Template Model Departmental Financial Statements for 2018-19



Model Departmental Financial StatementsFor the year ended 30?June?2019Model Departmental Financial StatementsThe Model Departmental Financial Statements are issued under the authority of Treasurer’s Instruction?206 Presentation of Financial Statements.GuidelinesThe Model Departmental Financial Statements illustrate the disclosure requirements that are representative of the types of transactions and events that may occur in departments. Consequently, the Model Statements may include transactions and accounting treatments that are not applicable to all departments.All departments are required to use the Model Statements as a minimum disclosure for relevant material items when preparing their annual financial reports. However, the Model Statements do not include all possible disclosure requirements and may need to be adapted to the particular circumstances of each department. Officers should use their professional judgement to make appropriate disclosures. For example, detail must be included where the department has made judgements, estimates or assumptions that have a significant impact on the carrying value of assets and liabilities. Examples of judgements, estimates and assumptions include, and are not limited to, provision for impairment, measurement of defined benefit obligations, provisions and contingencies.The Model Statements incorporate the financial reporting requirements that are current at the time of publication. Accordingly, departments should ensure that their annual financial reports comply with any accounting pronouncements that are issued subsequent to the publication of the Model Statements.Financial Management Act 2016The Financial Management Act 2016 comes into effect on 1 July 2019 and replaces the Public?Account?Act?1986 and the Financial Management and Audit Act 1990. The FMA applies to all General Government Sector Agencies scheduled in the Act.The FMA introduces a single fund accounting model that replaces the dual fund model that was established under the PAA, which comprised of the Consolidated Fund and the Special Deposits and Trust Fund. The FMA establishes a new Public Account that comprises:receipts and expenditure of the General Government Sector that do not for part of a Specific Purpose Account; andSpecific Purpose Accounts established under the Act.For further information on the implementation of the FMA, the legislation itself or associated fact sheets, go to . Summary of Major Changes to Model Departmental Financial StatementsAASB 7 and AASB 9 come into effect in 2018-19 which are not expected to have a major impact on the Financial Statements. A number of reconciliations have been included which provide additional disclosure on the implementation effects of both standards. In addition, AASB 9 introduces the principle of expected credit loss which replaces the current impairment model for all financial assets. It is important to note that there will be significant changes to financial reporting in 2019-20 for entities within the General?Government?Sector, in particular due the introduction of AASB 15 Revenue from Contracts with Customers, AASB?16?Leases and the implementation of the FMA. The implementation of the new accounting standards is likely to have a significant impact on the Statement of Comprehensive Income and the Statement of Financial Position. Table of Contents TOC \h \z \t "Heading 3,3,TOCHeading,1" Statement of Certification PAGEREF _Toc10727301 \h 3Statement of Comprehensive Income for the year ended 30?June?2019 PAGEREF _Toc10727302 \h 4Statement of Financial Position as at 30?June?2019 PAGEREF _Toc10727304 \h 6Statement of Cash Flows for the year ended 30?June?2019 PAGEREF _Toc10727305 \h 7Statement of Changes in Equity for the year ended 30?June?2019 PAGEREF _Toc10727307 \h 9Notes to and forming part of the Financial Statements for the year ended 30 June 2019 PAGEREF _Toc10727308 \h 10List of Changes to the Model Departmental Financial Statements PAGEREF _Toc10727309 \h 146Timeframe for the year end process PAGEREF _Toc10727310 \h 147Statement of CertificationThe accompanying Financial Statements of the (specify the name of Agency together with the words “and related bodies” if applicable) are in agreement with the relevant accounts and records and have been prepared in compliance with the Treasurer’s?Instructions issued under the provisions of the Financial Management?and?Audit?Act?1990 to present fairly the financial transactions for the year ended 30?June?2019 and the financial position as at the end of the year.At the date of signing, I am not aware of any circumstances which would render the particulars included in the Financial?Statements misleading or inaccurate.Head of AgencyPositionDateFinancial Statements must be accompanied by a Statement of Certification in the above terms, and be signed and dated by the Head of Agency.Statement of Comprehensive Income for the year ended 30?June?2019201920192018NotesBudgetActualActual$’000$’000$’000Continuing operationsRevenue and other income from transactionsRevenue from GovernmentAppropriation revenue - recurrent REF revgvt61 \r \h \* MERGEFORMAT 6.1XXXAppropriation revenue - works and services REF revgvt61 \r \h \* MERGEFORMAT 6.1XXXOther revenue from Government REF revgvt61 \r \h \* MERGEFORMAT 6.1XXXRevenue from Special Capital Investment Funds REF _Ref101774645 \r \h \* MERGEFORMAT 6.2XXXGrants REF _Ref293398113 \r \h \* MERGEFORMAT 6.3XXXSales of goods and services REF _Ref448310581 \r \h \* MERGEFORMAT 6.4XXXFees and fines REF _Ref448237235 \r \h \* MERGEFORMAT 6.5XXXInterest REF _Ref448310705 \r \h \* MERGEFORMAT 6.6XXXContributions received REF _Ref448407656 \r \h \* MERGEFORMAT 6.7XXXOther revenue REF _Ref448304485 \r \h \* MERGEFORMAT 6.8XXXTotal revenue and other income from transactionsXXXExpenses from transactionsEmployee benefits REF emplbnfts71 \r \h \* MERGEFORMAT 7.1XXXDepreciation and amortisation REF Pbls91 \h \r \* MERGEFORMAT 7.2XXXCost of goods soldXXXSupplies and consumables REF _Ref448304538 \r \h \* MERGEFORMAT 7.3XXXGrants and subsidies REF _Ref228265699 \r \h \* MERGEFORMAT 7.4XXXFinance costs REF _Ref228265747 \r \h \* MERGEFORMAT 7.5XXXContributions provided REF _Ref423004510 \r \h \* MERGEFORMAT 7.6XXXTransfers to the Consolidated FundXXXOther expenses REF _Ref448237384 \r \h \* MERGEFORMAT 7.7XXXTotal expenses from transactions XXXNet result from transactions (net operating balance)XXXOther economic flows included in net resultNet gain/(loss) on non-financial assets REF _Ref252791332 \r \h \* MERGEFORMAT 8.1XXXNet actuarial gains/(losses) on superannuation defined benefit plans REF _Ref448498777 \r \h 11.5XXXNet gain/(loss) on financial instruments and statutory receivables/payables REF _Ref252791364 \r \h \* MERGEFORMAT 8.2XXXOther gains/(losses) from other economic flows REF _Ref252372739 \r \h \* MERGEFORMAT 8.3XXXTotal other economic flows included in net resultXXXNet result from continuing operationsXXXNet result from discontinued operations REF _Ref252374350 \r \h \* MERGEFORMAT 9.1XXXNet resultXXXStatement of Comprehensive Income for the year ended 30?June?2019 (continued)Note references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000Other comprehensive incomeItems that will not be reclassified subsequently to profit or lossAdjustment to accumulated surplus/(deficit) due to a change in accounting policy REF _Ref98226974 \r \h \* MERGEFORMAT 20.6XXXChanges in property, plant and equipment revaluation surplus REF _Ref252373679 \r \h \* MERGEFORMAT 13.1XXXGain/(loss) on revaluation of equity instruments designated through other comprehensive income10.2XX….Other (describe)XXXItems that may be reclassified subsequently to profit or lossAssets held for sale: REF _Ref390163621 \r \h \* MERGEFORMAT 10.5- Gain/(loss) taken to equityXXX- Transferred to surplus or deficit for the periodXXXOther (describe)XXXTotal other comprehensive incomeXXXComprehensive resultXXXThis Statement of Comprehensive Income should be read in conjunction with the accompanying notes.Budget information refers to original estimates and has not been subject to audit.Explanations of material variances between budget and actual outcomes are provided in REF Nt4 \r \h \* MERGEFORMAT Note?4 of the accompanying notes.Disclosure of budget information on the face of the Statement of Comprehensive Income is mandatory and must represent the original estimates as published in the 2018?19 Budget Papers, unless an administrative restructure applicable to the full year was approved. Explanations of material variances between budget and actual outcomes must be provided in REF Nt4 \r \h \* MERGEFORMAT Note?4 where guidance is provided.Disclose separately any item of revenue and expenses that is of such a size, nature or incidence, that its disclosure is relevant to an understanding of the financial performance of the Department for the reporting period. Items designated as other must not exceed 10?per?cent of the total to which they relate. For example, Other revenue must not exceed 10?per?cent of Total revenue and other income from transactions.If revenue from the Sale of goods and services is disclosed in the Statement of Comprehensive Income then the Cost of goods sold must also be disclosed on the face of the Statement.Revenues and expenses must not be offset unless required or permitted by the Australian Accounting Standards.The components of Other comprehensive income include changes in revaluation surplus and gains and losses on remeasuring assets held for sale.Disclose reclassification adjustments relating to items of Other comprehensive income in the Statement of Comprehensive Income or in the notes. An entity presenting reclassification adjustments in the notes presents the items of Other?comprehensive income after any related reclassification adjustments.Reclassification adjustments arise, for example, on derecognition of assets held for sale. Reclassification adjustments do not arise on changes in revaluation actuarial gains/( losses) in Other economic flows is relevant to Finance-General only.Statement of Financial Position as at 30?June?2019Note references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000AssetsFinancial assetsCash and deposits REF Csh121 \r \h \* MERGEFORMAT 14.1XXXReceivables REF Rcbls81 \r \h \* MERGEFORMAT 10.1XXXEquity investments REF _Ref228266836 \r \h \* MERGEFORMAT 10.2XXXOther financial assets REF _Ref448824343 \r \h 10.3XXXNon-financial assetsInventories REF _Ref113944543 \r \h \* MERGEFORMAT 10.4XXXAssets held for sale REF _Ref390163621 \r \h \* MERGEFORMAT 10.5XXXProperty, plant and equipment REF _Ref448844097 \r \h 10.6XXXInfrastructure REF _Ref389726100 \r \h \* MERGEFORMAT 10.7XXXInvestment property REF _Ref447637594 \r \h \* MERGEFORMAT 10.8XXXIntangibles REF _Ref104708862 \r \h \* MERGEFORMAT 10.9XXXOther assets REF _Ref422130316 \r \h \* MERGEFORMAT 10.10XXXTotal assetsXXXLiabilitiesPayables REF _Ref101774215 \r \h 11.1XXXInterest bearing liabilities REF _Ref98152860 \r \h \* MERGEFORMAT 11.2XXXProvisions REF _Ref101774823 \r \h \* MERGEFORMAT 11.3XXXEmployee benefits REF _Ref448237597 \r \h \* MERGEFORMAT 11.4XXXSuperannuation REF _Ref448498777 \r \h 11.5XXXOther liabilities REF _Ref448237625 \r \h \* MERGEFORMAT 11.6XXXTotal liabilitiesXXXNet assets (liabilities)XXXEquityContributed capitalXXXReserves REF _Ref252373679 \r \h \* MERGEFORMAT 13.1XXXAccumulated fundsXXXTotal equityXXXThis Statement of Financial Position should be read in conjunction with the accompanying notes.Budget information refers to original estimates and has not been subject to audit.Explanations of material variances between budget and actual outcomes are provided in REF Nt4 \r \h \* MERGEFORMAT Note?4 of the accompanying notes. Disclosure of budget information on the face of the Statement of Financial Position is mandatory and must represent the original estimates as published in the 2018?19 Budget Papers, unless an administrative restructure applicable to the full year was approved. Explanations of material variances between budget and actual outcomes must be provided in REF Nt4 \r \h \* MERGEFORMAT Note?4 where guidance is provided.Assets and liabilities must not be offset unless required or permitted by the Australian Accounting Standards.A Statement of Financial Position as at the beginning of the earliest comparative period may be required when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.Where the Department has Contributed capital, add to Note 13.1 and include a description of content.Statement of Cash Flows for the year ended 30?June?2019Note