Reconciliation of taxpayers' funds
The following table shows the changes in taxpayers' funds, resulting from the transition from previous NZ GAAP to NZ IFRS as at 1 July 2007.
| |
Note |
Previous
NZ GAAP
1 July 2007
$000 |
Effect on
transition to
NZ IFRS
1 July 2007
$000 |
NZ IFRS
1 July 2007
$000 |
Taxpayers' funds
|
|
|
|
|
| General funds |
a,b,c |
9,584 |
|
(340) 9,244 |
| Total taxpayers' funds |
|
9,584 |
(340) |
9,244 |
| |
|
|
|
|
Current assets
|
|
|
|
|
| Cash and bank balances |
|
750 |
- |
750 |
| Debtors and receivables |
|
8,100 |
- |
8,100 |
| Total current assets |
|
8,850 |
- |
8,850 |
| |
|
|
|
|
Non-Current Assets
|
|
|
|
|
| Property, plant and equipment |
a |
12,839 |
(1,009) |
11,830 |
| Intangible assets |
a |
- |
798 |
798 |
| Total non-current assets |
a |
12,839 |
(211) |
12,628 |
| Total assets |
|
21,689 |
(211) |
21,478 |
| |
|
|
|
|
Current liabilities
|
|
|
|
|
| Creditors and payables |
|
4,375 |
- |
4,375 |
| Deferred revenue |
|
1,000 |
- |
1,000 |
| Provision for payment of surplus to the Crown |
|
64 |
- |
64 |
| Other provisions |
b |
5,000 |
72 |
5,072 |
| Employee entitlements |
c |
983 |
57 |
1,040 |
| Total current liabilities |
|
11,422 |
129 |
11,551 |
| |
|
|
|
|
Non-current liabilities
|
|
|
|
|
| Employee entitlements |
|
683 |
- |
683 |
| Total non-current liabilities |
|
683 |
- |
683 |
| Total liabilities |
|
12,105 |
129 |
12,234 |
| Net assets |
|
9,584 |
(340) |
9,244 |
Notes
a Intangible assets - Computer Software
Computer software was classified as part of property, plant and equipment under previous NZ GAAP. The net book value of computer software reclassified as an intangible asset on transition is $798,000. This figure excludes $211,000 net book value of internally generated websites (Department and ConsumerBuild) that do not meet the recognition criteria for an intangible asset as they do not generate probable future economic benefits. They were developed for information purposes.
b Liability for make good under accommodation leases
During the process of identifying the effects of transition to NZ IFRS it was identified that no liability had been recognised to make good for any alterations (leasehold improvements) or for wear and tear (eg, removing partitions, replacing carpets, etc) when accommodation leases expire. A review was undertaken of our lease agreements and a liability provision of $72,000 was established.
c Liability for sick leave
Employee sick leave was not recognised as a liability under previous NZ GAAP. NZ IAS requires the Department to recognise unused sick leave entitlement that can be carried forward at balance date to the extent that the Department anticipates it will be used by staff to cover absences.
Details of forecast fixed assets by category
As at 30 June 2008
| |
30 June 2006
Actual
Net Book Value
$000 |
30 June 2007
Estimated
Actual and Budgeted
Net Book Value
$000 |
30 June 2008 projected position
Cost
$000 |
30 June 2008 projected position
Accumulated
Depreciation
$000 |
30 June 2008 projected position
Net Book Value
$000 |
| Office equipment |
85 |
972 |
1,161 |
265 |
896 |
| Office renovations |
5,432 |
4,870 |
6,579 |
2,384 |
4,195 |
| Furniture and fittings |
102 |
258 |
421 |
211 |
210 |
| Computer hardware |
1,328 |
2,992 |
8,725 |
3,118 |
5,607 |
| Computer software |
884 |
3,318 |
- |
- |
- |
| Motor vehicles |
130 |
429 |
735 |
375 |
360 |
| Work in progress |
|
|
|
|
|
| - leasehold improvements |
139 |
- |
- |
- |
- |
| - computer hardware |
8 |
- |
- |
- |
- |
| - computer software |
125 |
- |
- |
- |
- |
| Total |
8,233 |
12,839 |
17,621 |
6,353 |
11,268 |