired receivables (expected credit loss) and bad debts not written off by mutual consent are classified as other economic flows in net result. Bad debts considered as written off through mutual consent are classified as transaction expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Receivables 30 June 2024 $’000
30 June 2023 $’000
Contractual receivables Trade and other receivables 98
5
Expected credit loss (13)
(4)
Total contractual receivables 85
1
Statutory receivables Receivables from Victorian Government 31,540
29,964
GST input tax credit recoverable 148
289
Total statutory receivables 31,688
30,253
Total receivables 31,773
30,254
Receivables consist of:
- contractual receivables, such as debtors in relation to goods and services. These are recognised as financial instruments
- statutory receivables (i.e. amounts owing from the Victorian Government). These are not classified as financial instruments because the receivable does not arise from a contract.
Receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less expected credit losses.
Details of the board’s impairment policies, exposure to credit risk, and the calculation of the loss allowance are set out in Note 9 ‘Financial instruments’.
Movement in the provision for expected credit loss 30 June 2024 $’000
30 June 2023 $’000
Opening loss allowance (4)
–
(Increase)/decrease in allowance recognised in surplus or deficit (9)
(4)
Balance at end of the year (13)
(4)
Payables 30 June 2024
$’00030 June 2023
$’000Contractual payables 1,315
3,240
Statutory payables –
–
Total payables 1,315
3,240
Payables consist of:
- contractual payables, such as accounts payable and expenditure accruals, which recognise the liability to make future payments for goods and services received/purchased by the board that remain unpaid at the end of the financial year. These payables are classified as financial instruments and categorised as financial liabilities at amortised cost
- statutory payables, such as GST. These are not classified as financial instruments and not included in the category of financial liabilities at amortised cost, because they do not arise from a contract.
Contingent assets and contingent liabilities are not recognised in the balance sheet, but are disclosed by way of a note and, if quantifiable, are measured at nominal value. Contingent assets and liabilities are presented inclusive of GST receivable or payable, respectively. As at 30 June 2024, the board had no knowledge of any contingent assets or contingent liabilities (2023 – Nil).
Financial risk management objectives and policies
The board’s main financial risks include credit risk and liquidity risk. The board has overall responsibility for the establishment and oversight of its risk management framework.
Credit risk
Credit risk arises from the contractual financial assets (contractual receivables) of the board. The board’s exposure to credit risk arises from the potential default of a counterparty on its contractual obligations, resulting in financial loss to board.
The board’s credit risk is minimal because the main debtor is the Victorian Government. For debtors other than the government, it is the board’s policy to deal only with organisations that meet the standard financial viability requirements.
There are no financial assets that have had their terms renegotiated to prevent them from being past due or impaired, and they are stated at the carrying amounts as indicated.
Liquidity risk
Liquidity risk is the risk that the board would be unable to meet its financial obligations as and when they fall due. The board’s exposure to liquidity risks is deemed insignificant, as no obligation to allocate funding is entered into without securing appropriate sources to meet the commitments.
Measurement basis and accounting policy
Financial instrument classification Accounting policy Financial assets Contractual receivables Receivables are recognised at fair value, being the amount receivable, which is reduced for any impairment. Outstanding debts are reviewed at regular intervals to assess their collectability. Financial liabilities Contractual payables Liabilities are recognised for amounts to be paid in future for services provided by organisations contracted with the board that, at balance sheet date, remain unsettled. The board considers the carrying amount of financial instrument assets and liabilities recorded in the financial statements to be a fair approximation of their fair values, because of the short-term nature of the financial instruments and the expectation that they will be paid in full.
Contractual financial assets
The board applies the AASB 9 ‘Financial Instruments’ simplified approach for all contractual receivables to measure expected credit losses using a lifetime expected loss allowance based on assumptions about the risk of default and expected loss rates. The board has grouped contractual receivables on shared credit risk characteristics, days past due/debtors’ financial health and selected the expected credit loss rate based on past history, existing conditions and forward-looking estimates at the end of the financial year.