references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000Cash flows from operating activitiesCash inflowsAppropriation receipts - recurrentXXXAppropriation receipts - works and servicesXXXAppropriation receipts - otherXXXReceipts from Special Capital Investment Funds - Continuing operationsXXXGrants - Continuing operationsXXXSales of goods and servicesXXXUser chargesXXXFees and finesXXXGST receiptsXXXInterest receivedXXXDividends receivedXXXOther cash receiptsXXXTotal cash inflowsXXXCash outflowsEmployee benefits(X)(X)(X)Finance costs (X)(X)(X)GST payments(X)(X)(X)Interest payments(X)(X)(X)Transfers to the Consolidated Fund(X)(X)(X)Supplies and consumables(X)(X)(X)Other cash payments(X)(X)(X)Total cash outflows(X)(X)(X)Net cash from / (used by) operating activities REF _Ref104709070 \r \h \* MERGEFORMAT 14.2XXXCash flows from investing activitiesCash inflowsProceeds from the disposal of non-financial assetsXXXRepayment of loans by other entitiesXXXReceipts from investmentsXXXReceipts from non-operational capital funding - works and servicesXXXReceipts from non-operational capital funding - Special?Capital Investment FundsXXXReceipts from non-operational capital funding - GrantsXXXCash inflow on administrative restructureXXXOther cash receiptsXXXTotal cash inflowsXXXCash outflowsLoans made to other entities(X)(X)(X)Payments for acquisition of non-financial assets(X)(X)(X)Payments for investments(X)(X)(X)Cash outflow on administrative restructure(X)(X)(X)Other cash payments(X)(X)(X)Total cash outflows(X)(X)(X)Net cash from / (used by) investing activitiesXXXStatement of Cash Flows for the year ended 30?June?2019 (continued)Note references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000Cash flows from financing activitiesCash inflowsProceeds from borrowingsXXXOther cash receiptsXXXTotal cash inflowsXXXCash outflowsRepayment of borrowings(X)(X)(X)Repayment of finance leases (excluding interest)(X)(X)(X)Other cash payments(X)(X)(X)Total cash outflows(X)(X)(X)Net cash from / (used by) financing activitiesXXXNet increase / (decrease) in cash and cash equivalents heldXXXCash and deposits at the beginning of the reporting periodXXXCash and deposits at the end of the reporting period REF Csh121 \r \h \* MERGEFORMAT 14.1XXXThis Statement of Cash Flows should be read in conjunction with the accompanying notes. Budget information refers to original estimates and has not been subject to audit.Explanations of material variances between budget and actual outcomes are provided in REF Nt4 \r \h \* MERGEFORMAT Note?4 of the accompanying notes.The direct method of reporting cash flows must be applied in accordance with AASB 107(18)(a).Disclosure of budget information on the face of the Statement of Cash Flows is mandatory and must represent the original estimates as published in the 2018-19 Budget Papers, unless an administrative restructure applicable to the full year was approved. Explanations of material variances between budget and actual outcomes must be provided in REF Nt4 \r \h \* MERGEFORMAT Note?4 where guidance is provided.Receipts from non-operational capital funding are Cash flows from investing activities. Agencies should separately disclose capital funding from Special Capital Investment Funds as Cash flows from investing activities.AASB 2016-2 provides additional disclosure requirements that reflect movements in liabilities that are directly impacted by cash flows from financing activities. Further detail is provided at note 14.5.Statement of Changes in Equity for the year ended 30?June?2019Note references update automatically when printed.Contributed EquityReservesAccumulated FundsTotalEquityNotes$’000$’000$’000$’000Balance as at 1 July 2018XXXXAdjustment due to change in accounting policy20.6XXXXRestated balance as at 1 July 2018XXXXNet resultXXXXOther comprehensive incomeXXXXTotal comprehensive resultXXXXTransactions with owners in their capacity as owners:Equity contributionsXXXXWithdrawal of equityXXXXAdministrative restructure – net assets received REF _Ref390163816 \r \h 13.2XXXXAdministrative restructure – net assets transferred REF _Ref390163816 \r \h 13.2(X)(X)(X)(X)TotalXXXXBalance as at 30 June 2019XXXXNote references update automatically when printed.Contributed EquityReservesAccumulated FundsTotalEquityNotes$’000$’000$’000$’000Balance as at 1 July 2017XXXXAdjustment due to change in accounting policy REF _Ref98226974 \r \h \* MERGEFORMAT 20.6XXXXRestated balance as at 1 July 2017XXXXNet resultXXXXOther comprehensive incomeXXXXTotal comprehensive XXXXTransactions with owners in their capacity as owners:Equity contributionsXXXXWithdrawal of equityXXXXAdministrative restructure – net assets received REF _Ref390163816 \r \h 13.2 XXXXAdministrative restructure – net assets transferred REF _Ref390163816 \r \h 13.2(X)(X)(X)(X)TotalXXXXBalance as at 30 June 2018XXXXThis Statement of Changes in Equity should be read in conjunction with the accompanying notes.Withdrawal of equity relates to the Crown Lands Administration Fund.Equity contributions to and withdrawal of equity from Government businesses should only be reported by FinanceGeneral.Notes to and forming part of the Financial Statements for the year ended 30 June 2019 TOC \h \z \t "Heading 6,1,Heading 7,2" Note?1Administered Financial Statements PAGEREF _Toc10727352 \h 141.1Schedule of Administered Income and Expenses PAGEREF _Toc10727353 \h 141.2Schedule of Administered Assets and Liabilities PAGEREF _Toc10727354 \h 161.3Schedule of Administered Cash Flows PAGEREF _Toc10727355 \h 171.4Schedule of Administered Changes in Equity PAGEREF _Toc10727356 \h 19Note?2Departmental Output Schedules PAGEREF _Toc10727357 \h 202.1Output Group Information PAGEREF _Toc10727358 \h 202.2Reconciliation of Total Output Groups Comprehensive Result to Statement of Comprehensive Income PAGEREF _Toc10727359 \h 222.3Reconciliation of Total Output Groups Net Assets to Statement of Financial Position PAGEREF _Toc10727360 \h 232.4Administered Output Schedule PAGEREF _Toc10727361 \h 242.5Reconciliation of Total Administered Output Groups Comprehensive Result to Administered Statement of Comprehensive Income PAGEREF _Toc10727362 \h 252.6Reconciliation of Total Administered Output Groups Net Assets to Schedule of Administered Assets and Liabilities PAGEREF _Toc10727363 \h 25Note?3Expenditure under Australian Government Funding Arrangements PAGEREF _Toc10727364 \h 26Note?4Explanations of Material Variances between Budget and Actual Outcomes PAGEREF _Toc10727365 \h 274.1Statement of Comprehensive Income PAGEREF _Toc10727366 \h 274.2Statement of Financial Position PAGEREF _Toc10727367 \h 274.3Statement of Cash Flows PAGEREF _Toc10727368 \h 27Note?5Underlying Net Operating Balance PAGEREF _Toc10727369 \h 28Note?6Revenue from Transactions PAGEREF _Toc10727370 \h 296.1Revenue from Government PAGEREF _Toc10727371 \h 296.2Revenue from Special Capital Investment Funds PAGEREF _Toc10727372 \h 306.3Grants PAGEREF _Toc10727373 \h 306.4Sales of goods and services PAGEREF _Toc10727374 \h 316.5Fees and fines PAGEREF _Toc10727375 \h 316.6Interest PAGEREF _Toc10727376 \h 316.7Contributions received PAGEREF _Toc10727377 \h 316.8Other revenue PAGEREF _Toc10727378 \h 32Note?7Expenses from Transactions PAGEREF _Toc10727379 \h 337.1Employee benefits PAGEREF _Toc10727380 \h 337.2Depreciation and amortisation PAGEREF _Toc10727381 \h 397.3Supplies and consumables PAGEREF _Toc10727382 \h 407.4Grants and subsidies PAGEREF _Toc10727383 \h 407.5Finance costs PAGEREF _Toc10727384 \h 417.6Contributions provided PAGEREF _Toc10727385 \h 417.7Other expenses PAGEREF _Toc10727386 \h 42Note?8Other Economic Flows included in Net Result PAGEREF _Toc10727387 \h 438.1Net gain/(loss) on non-financial assets PAGEREF _Toc10727388 \h 438.2Net gain/(loss) on financial instruments and statutory receivables/payables PAGEREF _Toc10727389 \h 438.3Other gains/(losses) from other economic flows PAGEREF _Toc10727390 \h 44Note?9Discontinued Operations PAGEREF _Toc10727391 \h 459.1Net result from discontinued operations PAGEREF _Toc10727392 \h 459.2Net cash flows from discontinued operations PAGEREF _Toc10727393 \h 459.3Carrying amount of assets and liabilities (major classes) comprising the operations classified as held for resale PAGEREF _Toc10727394 \h 45Note?10Assets PAGEREF _Toc10727395 \h 4610.1Receivables PAGEREF _Toc10727396 \h 4610.2Equity investments PAGEREF _Toc10727397 \h 4810.3Other financial assets PAGEREF _Toc10727398 \h 5010.4Inventories PAGEREF _Toc10727399 \h 5210.5Assets held for sale PAGEREF _Toc10727400 \h 5210.6Property, plant and equipment PAGEREF _Toc10727401 \h 5410.7Infrastructure PAGEREF _Toc10727402 \h 6010.8Investment property PAGEREF _Toc10727403 \h 6210.9Intangibles PAGEREF _Toc10727404 \h 6410.10Other assets PAGEREF _Toc10727405 \h 66Note?11Liabilities PAGEREF _Toc10727406 \h 6711.1Payables PAGEREF _Toc10727407 \h 6711.2Interest bearing liabilities PAGEREF _Toc10727408 \h 6711.3Provisions PAGEREF _Toc10727409 \h 6811.4Employee benefits PAGEREF _Toc10727410 \h 6911.5Superannuation PAGEREF _Toc10727411 \h 7011.6Other liabilities PAGEREF _Toc10727412 \h 73Note?12Commitments and Contingencies PAGEREF _Toc10727413 \h 7412.1Schedule of Commitments PAGEREF _Toc10727414 \h 7412.2Contingent assets and liabilities PAGEREF _Toc10727415 \h 75Note?13Reserves PAGEREF _Toc10727416 \h 7613.1Reserves PAGEREF _Toc10727417 \h 7613.2Administrative Restructuring PAGEREF _Toc10727418 \h 77Note?14Cash Flow Reconciliation PAGEREF _Toc10727419 \h 7814.1Cash and deposits PAGEREF _Toc10727420 \h 7814.2Reconciliation of Net Result to Net Cash from Operating Activities PAGEREF _Toc10727421 \h 7814.3Acquittal of Capital Investment and Special Capital Investment Funds PAGEREF _Toc10727422 \h 7914.4Financing Facilities PAGEREF _Toc10727423 \h 8014.5Reconciliation of liabilities arising from financing activities PAGEREF _Toc10727424 \h 80Note?15Financial Instruments PAGEREF _Toc10727425 \h 8115.1Risk Exposures PAGEREF _Toc10727426 \h 8115.2Categories of Financial Assets and Liabilities PAGEREF _Toc10727427 \h 8615.3Derecognition of Financial Assets PAGEREF _Toc10727428 \h 8715.4Comparison between Carrying Amount and Net Fair Value of Financial Assets and Liabilities PAGEREF _Toc10727429 \h 8815.5Net Fair Values of Financial Assets and Liabilities PAGEREF _Toc10727430 \h 88Note?16Details of Consolidated Entities PAGEREF _Toc10727431 \h 9116.1List of Entities PAGEREF _Toc10727432 \h 91Note?17Notes to Administered Statements PAGEREF _Toc10727433 \h 9217.1Explanations of Material Variances between Budget and Actual Outcomes PAGEREF _Toc10727434 \h 9217.2Administered Underlying Net Operating Balance PAGEREF _Toc10727435 \h 9317.3Administered Revenue from Government PAGEREF _Toc10727436 \h 9417.4Administered Revenue from Special Capital Investment Funds PAGEREF _Toc10727437 \h 9417.5Administered Grants PAGEREF _Toc10727438 \h 9517.6Administered State taxation PAGEREF _Toc10727439 \h 9517.7Administered Sales of goods and services PAGEREF _Toc10727440 \h 9517.8Administered Fees and fines PAGEREF _Toc10727441 \h 9617.9Administered Investment income PAGEREF _Toc10727442 \h 9617.10Administered Contributions received PAGEREF _Toc10727443 \h 9617.11Administered Other revenue PAGEREF _Toc10727444 \h 9717.12Administered Employee benefits PAGEREF _Toc10727445 \h 9717.13Administered Depreciation and amortisation PAGEREF _Toc10727446 \h 9817.14Administered Supplies and consumables PAGEREF _Toc10727447 \h 9817.15Administered Grants and subsidies PAGEREF _Toc10727448 \h 9917.16Administered Finance costs PAGEREF _Toc10727449 \h 9917.17Administered Contributions provided PAGEREF _Toc10727450 \h 9917.18Administered Other expenses PAGEREF _Toc10727451 \h 10017.19Administered Net gain/(loss) on non-financial assets PAGEREF _Toc10727452 \h 10017.20Administered Net gain/(loss) on financial instruments and statutory receivables/payables PAGEREF _Toc10727453 \h 10017.21Administered Other gains/(losses) from other economic flows PAGEREF _Toc10727454 \h 10117.22Administered Receivables PAGEREF _Toc10727455 \h 10117.23Administered Equity investments PAGEREF _Toc10727456 \h 10217.24Administered Other financial assets PAGEREF _Toc10727457 \h 10317.25Administered Inventories PAGEREF _Toc10727458 \h 10417.26Administered Assets held for sale PAGEREF _Toc10727459 \h 10417.27Administered Property, plant and equipment PAGEREF _Toc10727460 \h 10617.28Administered Infrastructure PAGEREF _Toc10727461 \h 11117.29Administered Investment property PAGEREF _Toc10727462 \h 11217.30Administered Intangibles PAGEREF _Toc10727463 \h 11517.31Administered Other assets PAGEREF _Toc10727464 \h 11717.32Administered Payables PAGEREF _Toc10727465 \h 11817.33Administered Interest bearing liabilities PAGEREF _Toc10727466 \h 11817.34Administered Provisions PAGEREF _Toc10727467 \h 11917.35Administered Employee benefits PAGEREF _Toc10727468 \h 11917.36Administered Superannuation PAGEREF _Toc10727469 \h 11917.37Administered Other liabilities PAGEREF _Toc10727470 \h 12217.38Schedule of Administered Commitments PAGEREF _Toc10727471 \h 12317.39Administered Reserves PAGEREF _Toc10727472 \h 12417.40Administrative Restructuring (Administered) PAGEREF _Toc10727473 \h 12517.41Administered Cash and deposits PAGEREF _Toc10727474 \h 12617.42Reconciliation of Administered Net Result to Net Cash from Administered Operating Activities PAGEREF _Toc10727475 \h 12617.43Acquittal of Administered Capital Investment and Special Capital Investment Funds PAGEREF _Toc10727476 \h 12717.44Administered Financing facilities PAGEREF _Toc10727477 \h 12817.45Administered reconciliation of liabilities arising from financing activities PAGEREF _Toc10727478 \h 12817.46Administered Financial instruments PAGEREF _Toc10727479 \h 12917.47Categories of Administered Financial Assets and Liabilities PAGEREF _Toc10727480 \h 13317.48Derecognition of Administered Financial Assets PAGEREF _Toc10727481 \h 13417.49Comparison between Carrying Amount and Net Fair Value of Financial Assets and Liabilities PAGEREF _Toc10727482 \h 13417.50Net Fair Values of Administered Financial Assets and Liabilities PAGEREF _Toc10727483 \h 134Note?18Transactions and Balances Relating to a Trustee or Agency Arrangement PAGEREF _Toc10727484 \h 13718.1Activities Undertaken Under a Trustee or Agency Relationship PAGEREF _Toc10727485 \h 137Note?19Events Occurring After Balance Date PAGEREF _Toc10727486 \h 137Note?20Other Significant Accounting Policies and Judgements PAGEREF _Toc10727487 \h 13820.1Objectives and Funding PAGEREF _Toc10727488 \h 13820.2Basis of Accounting PAGEREF _Toc10727489 \h 13820.3Reporting Entity PAGEREF _Toc10727490 \h 13820.4Functional and Presentation Currency PAGEREF _Toc10727491 \h 13920.5Fair Presentation PAGEREF _Toc10727492 \h 13920.6Changes in Accounting Policies PAGEREF _Toc10727493 \h 13920.7Unrecognised Financial Instruments PAGEREF _Toc10727494 \h 14420.8Foreign Currency PAGEREF _Toc10727495 \h 14420.9Comparative Figures PAGEREF _Toc10727496 \h 14420.10Rounding PAGEREF _Toc10727497 \h 14520.11Departmental Taxation PAGEREF _Toc10727498 \h 14520.12Goods and Services Tax PAGEREF _Toc10727499 \h 145Administered Financial StatementsThe Department administers, but does not control, certain resources on behalf of the Government as a whole. It is accountable for the transactions involving such administered resources, but does not have the discretion to deploy resources for the achievement of the Department’s objectives. Schedule of Administered Income and ExpensesNote references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000Administered revenue and other income from transactionsRevenue from GovernmentAppropriation revenue - recurrent REF _Ref422834887 \r \h \* MERGEFORMAT 17.3XXXAppropriation revenue - works and services REF _Ref422834887 \r \h \* MERGEFORMAT 17.3XXXOther revenue from Government REF _Ref422834887 \r \h \* MERGEFORMAT 17.3XXXRevenue from Special Capital Investment Funds REF _Ref422834901 \r \h \* MERGEFORMAT 17.4XXXGrants REF _Ref448315341 \r \h \* MERGEFORMAT 17.5XXXState taxation REF _Ref103402276 \r \h \* MERGEFORMAT 17.6XXXSales of goods and services REF _Ref228269441 \r \h \* MERGEFORMAT 17.7XXXFees and fines REF _Ref323826212 \r \h \* MERGEFORMAT 17.8XXXInvestment income REF _Ref448824694 \r \h 17.9XXXContributions received REF _Ref448824695 \r \h 17.10XXXOther revenue REF _Ref390164127 \r \h \* MERGEFORMAT 17.11XXXTotal administered revenue and other income from transactionsXXXAdministered expenses from transactionsEmployee benefits REF _Ref448315365 \r \h \* MERGEFORMAT 17.12XXXDepreciation and amortisation REF _Ref390164170 \r \h \* MERGEFORMAT 17.13XXXCost of goods soldXXXSupplies and consumables REF _Ref422834985 \r \h \* MERGEFORMAT 17.14XXXGrants and subsidies REF _Ref452025418 \r \h 17.15XXXFinance costs REF _Ref103400245 \r \h \* MERGEFORMAT 17.16XXXContributions provided REF _Ref228330431 \r \h \* MERGEFORMAT 17.17XXXTransfers to the Consolidated FundXXXOther expenses REF _Ref228330465 \r \h \* MERGEFORMAT 17.18XXXTotal administered expenses from transactionsXXXAdministered net result from transactions attributable to the StateXXXAdministered other economic flows in administered net resultNet gain/(loss) on sale of non-financial assets REF _Ref292196572 \r \h \* MERGEFORMAT 17.19XXXNet actuarial gains/(losses) of superannuation defined benefit plans REF _Ref228331248 \r \h \* MERGEFORMAT 17.36XXXNet gain/(loss) on financial instruments and statutory receivables/payables REF _Ref257210367 \r \h \* MERGEFORMAT 17.20Net gain on equity investments in other sector entities measured at proportional share of carrying amount of net assets/(liabilities)XXXOther gains/(losses) from other economic flows REF _Ref448315380 \r \h \* MERGEFORMAT 17.21XXXTotal administered other economic flows included in net resultXXXAdministered net resultXXXSchedule of Administered Income and Expenses (continued)Note references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000Administered other comprehensive incomeItems that will not be reclassified subsequently to profit or lossAdjustment to accumulated surplus/(deficit) due to a change in accounting policy REF _Ref98226974 \r \h \* MERGEFORMAT 20.6XXXChanges in physical asset revaluation reserveXXXGain/(loss) on revaluation of equity instruments designated through other comprehensive income17.23XX….Other (describe)XXXItems that may be reclassified subsequently to profit or lossOther (describe)XXXTotal administered comprehensive income XXXAdministered comprehensive resultXXXThis Schedule of Administered Income and Expenses should be read in conjunction with the accompanying notes.Budget information refers to original estimates and has not been subject to audit.Explanations of material variances between budget and actual outcomes are provided in Note? REF admin151 \r \h \* MERGEFORMAT 17.1 of the accompanying notes. Disclosure of budget information on the face of the Statement of Comprehensive Income is mandatory and must represent the original estimates as published in the 2018?19 Budget Papers, unless an administrative restructure applicable to the full year was approved. Explanations of material variances between budget and actual outcomes must be provided in Note? REF admin151 \r \h \* MERGEFORMAT 17.1 where guidance is provided.Disclose separately any item of revenue and expenses that is of such a size, nature or incidence, that its disclosure is relevant to an understanding of the financial performance of the Department for the reporting period. Items designated as other must not exceed 10?per?cent of the total to which they relate. For example, Other revenue must not exceed 10?per?cent of Total revenue and other income.If Revenue from the sale of goods is disclosed in the Statement of Comprehensive Income then the Cost of goods sold must also be disclosed on the face of the Statement.Revenues and expenses must not be offset unless required or permitted by the Australian Accounting Standards.The components of Other comprehensive income include changes in revaluation surplus and gains and losses on remeasuring available-for-sale financial assets.Disclose reclassification adjustments relating to items of Other comprehensive income in the Statement of Comprehensive Income or in the notes. An entity presenting reclassification adjustments in the notes presents the items of Other?comprehensive income after any related reclassification adjustments.Reclassification adjustments arise, for example, on derecognition of available-for-sale financial assets. Reclassification adjustments do not arise on changes in revaluation actuarial gains/( losses) in Other economic flows is relevant to Finance-General only.Schedule of Administered Assets and Liabilities Note references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000Administered assetsAdministered financial assetsCash and deposits REF _Ref259109614 \r \h \* MERGEFORMAT 17.41XXXReceivables REF _Ref293563633 \r \h \* MERGEFORMAT 17.22XXXEquity investments REF _Ref452025434 \r \h 17.23XXXOther financial assets17.24XXXAdministered non-financial assetsInventories REF _Ref448844176 \r \h 17.25XXXAssets held for sale REF _Ref447638276 \r \h \* MERGEFORMAT 17.26XXXProperty, plant and equipment REF _Ref228331057 \r \h \* MERGEFORMAT 17.27XXXInfrastructure REF _Ref228331074 \r \h \* MERGEFORMAT 17.28XXXInvestment property REF _Ref103400498 \r \h \* MERGEFORMAT 17.29XXXIntangibles REF _Ref447636256 \r \h \* MERGEFORMAT 17.30XXXOther assets REF _Ref447636267 \r \h \* MERGEFORMAT 17.31XXXTotal administered assetsXXXAdministered liabilitiesPayables REF _Ref228331168 \r \h \* MERGEFORMAT 17.32XXXInterest bearing liabilities REF _Ref422835018 \r \h \* MERGEFORMAT 17.33XXXProvisions REF _Ref103400563 \r \h \* MERGEFORMAT 17.34XXXEmployee benefits REF _Ref228331229 \r \h \* MERGEFORMAT 17.35XXXSuperannuation REF _Ref103400595 \r \h \* MERGEFORMAT 17.36XXXOther liabilities REF _Ref103400605 \r \h \* MERGEFORMAT 17.37XXXTotal administered liabilitiesXXXAdministered net assets (liabilities)XXXAdministered equityContributed capitalXXXReserves REF _Ref257208656 \r \h \* MERGEFORMAT 17.39XXXAccumulated fundsXXXTotal administered equityXXXThis Schedule of Administered Assets and Liabilities should be read in conjunction with the accompanying notes.Budget information refers to original estimates and has not been subject to audit.Explanations of material variances between budget and actual outcomes are provided in Note? REF admin151 \r \h \* MERGEFORMAT 17.1 of the accompanying notes.Disclosure of budget information on the face of the Schedule of Administered Assets and Liabilities is mandatory and must represent the original estimates as published in the 2018?18 Budget Papers, unless an administrative restructure applicable to the full year was approved. Explanations of material variances between budget and actual outcomes must be provided in Note REF admin151 \r \h \* MERGEFORMAT 17.1 where guidance is provided.Schedule of Administered Cash Flows Note references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000Administered cash flows from operating activitiesAdministered cash inflowsAppropriation receipts - recurrentXXXAppropriation receipts - works and servicesXXXAppropriation receipts -otherXXXTaxationXXXReceipts from Special Investment Capital Funds - Continuing operationsXXXGrants - Continuing operationsXXXSales of goods and servicesXXXUser chargesXXXFees and finesXXXGST receiptsXXXInvestment incomeXXXDividends receivedXXXOther cash receiptsXXXTotal administered cash inflowsXXXAdministered cash outflowsEmployee benefits(X)(X)(X)Finance costs (X)(X)(X)GST payments(X)(X)(X)Interest payments(X)(X)(X)Transfers to the Consolidated Fund(X)(X)(X)Supplies and consumables(X)(X)(X)Other cash payments(X)(X)(X)Total administered cash outflows(X)(X)(X)Administered net cash from / (used by) operating activities REF _Ref104780275 \r \h \* MERGEFORMAT 17.42XXXAdministered cash flows from investing activitiesAdministered cash inflowsProceeds from the disposal of non-financial assetsXXXRepayment of loans by other entitiesXXXReceipts from investmentsXXXReceipts from non-operational capital funding - works and servicesXXXReceipts from non-operational capital funding - Special Capital Investment FundsXXXReceipts from non-operational capital funding - GrantsXXXReceipts from non-operational capital fundingXXXCash inflow on administrative restructureXXXOther cash receiptsXXXTotal administered cash inflowsXXXAdministered cash outflowsLoans made to other entities(X)(X)(X)Payments for acquisition of non-financial assets(X)(X)(X)Payments for investments(X)(X)(X)Cash outflow on administrative restructure(X)(X)(X)Other cash payments(X)(X)(X)Total administered cash outflows(X)(X)(X)Administered net cash from / (used by) investing activitiesXXXSchedule of Administered Cash Flows (continued)Note references update automatically when printed. 