2024 contractual receivables Current $’000
Less than 1 month $’000
1 to 3 months $’000
3 to 12 months $’000
1 to 5 years $’000
Total $’000
Expected loss rate –
–
12%
–
100%
12%
Gross carrying amount 25
–
79
–
4
108
Less loss allowance –
–
(9)
–
(4)
(13)
Net carrying value 25
–
70
–
–
95
2023 contractual receivables Current $’000
Less than 1 month $’000
1 to 3 months $’000
3 to 12 months $’000
1 to 5 years $’000
Total $’000
Expected loss rate –
–
–
73%
–
73%
Gross carrying amount –
–
–
5
–
5
Less loss allowance –
–
–
(4)
–
(4)
Net carrying value –
–
–
1
–
1
Ageing analysis of contractual financial liabilities
2024 liabilities Carrying amount $’000
Nominal amount $’000
Maturity dates
Less than 1 month $’000
1 to 3 months $’000
3 to 12 months $’000
1 to 5 years $’000
Contractual payables 1,315
1,315
997
318
–
–
Total 1,315
1,315
997
318
–
–
2023 liabilities Carrying amount $’000
Nominal amount $’000
Maturity dates
Less than 1 month $’000
1 to 3 months $’000
3 to 12 months $’000
1 to 5 years $’000
Contractual payables 3,240
3,240
1,681
1,559
–
–
Total 3,240
3,240
1,681
1,559
–
–
Reconciliation of net result for the period to net cash flow from operating activities 30 June 2024
$’00030 June 2023
$’000Net result for the period 3,377
3,548
Other non-cash items affecting results (Increase)/decrease in receivables (1,519)
(1,740)
(Increase)/decrease in prepayments 67
218
Increase/(decrease) in payables (1,925)
(2,026)
Net cash flows from/(used in) operating activities –
–
In accordance with the Ministerial Directions issued by the Assistant Treasurer under the Financial Management Act, the following disclosures are made regarding responsible persons for the reporting period.
The persons who held the positions of minister and accountable officer on the board are as follows:
Responsible minister
- The Hon Gayle Tierney MP (1 July 2023 – 30 June 2024)
Accountable officer
- Ms Laura Lo Bianco-Smith (4 March 2024 – 30 June 2024)
The following officers acted in the role during the year:
- Ms Georgina Lyell (31 July 2023 – 1 March 2024)
- Ms Michelle Willetts (1 July 2023 – 28 July 2023)
Significant transactions with government-related entities
During the year, the board had the following significant government-related entity transactions:
- Grant funding was received from the Department of Jobs, Skills, Industry and Regions ($33.6 million).
- Services were received free of charge ($6.6 million), from the Department of Jobs, Skills, Industry and Regions to undertake legislative responsibilities.
- Payments were made to the Department of Families, Fairness and Housing ($0.5 million) for the support of a grants management system. These included costs relating to migrating the grants management system into the Department of Jobs, Skills, Industry and Regions.
- The Victorian Skills Authority was paid $0.4 million to support the board’s 2024 Pre-accredited Learner Survey and Learn Local Awards.
- The TAFE division of Victoria University, Victoria Polytechnic, received $0.3 million for curriculum maintenance and management services.
- Payments were made to the Centre for Adult Education ($0.7 million) and AMES Australia ($1.1 million) for the delivery of educational services.
Key management personnel and related parties
Related parties of the board include all key management personnel and their close family members and personal business interests (controlled entities, joint ventures and entities over which they may have significant influence). Other related parties include Victorian Cabinet ministers (including their close family members) and public sector entities that are controlled and consolidated into the whole-of-government consolidated financial statements.
Key management personnel of the board include:
- board members
- Minister for Skills and TAFE in the Parliament of Victoria
- accountable officer.
Entity Key management personnel Position title Period Parliament of Victoria The Hon Gayle Tierney MP Minister for Skills and TAFE 1 July 2023 – 30 June 2024 Board Ms Laura Lo Bianco-Smith Accountable Officer 4 March 2024 – 30 June 2024 Board Ms Georgina Lyell Accountable Officer (Acting Executive Director) 31 July 2023 – 1 March 2024 Board Ms Michelle Willetts Accountable Officer (Acting Executive Director) 1 July 2023 – 28 July 2023 Board Dr Teresa De Fazio Chairperson 9 August 2023 – 30 June 2024 Board Mr John Maddock Acting Chairperson 1 July 2023 – 8 August 2023 Board member 9 August 2023 – 26 February 2024 Deputy Chairperson 27 February 2024 – 30 June 2024 Board Mr Michael Grogan Acting Deputy Chairperson 1 July 2023 – 26 February 2024 Board member 27 February 2024 – 30 June 2024 Board Ms Claudia Fatone Board member 9 August 2023 – 31 December 2023 Board Ms Kate Gaffney Board member 9 August 2023 – 30 June 2024 Board Ms Margaret Lewis Board member 1 July 2023 – 30 June 2024 Board Ms Natasha Ngweso Board member 1 July 2023 – 30 June 2024 Board Mr Ekrem Ozyurek Board member 1 July 2023 – 30 June 2024 Board Ms Ann Maree Playfair Board member 9 August 2023 – 30 June 2024 Board Ms Deborah Sansom Board member 1 July 2023 – 30 June 2024 Board Dr Winifred Scott Acting board member 1 July 2023 – 31 July 2023 The compensation detailed below excludes salaries and benefits that the portfolio minister received. The minister’s remuneration and allowances are set by the Parliamentary Salaries and Superannuation Act 1968 and are reported in financial report of the Department of Parliamentary Services.
Remuneration of key management personnel
Other than ministers and accountable officers, the number of key management personnel and their total remuneration during the reporting period are shown in the table below. Remuneration comprises employee benefits in all forms of consideration paid, payable or provided by the entity, or on behalf of the entity, in exchange for services rendered, and is disclosed in the following categories:
- short-term employee benefits – includes amounts such as wages, salaries, annual leave and sick leave that are usually paid or payable on a regular basis, as well as non-monetary benefits such as allowances and free or subsidised goods or services
- post-employment benefits – includes pensions and other retirement benefits paid or payable on a discrete basis when employment has ceased
- other long-term benefits – includes long-service leave, other long-service benefits or deferred compensation
- termination benefits – includes termination-of-employment payments, such as severance packages.
Remuneration of key management personnel (excluding responsible ministers) 30 June 2024
30 June 2023
Short-term benefits 166,522
175,657
Post-employment benefits 18,684
3,941
Other long-term benefits –
–
Termination benefits N/A
N/A
Share-based payments N/A
N/A
Total remuneration 185,206
179,598
Total number of key management personnel 11
12
Total annualised employee equivalents (i) N/A
N/A
(i) Board members do not fall within employee definitions.
Remuneration of accountable officer
The accountable officer is an executive officer employed by the portfolio department, with information on remuneration disclosed in the department’s financial statements. The board recognises the indirect cost associated with the accountable officer’s time within the services free of charge recognised in the operating statement.
Retirement benefits of responsible persons
There were no retirement benefits made in connection with retirement of responsible persons of the reporting entity.
Transactions and balances with key management personnel and other related parties
During the reporting period, no responsible person received or was entitled to receive any benefit (other than remuneration disclosed in the financial report) from a contract between the board and that responsible person or a firm or company of which that responsible person is a member or has a substantial interest.
Outside normal citizen-type transactions, there were no related-party transactions that involved key management personnel, their close family members or their personal business interests. No provision has been required, nor any expense recognised, for impairment of receivables from related parties. Other related transactions and loans requiring disclosure under the Directions of the Assistant Treasurer have been considered, and there are no matters to report.
There is no remuneration of executive officers (other than the accountable officer) to be reported for the accounting period, because it was paid by the relevant portfolio department.
Victorian Auditor-General’s Office 30 June 2024 $’000
30 June 2023 $’000
Audit of the financial statements 37
35
No matters or circumstances have arisen since the end of the financial year that significantly affected or may affect the operations, the results of operations or the state of affairs of the board in future financial years.