201920192018NotesBudgetActualActual$’000$’000$’000Administered cash flows from financing activitiesAdministered cash inflowsProceeds from borrowingsXXXOther cash receiptsXXXTotal administered cash inflowsXXXAdministered cash outflowsRepayment of borrowings(X)(X)(X)Repayment of finance leases (excluding interest)(X)(X)(X)Other cash payments(X)(X)(X)Total administered cash outflows(X)(X)(X)Administered net cash from / (used by) financing activitiesXXXNet increase / (decrease) in administered cash heldXXXAdministered cash and deposits at the beginning of the reporting periodXXXAdministered cash and deposits at the end of the reporting period REF _Ref259109614 \r \h \* MERGEFORMAT 17.41XXXThis Schedule of Administered Cash Flows should be read in conjunction with the accompanying notes. Budget information refers to original estimates and has not been subject to audit.Explanations of material variances between budget and actual outcomes are provided in Note? REF admin151 \r \h \* MERGEFORMAT 17.1 of the accompanying notes.The direct method of reporting cash flows must be applied in accordance with AASB 107(18)(a).Disclosure of budget information on the face of the Schedule of Administered Cash Flows is mandatory and must represent the original estimates as published in the 2018?19 Budget Papers, unless an administrative restructure applicable to the full year was approved. Explanations of material variances between budget and actual outcomes must be provided in Note REF admin151 \r \h \* MERGEFORMAT 17.1 where guidance is provided.Receipts from non-operational capital funding are Administered cash flows from investing activities. Agencies should separately disclose capital funding from Special Capital Investment Funds as Administered cash flows from investing activities.AASB 2016-2 provides additional disclosure requirements that reflect movements in liabilities that are directly impacted by cash flows from financing activities. Further detail is provided at note 17.45. Schedule of Administered Changes in Equity Note references update automatically when printed.Contributed EquityReservesAccumulated FundsTotalEquityNotes$’000$’000$’000$’000Balance as at 1?July?2018XXXXAdjustment due to change in accounting policy REF _Ref98226974 \r \h \* MERGEFORMAT 20.6XXXXRestated balance as at 1?July?2018XXXXNet resultXXXXOther comprehensive incomeXXXXTotal comprehensive resultXXXXTransactions with owners in their capacity as owners:Equity contributionsXXXXWithdrawal of equityXXXXAdministrative restructure – net assets received REF _Ref228332078 \r \h \* MERGEFORMAT 17.40XXXXAdministrative restructure – net assets transferred REF _Ref228332078 \r \h \* MERGEFORMAT 17.40XXXXTotalXXXXBalance as at 30 June 2019XXXXNote references update automatically when printed.Contributed EquityReservesAccumulated FundsTotalEquityNotes$’000$’000$’000$’000Balance as at 1?July?2017XXXXAdjustment due to change in accounting policy REF _Ref98226974 \r \h \* MERGEFORMAT 20.6XXXXRestated balance as at 1?July?2017XXXXNet resultXXXXOther comprehensive incomeXXXXTotal comprehensive resultXXXXTransactions with owners in their capacity as owners:Equity contributionsXXXXWithdrawal of equityXXXXAdministrative restructure – net assets received REF _Ref228332078 \r \h \* MERGEFORMAT 17.40XXXXAdministrative restructure – net assets transferred REF _Ref228332078 \r \h \* MERGEFORMAT 17.40XXXXTotalXXXXBalance as at 30?June?2018XXXXThis Schedule of Administered Changes in Equity should be read in conjunction with the accompanying notes.Withdrawal of equity relates to the Crown Lands Administration Fund.Equity contributions to and withdrawal of equity from Government businesses should only be reported by FinanceGeneral.Departmental Output SchedulesOutput Group InformationComparative information has not been restated for administrative restructures.Budget information refers to original estimates and has not been subject to audit.Output Group 1 – (Name of Output Group)201920192018BudgetActualActual$’000$’000$’000Continuing operationsRevenue and other income from transactionsRevenue from appropriationXXXRevenue from Special Capital Investment FundsXXXGrantsXXXSales of goods and servicesXXXOther revenueXXXTotal revenue and other income from transactionsXXXExpenses from transactions(Itemised detail of expenses eg employee entitlements, grants, depreciation, supplies and consumables, maintenance, rent, information technology)XXXOther expensesXXXTotal expenses from transactionsXXXNet result from transactions (net operating balance)XXXOther economic flows included in net resultNet gain/(loss) on sale of nonfinancial assetsXXXNet gain/(loss) on financial instruments and statutory receivables/payablesXXXNet actuarial gains/(losses) of superannuation defined benefit plansXXXOther gains/(losses) from other economic flowsXXXTotal other economic flows included in net resultXXXNet result from continuing operationsXXXNet result from discontinued operationsXXXNet resultXXXOther economic flows – other nonowner changes in equityAdjustment to accumulated surplus/(deficit) due to change in accounting policyXXXChanges in property, plant and equipment revaluation reserveXXXFinancial assets available for sale reserveXXXOther (describe)XXXTotal other economic flows – other nonowner changes in equityXXXComprehensive resultXXXOutput Group 1 – (Name of Output Group)(continued)201920192018BudgetActualActual$’000$’000$’000Expense by output(Provide total expenses for individual Outputs)XXXTotalXXXNet AssetsTotal assets deployed for (specify Output Group)XXTotal liabilities incurred for (specify Output Group)(X)(X)Net assets deployed for (specify Output Group)XXProvide information consistent with this format for each additional Output Group, including Capital Investment Program and Special Capital Investment Funds. Capital Investment Program and Special Capital Investment Funds Output Groups are also presented as part of an “Infrastructure Investment” category and include a cross reference to Note? REF _Ref448484439 \r \h 14.3 REF _Ref101064120 \* MERGEFORMAT Acquittal of Capital Investment and Special Capital Investment Funds.AASB?1052 requires that all assets and liabilities that are reliably attributable to Departmental activities be disclosed. Where assets and liabilities cannot be reliably attributable to Departmental activities they should be disclosed as Unallocated assets or liabilities in Note? REF _Ref451172432 \r \h 2.3 when reconciling to Total net assets in the Department’s Statement of Financial Position. Budget information is not required when disclosing assets or liabilities attributable to Departmental activities.All budget information disclosed should be original budget information as disclosed in the 2018?18 Budget Papers. Original budget information must not be restated unless an administrative restructure applicable to the full year was parative information must not be restated to reflect Output restructures external to the Department where outputs are transferred to or received from another Department. Internal restructures within the Department should be reflected in the comparative information. Reconciliation of Total Output Groups Comprehensive Result to Statement of Comprehensive Income201920192018BudgetActualActual$’000$’000$’000Total comprehensive result of Output GroupsXXXReconciliation to comprehensive result(Specify individual items of difference)XXXComprehensive result (Taken from Statement of Comprehensive Income)XXXThe total comprehensive result of all Output Groups must be reconciled to the Comprehensive result from the Statement of Comprehensive Income.Reconciliation of Total Output Groups Net Assets to Statement of Financial Position20192018ActualActual$’000$’000Total net assets deployed for Output GroupsXXReconciliation to net assetsAssets unallocated to Output GroupsXXLiabilities unallocated to Output Groups(X)(X)Net assets (Taken from Statement of Financial Position)XXThe total net assets deployed for all Output Groups must be reconciled to Net assets from the Statement of Financial Position. Administered Output ScheduleComparative information has not been restated for administrative restructures.Budget information refers to original estimates and has not been subject to audit.Output Group 1 – (Name of Output Group)201920192018BudgetActualActual$’000$’000$’000Administered revenue and other income from transactionsRevenue from appropriationXXXRevenue from Special Capital Investment FundsXXXGrantsXXXSales of goods and servicesXXXOther revenueXXXTotal administered revenue and other income from transactionsXXXAdministered expenses from transactions(Itemised detail of expenses eg employee entitlements, grants, depreciation, supplies and consumables, maintenance, rent, information technology)XXXOther expensesXXXTotal administered expenses from transactionsXXXAdministered net operating result from continuing operationsXXXAdministered net result from transactions (net operating balance)XXXAdministered other economic flows included in net resultNet gains/(losses) on sale of nonfinancial assetsXXXNet gain/(loss) on financial instrumentsXXXOther gains/(losses) from other economic flowsXXXOther (describe)XXXTotal administered other economic flows included in net resultXXXAdministered net resultXXXAdministered other economic flows – other nonowner changes in equityAdjustment to accumulated surplus/(deficit) due to change in accounting policyXXXChanges in property, plant and equipment revaluation reserveXXXNet gain on equity investments in other sector entities measured at proportional share of carrying amount of net assets/(liabilities)XXXOther (describe)XXXTotal administered other economic flows – other nonowner changes in equityXXXTotal administered comprehensive resultXXXAdministered expense by output(Provide total expenses for individual Outputs)XXXTotalXXXAdministered Net AssetsTotal administered assets deployed for (specify Output Group)XXXTotal administered liabilities incurred for (specify Output Group)(X)(X)(X)Administered net assets deployed for (specify Output Group)XXXReconciliation of Total Administered Output Groups Comprehensive Result to Administered Statement of Comprehensive Income201920192018BudgetActualActual$’000$’000$’000Total administered net result of Output GroupsXXXReconciliation to administered net surplus (deficit)(Specify individual items of difference)XXXComprehensive result (Taken?from?Statement?of?Comprehensive Income)XXXReconciliation of Total Administered Output Groups Net Assets to Schedule of Administered Assets and Liabilities20192018$’000$’000Total administered net assets deployed for Output GroupsXXReconciliation to administered net assetsAssets unallocated to Output GroupsXXLiabilities unallocated to Output Groups(X)(X)Administered net assets (Taken from Schedule of Administered Assets and Liabilities)XXExpenditure under Australian Government Funding ArrangementsStateAustralianFundingGovernmentFunding2019201820192018ActualActualActualActual$’000$’000$’000$’000National Partnership PaymentsVia appropriation (Specify program)XXXX(Specify project)XXXXDirect funding (Specify program)XXXX(Specify project)XXXXCommonwealth Own Purpose Expenditures Via appropriation(Specify program)XXXX(Specify project)XXXXDirect funding(Specify program)XXXX(Specify project)XXXXOther (Specify)XXXXTotalXXXXExpenditure under Australian Government Funding Arrangements must be disclosed on an accrual basis, inclusive of net capital investment, and is to separately disclose any copayment expenditure of State funds for that purpose. Disclosures must include the total expenditure, not only the Australian Government component.This information is a mandatory disclosure requirement as it will also be used by Treasury for the purposes of acquittal to the Australian Government. An example of how this information may be disclosed is as follows:National Partnership PaymentsEnvironmentWater for the futureSustainable Rural Water Use and InfrastructureTasmanian WildnernessExplanations of Material Variances between Budget and Actual OutcomesBudget information refers to original estimates as disclosed in the 2018?19 Budget Papers and is not subject to audit.Variances are considered material where the variance exceeds the greater of 10?per?cent of Budget estimate and $X (specify an appropriate Departmental materiality level).Statement of Comprehensive IncomeNoteBudgetActualVarianceVariance$’000$’000$’000%(Specify line item)(a)XXXXNotes to Statement of Comprehensive Income variances(a) (Provide brief explanation of the variance and quantify where possible) Statement of Financial PositionBudget estimates for the 2018?19 Statement of Financial Position were compiled prior to the completion of the actual outcomes for 2018?19. As a result, the actual variance from the Original Budget estimate will be impacted by the difference between estimated and actual opening balances for 2018?19. The following variance analysis therefore includes major movements between the 30?June?2018 and 30?June?2019 actual balances.20192018BudgetActualNoteBudgetActualActualVarianceVariance$’000$’000$’000$’000$’000(Specify