Operating commitments 30 June 2024 Payment
timeframeTotal
$’0001 year
$’0001 to 5 years
$’0005 years or
more
$’000Pre-accredited training delivery 9,783
9,783
–
–
Other program delivery 2,593
913
1,680
–
Total expenditure commitments 12,376
10,696
1,680
–
Operating commitments 30 June 2023 Payment
timeframeTotal
$’0001 year
$’0001 to 5 years
$’0005 years or
more
$’000Pre-accredited training delivery 9,744
9,744
–
–
Other program delivery 1,823
1,823
–
–
Total expenditure commitments 11,567
11,567
–
–
Commitments for future expenditure include operating and capital commitments arising from contracts. These commitments are not recognised in the balance sheet but are disclosed at their nominal value and inclusive of GST payable. In addition, where it is considered appropriate and provides additional relevant information to users, the net present values of significant individual projects are stated. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised in the balance sheet.
Cash and deposits
The board does not hold a bank account with any financial institution. Total approved appropriations for the relevant period are transferred by the relevant portfolio department to the board, in a phased manner throughout the financial year via inter-entity transactions.
Comprehensive operating statement
The comprehensive operating statement comprises 3 components: ‘net result from transactions’ (or ‘net operating balance’), ‘other economic flows included in net result’ and ‘other economic flows – other comprehensive income’. The sum of the first 2, together with the net result from discontinued operations, represents the net result.
The ‘net result from transactions’ or ‘net operating balance’ is a key fiscal aggregate and is derived by income from transactions minus expenses from transactions. It is a summary measure of the ongoing sustainability of operations. It excludes gains and losses resulting from changes in price levels and other changes in the volume of assets. It is the component of the change in net worth that is due to transactions and can be attributed directly to government policies.
‘Transactions’ are those economic flows that are considered to result from policy decisions, usually interactions between 2 entities by mutual agreement. Transactions also include flows within an entity, such as depreciation, where the owner is simultaneously acting as the owner of the depreciating asset and as the consumer of the service provided by the asset. Taxation is regarded as mutually agreed interactions between the government and taxpayers.
Transactions can be in-kind (for example, assets provided or given free of charge or for nominal consideration) or where the final consideration is cash.
Balance sheet
Assets and liabilities are presented in liquidity order, with assets aggregated into financial assets and non‑financial assets.
Current and non-current assets and liabilities (those expected to be recovered or settled beyond 12 months) are disclosed in the notes, where relevant.
Statement of changes in equity
The statement of changes in equity presents reconciliations of each non-owner and owner equity opening balance at the beginning of the reporting period to the closing balance at the end of the reporting period.
It also separately shows the changes due to amounts recognised in the ‘comprehensive result’ and amounts recognised in ‘other economic flows – other movements in equity’ related to ‘transactions with owner in its capacity as owner’.
Cash flow statement
Cash flows are classified according to whether they arise from operating activities, investing activities or financial activities. This classification is consistent with requirements in AASB 107 ‘Statement of Cash Flows’.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables on the balance sheet.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities that are recoverable from, or payable to, the taxation authority, are presented as operating cash flow.
Australian Accounting Standards issued that are not yet effective
Certain new accounting standards and interpretations have been issued but are not effective for the 30 June 2024 reporting period. The board assesses the impact of these new standards to determine their applicability and early adoption where applicable.
As at 30 June 2024, the following standards and interpretations that are applicable to the board had been issued but were not made mandatory for the financial year ending 30 June 2024. The board has not and does not intend to adopt these standards early.
Topic Key requirements Effective date AASB 17 Insurance Contracts AASB 17 replaces AASB 4 Insurance Contracts, AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts for not-for-profit public sector entities for annual reporting periods beginning on or after 1 July 2026. 1 July 2026 AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments AASB 2022-8 makes consequential amendments to other Australian Accounting Standards so that public sector entities are permitted to continue to apply AASB 4 and AASB 1023 to annual periods before 1 July 2026. 1 July 2026 AASB 2022-9 Amendments to Australian Accounting Standards –Insurance Contracts in the Public Sector AASB 2022-9 amends AASB 17 to make public sector-related modifications (for example, it specifies the pre-requisites, indicators and other considerations in identifying arrangements that fall within the scope of AASB 17 in a public sector context). 1 July 2026
Updated