line item)(a)XXXXXNotes to Statement of Financial Position variances(a) (Provide brief explanation of the variance and quantify where possible for both 2018?Actual to 2019 Actual and original 2018-19 Budget to 2019?Actual) Statement of Cash FlowsNoteBudgetActualVarianceVariance$’000$’000$’000%(Specify line item)(a)XXXXNotes to Statement of Cash Flows variances(a) (Provide brief explanation of the variance and quantify where possible) This note is for controlled budget variance explanations only. Administered budget variance explanations must be provided in Note REF admin151 \w \h \* MERGEFORMAT 17.rmation is material if it could, individually or collectively, influence the economic decisions of users taken on the basis of the financial report.Material variances are where the variance exceeds the greater of 10 per cent and an appropriate Departmental materiality dollar level. Variances between five and nine per cent should be considered and management judgement exercised as to whether an explanation is provided.Explanations of variances greater than five per cent should be provided for Appropriations and Employee entitlements within the Statement of Comprehensive Income.Statement of Cash Flow variances are generally explained by variances in the Statement of Comprehensive Income. Where material variances are not reflected in the Statement of Comprehensive Income, an explanation is required.Underlying Net Operating BalanceNon-operational capital funding is the income from transactions relating to funding for capital projects. This funding is classified as revenue from transactions and included in the net operating balance. However, the corresponding capital expenditure is not included in the calculation of the net operating balance. Accordingly, the Net operating balance will portray a position that is better than the true underlying financial result.For this reason, the Net operating balance is adjusted to remove the effects of funding for capital projects.201920192018NotesBudgetActualActual$’000$’000$’000Net result from transactions (Net operating balance)XXXLess impact of :Non-operational capital fundingRevenue from Government – works and services REF _Ref289954984 \r \h \* MERGEFORMAT 6.1XXXRevenue from Special Capital Investment Funds REF _Ref323826897 \r \h \* MERGEFORMAT 6.2XXXRevenue from Government – other (specify) REF _Ref289954984 \r \h \* MERGEFORMAT 6.1XXXGrants - capital REF _Ref292177963 \r \h \* MERGEFORMAT 6.3XXXContributions received REF _Ref448315264 \r \h \* MERGEFORMAT 6.7XXXContributions provided REF _Ref228266280 \r \h \* MERGEFORMAT 7.6(X)(X)(X)Transfer to Administered funds(X)(X)(X)Other (specify)XXXOther one-off transactions(specify)XXXTotalXXXUnderlying Net operating balanceXXXAgencies should give consideration to other items or one-off transactions that may impact the Net operating balance.Revenue from TransactionsIncome is recognised in the Statement of Comprehensive Income when an increase in future economic benefits related to an increase in an asset or a decrease of a liability has arisen that can be measured reliably.Revenue from GovernmentAppropriations, whether recurrent or capital, are recognised as revenues in the period in which the Department gains control of the appropriated funds. Except for any amounts identified as carried forward, control arises in the period of appropriation. Other exceptions are (specify any other exceptions). Revenue from Government includes revenue from appropriations, appropriations carried forward under section?8A(2) of the Public Account Act 1986 and Items Reserved by Law. Section?8A(2) of the Public Account Act allows for an unexpended balance of an appropriation to be transferred to an Account in the Special Deposits and Trust Fund for such purposes and conditions as approved by the Treasurer. In the initial year, the carry forward is recognised as a liability, Revenue?Received in Advance (refer note REF _Ref448237625 \r \h 11.6). The carry forward from the initial year is recognised as revenue in the reporting year, assuming that the conditions of the carry forward are met and the funds are expended.The Budget information is based on original estimates and has not been subject to audit.201920192018BudgetActualActual$’000$’000$’000Continuing operationsAppropriation revenue - recurrentCurrent year XXXItems Reserved by Law (specify the name of each item)XXXTotalXXXAppropriation revenue – works and servicesXXXRevenue from Government - otherAppropriation carried forward under section 8A(2) of the Public? Account?Act?1986 taken up as revenue in the current yearXXX(specify any other revenue from Government)XXXTotal XXXNon-operational capital funding(specify non-operational capital funding)XXXTotal XXXTotal revenue from GovernmentXXXRevenue from Special Capital Investment FundsFunding for major infrastructure projects is provided through Special Capital Investment Funds. The Department is allocated funding for specific projects from the Special Capital Investment Funds as part of the Budget process.20192018$’000$’000Continuing operationsHousing FundXX(Specify any other similar funds)XXTotalXXNon-operational capital fundingHousing FundXX(Specify any other similar funds)XXTotalXXTotal revenue from Special Capital Investment FundsXXDetails of total Special Capital Investment Funds revenues and expenses are provided as part of REF _Ref101947135 \r \h Note?2 REF _Ref101947135 \h \* MERGEFORMAT Departmental Output Schedules. Details of total cash flows for each project are at Note? REF _Ref448484836 \r \h 14.3.GrantsGrants payable by the Australian Government are recognised as revenue when the Department gains control of the underlying assets. Where grants are reciprocal, revenue is recognised as performance occurs under the grant.Non-reciprocal grants are recognised as revenue when the grant is received or receivable. Conditional grants may be reciprocal or non-reciprocal depending on the terms of the grant.20192018$’000$’000Continuing operationsGrants from the Australian GovernmentGeneral grants (specify)XXSpecific grants (specify)XXTotalXXOther grants(Specify)XXTotalXXNon-operational capital fundingGrants from the Australian GovernmentGeneral grants (specify)XXSpecific grants (specify)XXTotalXXOther grants(Specify)XXTotalXXTotal revenue from GrantsXXGrants received from … (specify source and amount) are provided on the condition that … (specify conditions applicable to grants). An amount of $X (specify amount) is yet to be spent.Provide specific detail for grants received from the Australian Government under various programs, such as National?Partnership Payments and Specific Purpose Payments programs.Where contributions have been recognised as income during the reporting period that were provided specifically for the provision of goods or services over a future period, the nature, amount and period to which they relate must be disclosed.Where contributions have been recognised as income in a previous reporting period that were obtained in respect of the current reporting period, the nature and amount must be disclosed.Sales of goods and servicesAmounts earned in exchange for the provision of goods are recognised when the significant risks and rewards of ownership have been transferred to the buyer. Revenue from the provision of services is recognised in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by reference to surveys of work performed.20192018$’000$’000Goods (specify)XXServices (specify)XXTotalXXFees and finesRevenue from fees and fines is recognised when … (specify recognition criteria).20192018$’000$’000Fees (specify)XXFines (specify)XXTotalXXInterest Interest on funds invested is recognised as it accrues using the effective interest rate method. Contributions received Services received free of charge by the Department, are recognised as income when a fair value can be reliably determined and at the time the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense.Contributions of assets at no cost of acquisition or for nominal consideration are recognised at their fair value when the Department obtains control of the asset, it is probable that future economic benefits comprising the contribution will flow to the Department and the amount can be measured reliably. However, where the contribution received is from another government department as a consequence of restructuring of administrative arrangements, where they are recognised as contributions by owners directly within equity. In these circumstances, book values from the transferor department have been used.20192018$’000$’000Fair value of services (specify) received at no cost or for nominal considerationXXFair Value of assets assumed at no cost or for nominal considerationXXFair value of liabilities transferred at no cost or for nominal considerationXXTotalXXProvide a description of contributions received.Contributions are nonreciprocal transfers to the Department. Nonreciprocal transfers are defined as transfers in which the Department receives assets or services or has liabilities extinguished without directly giving approximately equal value in exchange to the other party or parties to the transfer.Revenue from voluntary transfers of assets and liabilities is included in this note.Contributions of services can only be recognised as income when the services would have been purchased if they had not been donated.Note: assets and liabilities transferred as a consequence of administrative restructuring are treated as a contribution to (from) owners and are reported in the Equity section of the Statement of Financial Position (refer to Note? REF _Ref70746563 \n \h \* MERGEFORMAT 13.2). Other revenueRevenue from … (identify revenue source) is recognised when … (state criteria for recognition).20192018$’000$’000Gain on equity investmentsXXGain on other financial instruments (specify each category of financial instrument)XXInvestment property rental and fair value adjustmentXXGains on assets held for saleXXDividendsXXOther (specify)XXTotalXXRefer to AASB 7 Para 20 for the categories of financial instruments to be disclosed. Other revenue should not include found assets, unless immaterial. Where assets are identified that have not previously been recognised due to error (eg. identified during asset verification), this should be treated as a correction of error under AASB?108?Accounting Policies, Changes in Accounting Estimates and Errors.Expenses from TransactionsExpenses are recognised in the Statement of Comprehensive Income when a decrease in future economic benefits related to a decrease in asset or an increase of a liability has arisen that can be measured reliably.Employee benefitsEmployee benefits include, where applicable, entitlements to wages and salaries, annual leave, sick leave, long?service leave, superannuation and any other post-employment benefits.Employee expenses20192018$’000$’000Wages and salaries (including fringe benefits and nonmonetary components)XXAnnual leaveXXLong service leaveXXSick leaveXXSuperannuation – defined contribution schemeXXSuperannuation – defined benefit schemeXXOther post-employment benefitsXXOther employee expenses (specify)XXTotalXXSuperannuation expenses relating to defined benefit schemes relate to payments into the Consolidated?Fund. The amount of the payment is based on a department contribution rate determined by the Treasurer, on the advice of the State Actuary. The current department contribution is 12.95?per?cent (2018: 12.95?per?cent) of salary. Superannuation expenses relating to defined contribution schemes are paid directly to superannuation funds at a rate of 9.5?per?cent (2018: 9.5 per cent) of salary. In addition, departments are also required to pay into the Consolidated Fund a “gap” payment equivalent to 3.45 per cent (2018: 3.45?per?cent) of salary in respect of employees who are members of contribution schemes.Salary on-costs, such as payroll tax and workers compensation premiums, must be included in other expenses. They are reported separately to Employee benefits.Actuarial gains/losses on superannuation defined benefit plans do not form part of salary on-costs and must be disclosed in Other economic flows.Remuneration of key management personnelShort-term benefitsLong-term benefits2019SalaryOther BenefitsSuperannuationOther Benefits and Long-Service LeaveTermination BenefitsTotal$’000$’000$’000$’000$’000$’000Key management personnel(Specify name, position and appointment date)XXXXXX(Specify name, position and appointment date)XXXXXXActing Key management personnel(Specify name, position and term of acting arrangements)XXXXXX(Specify name, position and term of acting arrangements)XXXXXXTotalXXXXXXShort-term benefitsLong-term benefits2018SalaryOther BenefitsSuperannuationOther Benefits and Long Service LeaveTermination BenefitsTotal$’000$’000$’000$’000$’000$’000Key management personnel(Specify name, position and appointment date)XXXXXX(Specify name, position and appointment date)XXXXXXActing Key management personnel(Specify name, position and term of acting arrangements)XXXXXX(Specify name, position and term of acting arrangements)XXXXXXTotalXXXXXXKey management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the department, directly or indirectly. Remuneration during 2018?19 for key personnel is set by the State?Service?Act?2000. Remuneration and other terms of employment are specified in employment contracts. Remuneration includes salary, motor?vehicle and other nonmonetary benefits. Longterm employee expenses include long service leave and superannuation obligations.Acting ArrangementsWhen members of key management personnel are unable to fulfil their duties, consideration is given to appointing other members of senior staff to their position during their period of absence. Individuals are considered members of key management personnel when acting arrangements are for more than a period of one month.Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the department, directly or indirectly. Examples of key management personnel are likely to be the Executive personnel, but does not automatically include all personnel contracted at SES level. Appointment date should be disclosed where the Executive is appointed part way through the reporting period. This same process applies to departures and/or resignations. Details of any termination payments must be disclosed.Provide a description of any other benefits provided to key management personnel. Other benefits include all other forms of employment allowances, payments in lieu of leave, non-monetary benefits (including leave movements, housing, cars and parking) and any other compensation paid and payable. For example, key management personnel for THS may receive payment for services in a private consultancy capacity.Provide a description of any post-employment benefits, ensuring sufficient and relevant information is provided to meet the intent of improved transparency through greater disclosure of remuneration arrangements.Other long term benefits include sabbatical leave, long term disability benefits, leave movements and other long service benefits.For acting arrangements, provide sufficient and relevant information to explain the circumstances around senior staff appointments to key management personnel. Salary includes all forms of consideration paid, payable or provided by the entity during the acting period, not just the incremental or higher duties amounts.Remuneration of MinistersThis note will be relevant to the Department of Premier and Cabinet only.Short-term benefitsLong-term benefits2019SalaryOther BenefitsSuperannuationOther Benefits and Long-Service LeaveTermination BenefitsTotal$’000$’000$’000$’000$’000$’000Key management personnel(Specify name, position and appointment date)XXXXXX(Specify name, position and appointment date)XXXXXXActing Key management personnel(Specify name, position and term of acting arrangements)XXXXXX(Specify name, position and term of acting arrangements)XXXXXXTotalXXXXXXShort-term benefitsLong-term benefits2018SalaryOther BenefitsSuperannuationOther Benefits and Long Service LeaveTermination BenefitsTotal$’000$’000$’000$’000$’000$’000Key management personnel(Specify name, position and appointment date)XXXXXX(Specify name, position and appointment date)XXXXXXActing Key management personnel(Specify name, position and term of acting arrangements)XXXXXX(Specify name, position and term of acting arrangements)XXXXXXTotalXXXXXXRelated party transactionsIf your Department has no material related party transactions to disclose, the sentence below this guidance should be included in the notes. In accordance with AASB?108 Accounting Policies, Changes In Accounting Estimates and Errors, related party transactions are significant if “they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements….judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor”. The Head of Agency is required to determine the materiality of any related party transactions. The Head of Agency is also required to determine if additional action is required to ensure compliance with the disclosure requirements of AASB?124, including identification of related parties, identification of related party transactions and the adequacy of these disclosures. There are no significant related party transactions requiring disclosure. If your Department has related party transactions which are significant and require disclosure, the following paragraphs should be included in the notes. In accordance with AASB?108, related party transactions are material if “they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements….judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor”. The Head of Agency is required to determine the materiality of any related party transactions. The Head of Agency is also required to determine if additional action is required to ensure compliance with the disclosure requirements of AASB?124, including identification of related parties, identification of related party transactions and the adequacy of these disclosures. AASB 124 Related Party Disclosures requires related party disclosures to ensure that the financial statements contain disclosures necessary to draw attention to the possibility that the Department’s financial results may have been affected by the existence of related parties and by transactions with such parties. This note is not intended to disclose conflicts of interest for which there are administrative procedures in place. The extent of information disclosed about related party transactions and balances is subject to the application of professional judgement by the Department. It is important to understand that the disclosures included in this note will vary depending on factors such as the nature of the transactions, the relationships between the parties to the transaction and the materiality of each transaction. Those transactions which are not materially significant by their nature, impact or value, in relation to the Department’s normal activities, are not included in this note. The aggregate value of related party transactions and outstanding balances (if any) is as follows: 2019Aggregate value of transactions30 June 2019Total Amount Outstanding or Committed$’000$’000Purchase of goodsXXPurchase of servicesXXPurchase of assetsXXSale of assetsXXLease of assetsXXPayment of grantsXXDebts forgivenXXLoans, financial guarantees or contributions receivedXXLoans, financial guarantees or contributions providedXXSettlement of liabilitiesXX2018Aggregate value of transactions30 June 2018Total Amount Outstanding or Committed$’000$’000Purchase of goodsXXPurchase of servicesXXPurchase of assetsXXSale of assetsXXLease of assetsXXPayment of grantsXXDebts forgivenXXLoans, financial guarantees or contributions receivedXXLoans, financial guarantees or contributions providedXXSettlement of liabilitiesXXWhere the aggregated disclosures above include items that are individually significant, sufficient detail must be included to enable users to understand the nature and amount of the transaction involved. In using judgement to determine the level of detail to be disclosed for individually significant transactions, the reporting entity may consider the closeness of the related party relationship and other factors relevant in establishing the level of significance of the transactions such as whether it is:- Significant in terms of size;- Carried out on nonmarket terms;- Outside normal daytoday business operations, such as the purchase and sale of business; and- Reported to the Head of Agency or Minister.Transactions conducted on normal terms and conditions with KMP and other related parties may or may not be material for inclusion in the note. However, if the terms and conditions of the transaction are different to those applying to the general public, the transaction may be disclosed in the note regardless of the underlying transaction amount.Only include the following paragraph if relevant. A close family member of a related party to the Department was employed as a key management person. Details of that person’s remuneration is provided in Note REF _Ref448237288 \r \h 7.1 REF _Ref421871256 \r \h (b)Depreciation and amortisationAll applicable Non-financial assets having a limited useful life are systematically depreciated over their useful lives in a manner which reflects the consumption of their service potential. Land, being an asset with an unlimited useful life, is not depreciated.Key estimate and judgementDepreciation is provided for on a … (identify basis), using rates which are reviewed annually. Major depreciation periods are:VehiclesX-X (specify) yearsPlant and equipmentX-X (specify) yearsBuildingsX-X (specify) yearsInfrastructureX-X (specify) yearsOther (Specify type of asset)X-X (specify) yearsAll intangible assets having a limited useful life are systematically amortised over their useful lives reflecting the pattern in which the asset’s future economic benefits are expected to be consumed by the Department.Major amortisation rates are:(Specify class of intangible)X-X (specify) per centDepreciation 20192018$’000$’000Plant, equipment and vehiclesXXBuildingsXXInfrastructureXXOther (specify)XXTotalXXAmortisation 20192018$’000$’000Leased assetsXXIntangiblesXXLeasehold improvementsXXOther (specify)XXTotalXXTotal depreciation and amortisationXXSupplies and consumables20192018$’000$’000Audit fees – financial auditXXAudit fees – internal auditXXOperating lease costsXXConsultantsXXProperty servicesXXMaintenanceXXCommunicationsXXInformation technologyXXTravel and transportXXAdvertising and promotionXXOther supplies and consumablesXXTotalXXGrants and subsidies635267335AASB 1004(12)00AASB 1004(12)Grant and subsidies expenditure is recognised to the extent that:the services required to be performed by the grantee have been performed; or the grant eligibility criteria have been satisfied. A liability is recorded when the Department has a binding agreement to make the grants but services have not been performed or criteria satisfied. Where grant monies are paid in advance of performance or eligibility, a prepayment is recognised.20192018$’000$’000Grants (specify)XXSubsidies (specify)XXTotalXXProvide a description of the Department’s grant programs.Provide a description of any Community Service Arrangements.Finance costs All finance costs are expensed as incurred using the effective interest method.Finance costs include:interest on bank overdrafts and short term and long term borrowings;unwinding of discounting of provisions;amortisation of discounts or premiums related to borrowings;amortisation of ancillary costs incurred in connection with the arrangement of borrowings; andfinance lease charges.Only specify those Finance costs that are relevant to your organisation.20192018$’000$’000Interest expenseInterest on bank overdrafts and loansXXFinance leasesXXOther interest expense (specify)XXTotal XXOther finance costsOther finance costs (specify)XXTotal XXTotal XXContributions provided Contributions provided free of charge by the Department, to another entity, are recognised as an expense when fair value can be reliably determined.20192018$’000$’000Voluntary transfer of activities between DepartmentsXXFair value of liabilities assumed at no cost or for nominal considerationXXFair value of assets transferred at no cost or for nominal considerationXXOther (specify)XXTotalXXProvide a description of the nature of contributions provided free of charge.Expenses from voluntary transfers of assets and liabilities are included in this note.Assets and liabilities transferred as a consequence of administrative restructuring are treated as a contribution to (from) owners and are reported in the Equity section of the Statement of Financial Position (refer to Note? REF _Ref70746563 \n \h \* MERGEFORMAT 13.2). Other expenses Expenses from … (identify nature of expense) are recognised when … (state criteria for recognition).Items listed below are mandatory disclosures required by Australian Accounting Standards. Other expenses should be disclosed, as required, based on materiality.20192018$’000$’000Research and development expensesXXExpenses associated with investment propertyXXSalary oncosts (includes payroll tax and workers compensation premiums)XX(List any other material items)XXTotalXXSalary on-costs, such as workers compensation premiums, should be included in Other Expenses. They are reported separately to Employee benefits.Other Economic Flows included in Net ResultOther economic flows measure the change in volume or value of assets or liabilities that do not result from gain/(loss) on non-financial assetsGains or losses from the sale of Non-financial assets are recognised when control of the assets has passed to the buyer.Key Judgement All nonfinancial assets are assessed to determine whether any impairment exists. Impairment exists when the recoverable amount of an asset is less than its carrying amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The Department’s assets are not used for the purpose of generating cash flows; therefore value in use is expected to be materially the same as fair value, as determined under AASB 13 Fair Value Measurement.All impairment losses are recognised in Statement of Comprehensive Income. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the Estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 20192018$’000$’000Impairment of non-financial assetsXXWrite-down of inventory to net realisable valueXXReversal of write-down of inventoryXXRevaluation of non-current physical assetsXXRevaluation of investment propertyXXNet gain/(loss) on disposal of physical assetsXXNet gain/(loss) on disposal of other investmentsXXNet foreign exchange gain/(loss) arising from non-financial assetsXXTotal net gain/(loss) on non-financial assetsXXNet gain/(loss) on financial instruments and statutory receivables/payablesIn 2017-18 financial assets were assessed at each reporting date to determine whether there was any objective evidence that there were any financial assets that were impaired. A financial asset was considered to be impaired if objective evidence indicated that one or more events had a negative effect on the estimated future cash flows of that asset. From 2018-19 financial assets are to be impaired by replacing the incurred loss approach under AASB?139 with the expected credit loss approach under AASB?9. The expected credit loss is to be recognised for all debt instruments not held at fair value through profit or loss.Key JudgementAn impairment loss using the expected credit loss method for all trade debtors uses a lifetime expected loss allowance. The expected loss rates are based upon historical observed loss rates that are adjusted to reflect forward looking macroeconomic factors (unemployment rates or GDP etc.). For other financial instruments that are not trade receivables, contract assets or lease receivables, the Department has measured the expected credit loss using a probability-weighted amount that takes into account the time value of money and forward looking macroeconomic factors (unemployment rates or GDP etc.).20192018$’000$’000Impairment of:Held-to-maturity investmentsXXLoans and receivablesXXStatutory receivablesXXNet gain/(loss) on disposal of financial assetsXXNet gain/(loss) arising from revaluation of financial assets at fair valueXXNet gain/(loss) arising from revaluation of financial liabilities at fair valueXXNet foreign exchange gain/(loss) arising from financial instrumentsXXTotal net gain/(loss) on financial instrumentsXXOther gains/(losses) from other economic flowsOther gains/(losses) from other economic flows includes gains or losses from reclassifications of amounts from reserves and/or accumulated surplus to net result, and from the revaluation of the present values of the long service leave liability due to changes in the bond interest rate.20192018$’000$’000Reclassification from reservesXXReclassification from accumulated surplus/(deficit)XXNet gain/(loss) arising from revaluation of long service leave liabilityXXOther (specify)XXTotal net gain/(loss) from other economic flowsXXNet gain/(loss) arising from revaluation of long service leave liability should only include changes due to revisions in interest rates and probability rates. All other expenses, such as accruing of leave, or a change in pay rates should be disclosed in employee entitlements.Follow the original directions issued by Treasury “Sale of Departmental Assets” for the sale of Crown property or assets.Discontinued OperationsDiscontinued operations include … (describe).Net result from discontinued operations20192018$’000$’000Revenue from GovernmentXXAppropriation revenue - recurrentXXAppropriation revenue - works and servicesXXOther revenue from GovernmentXXFair value of assets received free of charge or for nominal considerationXXOther revenueXXTotal income from transactionsXXTotal expenses from transactionsXXNet result from transactionsXXOther economic flows included in net result from discontinued operationsGain/(loss) on re-measurement to fair value less costs to sellXXGain/(loss) on disposal of operationXXTotal other economic flows included in net result from discontinued operationsXXNet result from discontinued operationsXXNet cash flows from discontinued operations20192018$’000$’000Net cash flows from operating activitiesXXNet cash flows from investing activitiesXXNet cash flows from financing activitiesXXNet cash flows from discontinued operationsXXCarrying amount of assets and liabilities (major classes) comprising the operations classified as held for resale20192018$’000$’000Property, plant and equipmentXXOther receivablesXXCash and depositsXXTotal assets classified as held for saleXXTrade and other payablesXXTotal liabilities associated with assets classified as held for saleXXNet assets held for saleXXA discontinued operation is a component of an entity that either has been disposed of or is classified as held for sale and:- represents a separate major line of business or geographical area of operations;- is part of a single co-ordinated plan to dispose of a separate major line of business or geographical are of operation; or- is a subsidiary acquired exclusively with a view to resale.The requirements of AASB 5 do not apply to the restructuring of administrative arrangements and the restructuring of administered activities of government departments. AASB 1004 includes requirements for the disclosure of assets, liabilities and items of equity resulting from the restructuring of administrative arrangements.AssetsAssets are recognised in the Statement of Financial Position when it is probable that the future economic benefits will flow to the Department and the asset has a cost or value that can be measured reliably.ReceivablesIn 2017-18 receivables were recognised at amortised cost, less any impairment losses, however, due to the short settlement period, receivables were not discounted back to their present value. In addition, receivables were subject to an annual review for impairment, where there was objective evidence that, as a result of one or more events that occurred after the initial recognition, the future cash flows have been affected.From 201819, the Department recognises receivables at amortised cost using the effective interest method. Any subsequent changes are recognised in the net result for the year when impaired, derecognised or through the amortisation process. The Department recognises an allowance for expected credit losses for all debt financial assets not held at fair value through profit and loss. The expected credit loss is based on the difference between the contractual cash flows and the cash flows that the entity expects to receive, discounted at the original effective interest rate.For trade receivables, the Department applies a simplified approach in calculating expected credit losses. The Department recognises a loss allowance based on lifetime expected credit losses at each reporting date. The Department has established a provision matrix based on its historical credit loss experience for trade receivables, adjusted for forward-looking factors specific to the receivable.20192018$’000$’000ReceivablesXXLess: Provision for impairment….(X)Less: Expected credit loss(X)….TotalXXSales of goods and services (inclusive of GST)XXFees and fines (inclusive of GST)XXTax assets (specify)XXOther receivablesXXTotalXXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXWhen calculating the expected credit loss for trade receivables, a provision matrix can be used. This provision matrix incorporates the historical loss for the Department. However, to comply with the new AASB 9 requirements, agencies will be required to consider forward looking information that may affect the historical default rates and make the necessary adjustments. Where any collateral is held by the Department as security against any receivables the following must be disclosed:- the nature and carrying amount of the assets; and- when the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations.Categories of receivables are shown net of impairment losses. However, if the impairment loss is material in relation to gross receivables, the impairment and reconciliation must also be disclosed by category.2019Reconciliation of movement in expected credit loss for receivables$’000Carrying amount at 30 June 2018 under AASB 139XAmounts restated through Accumulated FundsXCarrying amount at 1 July under AASB 9XAmounts written off during the yearXAmounts recovered during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneX2018Reconciliation of movement in provision for impairment of receivables$’000Carrying amount at 1 JulyXAmounts written off during the yearXAmounts recovered during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneXFor ageing analysis of the financial assets, refer to note REF _Ref450829498 \w \h 15.1.Equity investmentsIn 2017-18 equity investments were initially recorded at … (specify measurement basis). Changes in the value of equity investments are accounted for as … (specify basis of recording changes).From 2018-19, financial assets with cash flows that are not solely payments of principal and interest are generally classified and measured at fair value through profit or loss. However, the Department has elected to classify irrevocably its unlisted equity investments as designated at fair value through other comprehensive income. The Department has made this election as these unlisted equity investments are held as long-term strategic investments that are not expected to be sold in the short to medium term. (Specify additional reasoning for using this strategic reasoning were possible). These investments are carried at fair value with changes in fair value recognised in other comprehensive income (financial asset reserve). On disposal any balance in the financial asset reserve is transferred to accumulated funds and is not reclassified to profit or loss. Dividends associated with the equity investments are recognised in profit and loss when the right of payment has been established and it can be reliably measured.Departments will need to establish a financial asset reserve to account for the gains/(losses) for unlisted equity instruments designated as fair value through other comprehensive income.Departments that hold listed equity instruments for trading purposes, will need to include additional disclosures explaining the basis for treatment and additional line items below. AASB?128 paragraph?13 provides an exemption for the application of the equity method where the department is a subsidiary and the parent agrees that the equity method is not applied to investments in associates. All agencies are subsidiaries of the whole-of-government. Therefore, any Department wishing for an exemption from applying the equity method must seek agreement from the Secretary of the Department of Treasury and Finance.20192018$’000$’000Listed equity investments(include if applicable)XXUnlisted equity investments(Description of equity investment)XXLess: Provision for impairment….(X)TotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXUnlisted Equity Investments designated as at fair value through other comprehensive incomeFair value at 30 June 2019 ($’000)Dividend income recognised during 2019 ($’000)(Name of equity investment)XXTotalXXNo equity investments were disposed of during 2019, and there were no transfers of any cumulative gain or loss within equity relating to these investments.Where equity investments are derecognised during the period Departments should consider disclosure of disposals in a tabular format. 034290002019Reconciliation of movement of equity investments$’000Carrying amount at 30 June 2018 under AASB 139XAmounts restated through Accumulated FundsXCarrying amount at 1 July under AASB 9XGain/(loss) on revaluation of equity instrument through other comprehensive incomeXCarrying amount at 30 JuneX2018Reconciliation of movement in provision for impairment of equity investments$’000Carrying amount at 1 JulyXAmounts written off during the yearXWrite off reversals during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneXOther financial assetsIn 2017-18 Investments were initially recorded at fair value. All investments were held to maturity and are measured at amortised cost using the effective interest method less any impairment losses subsequent to initial recognition. Impairment arose as a result of (specify circumstances and nature of impairment).From 2018-19 other financial assets are to be classified and measured at amortised cost. Impairment losses are recorded in the Statement of Comprehensive Income. Any gain or loss arising on derecognition is recognised directly in net results and presented in other/gains(losses). The Department recognises an allowance for an expected credit loss for all debt financial assets not held at fair value through profit and loss is being recognised. The expected credit loss is based on the difference between the difference between the contractual cash flows and the cash flows that the entity expects to receive, discounted at the original effective interest rate. Describe the current year classification and business model under AASB?9 and the classification in prior year comparatives under AASB 139, noting recognition criteria and measurement basis relating to any other category of financial assets.20192018$’000$’000Loan advances XXOther (Description of investment or other financial asset)XXLess: Provision for impairment ….(X)Less: expected credit loss(X)….TotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXWhen calculating the expected credit loss, Departments need to consider current and forward looking information.. Loan advances include financial assistance provided by the Government to the private sector in the form of loans. Describe the nature and significant terms and conditions of loan programs and other financial assets.Where any collateral is held by the Department as security against any other financial assets the following must be disclosed:1) a description of the collateral held; and2) an estimate of its fair value.2019Reconciliation of movement in expected credit loss of other financial assets$’000Carrying amount at 30 June 2018 under AASB 139XAmounts restated through Accumulated FundsXCarrying amount at 1 July under AASB 9XAmounts written off during the yearXAmounts recovered during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneX2018Reconciliation of movement in provision for impairment of other financial assets$’000Carrying amount at 1 JulyXAmounts written off during the yearXAmounts recovered during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneXCategories of other financial assets are shown net of impairment losses. However, if the impairment loss is material in relation to total other financial assets, the impairment must also be disclosed and reconciled by category.InventoriesInventories held for distribution are valued at cost adjusted, when applicable, for any loss of service potential. Inventories acquired for no cost or nominal consideration are valued at current replacement cost. Inventories are measured using the … (specify cost formula used for each class of inventory) cost formula.20192018$’000$’000(Description of inventory)XX(Description of inventory held for distribution)XXTotalXXConsumed within 12 monthsXXConsumed in more than 12 monthsXXTotal XXInventory held for distribution is inventory:held for distribution at no or nominal consideration in the ordinary course of operations;in the process of production for distribution at no or nominal consideration in the ordinary course of operations; orin the form of materials or supplies to be consumed in the production process or in the rendering of services at no or nominal consideration.Assets held for saleAssets held for sale (or disposal groups comprising assets and liabilities) that are expected to be recovered primarily through sale rather than continuing use are classified as held for sale. Immediately before classification as held for sale, the assets (or components of a disposal group) are remeasured at the lower of carrying amount and fair value less costs to sell.Carrying amount20192018$’000$’000(Specify classes of assets held for sale)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXAssets held for sale include … (description of assets). The assets are held for disposal due to … (describe circumstances of the sale) and will be … (describe expected sale method and timing).Assets sold during the year include…(description of assets). The assets were sold due to…(describe circumstances of the sale).Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.Key estimate and judgementDuring 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note REF _Ref252791332 \r \h \* MERGEFORMAT 8.1.Fair value measurement of Assets held for sale (including fair value levels)2019Carrying value at 30?JuneFair value measurement at end of reporting periodLevel 1Level 2Level 3$’000$’000$’000$’000LandXXXXBuildingsXXXXOther (specify asset held for sale)XXXXTotalXXXX2018Carrying value at 30?JuneFair value measurement at end of reporting periodLevel 1Level 2Level 3$’000$’000$’000$’000LandXXXXBuildingsXXXXOther (specify asset held for sale)XXXXTotalXXXXKey Judgement(Specify asset held for sale) is carried at fair value less costs of disposal. The valuation technique applied to ... (specify assets) is ... (specify valuation technique).Level 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000(Specify asset held for sale)XA – (specify)B – (specify) (specify)(Specify reason/s) are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease.Property, plant and equipmentKey estimate and judgement(i) Valuation basisProperty, plant and equipment is recorded at fair value less accumulated depreciation. All other Noncurrent physical assets, including work in progress, are recorded at historic cost less accumulated depreciation and accumulated impairment losses. All assets within a class of assets are measured on the same basis.Cost includes expenditure that is directly attributable to the acquisition of the asset. The costs of selfconstructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.Fair value is based on the highest and best use of the asset. Unless there is an explicit Government policy to the contrary, the highest and best use of an asset is the current purpose for which the asset is being used or build occupied.(ii) Subsequent costsThe cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Department and its costs can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of daytoday servicing of property, plant and equipment are recognised in profit or loss as incurred.(iii) Asset recognition thresholdThe asset capitalisation threshold adopted by the Department are:(specify threshold amount)Vehicles$(specify threshold amount)Plant and equipment$(specify threshold amount)Buildings$(specify threshold amount)Infrastructure$(specify threshold amount)Other (specify asset class)$(specify threshold amount)Assets valued at less than the threshold amount are charged to the Statement of Comprehensive Income in the year of purchase (other than where they form part of a group of similar items which are material in total).A change to the asset recognition threshold must be disclosed, together with the cumulative financial effect of the change in the notes to the Financial Statements. A change may require disclosure of changes to the comparative year information.As a default, it is recommended that the asset recognition threshold is not less than $10?000.(iv) Revaluations635-381000The Department has adopted a revaluation threshold of … (specify revaluation threshold amount) above which assets are revalued on a … (specify basis of revaluation, including frequency of revaluations) basis.Assets are grouped on the basis of having a similar nature or function in the operations of the Department. Assets are revalued with sufficient regularity to ensure they reflect fair value at balance date. Revaluations are shown on a (specify basis of revaluation, including frequency of revaluations) basis.Those assets that are restricted by … (identify restriction source i.e. legislation, Government directives or other) are disclosed in the Statement of Financial Position as administered assets. Carrying amountThe Department should separately disclose asset classes on a basis that reflects its operations.20192018$’000$’000LandAt fair value (date)XXLess: Provision for impairment(X)(X)Total XXBuildingsAt fair value (date)XXLess: Accumulated depreciation(X)(X)Less: Provision for impairment(X)(X)XXWork in progress (at cost)XXTotal XXLeasehold improvementsAt fair value (date)XXLess: Accumulated amortisation(X)(X)Less: Provision for impairment(X)(X)XXWork in progress (at cost)XXTotal XXPlant, equipment and vehiclesAt (specify Cost / Fair value (date))XXLess: Accumulated depreciation(X)(X)Less: Provision for impairment(X)(X)XXWork in progress (at cost)XXTotal XXHeritage and cultural assetsAt fair value (date)XXLess: Provision for impairment(X)(X)TotalXXTotal Property, plant and equipmentXXThe latest revaluations as at (date) were (specify whether or not revaluations were independently conducted). The valuer was … (specify the name of the valuer). The revaluation was based on … (specify the methods and significant assumptions applied in estimating the fair values. Where indexes are used, describe the nature of the index and date). Revaluations are shown on a gross basis where a replacement cost basis of valuations has been used. Asset revaluations based on a market basis have been disclosed on a net basis.Departments should endeavour to obtain replacement cost valuations where possible to enable gross values to be disclosed. Where agencies do not have the information available to them for gross disclosures, they may continue to disclose revaluations on a net basis. Future revaluations should be undertaken on a gross basis where possible.The carrying value of … (specify asset class) includes $X of assets held under a finance lease.Where the Department holds material Heritage and cultural assets the following must be disclosed: a brief description of their nature; anda brief description as to why any items are not being impaired (ie appropriate curatorial policies are in place).The Department has not recognised … (details of assets) in the Statement of Financial Position due to the reliable measurement criteria for asset recognition not being met.Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note? REF _Ref252791332 \r \h \* MERGEFORMAT 8.1.Reconciliation of movements (including fair value levels)Reconciliations of the carrying amounts of each class of Property, plant and equipment at the beginning and end of the current and previous financial year are set out below. Carrying value means the net amount after deducting accumulated depreciation and accumulated impairment losses. 2019LandLandBuildingsBuildingsLeasehold improvementsPlant equipment and vehiclesHeritage and cultural assetsTotalLevel 2 (vacant land in active markets)Level 3 (land?with no active markets and/or significant restrictions)Level 2 (general office buildings)Level 3 (specific purpose / use buildings)Level 3$’000$’000$’000$’000$’000$’000$’000$’000Carrying value at 1?JulyXXXXXXXXTransfer into Level 3 (from Level 2)XXXXXXXXTransfer out of Level 3 (to Level 2)(X)(X)(X)(X)(X)(X)(X)(X)AdditionsXXXXXXXXDisposals(X)(X)(X)(X)(X)(X)(X)(X)Net additions through restructuringXXXXXXXXGains/losses recognised in operating resultRevaluation increments (decrements)XXXXXXXXImpairment losses(X)(X)(X)(X)(X)(X)(X)(X)Impairment reversalsXXXXXXXXGains/losses recognised in other comprehensive incomeRevaluation increments (decrements)XXXXXXXXImpairment losses(X)(X)(X)(X)(X)(X)(X)(X)Impairment reversalsXXXXXXXXAssets held for sale(X)(X)(X)(X)(X)(X)(X)(X)Net transfers XXXXXXXXDepreciation and amortisation(X)(X)(X)(X)(X)(X)(X)(X)Carrying value at 30?JuneXXXXXXXX2018LandLandBuildingsBuildingsLeasehold improvementsPlant equipment and vehiclesHeritage and cultural assetsTotalLevel 2 (vacant land in active markets)Level 3 (land?with no active markets and/or significant restrictions)Level 2 (general office buildings)Level 3 (specific purpose / use buildings)Level 3$’000$’000$’000$’000$’000$’000$’000$’000Carrying value at 1?JulyXXXXXXXXTransfer into Level 3 (from Level 2)XXXXXXXXTransfer out of Level 3 (to Level 2)(X)(X)(X)(X)(X)(X)(X)(X)AdditionsXXXXXXXXDisposals(X)(X)(X)(X)(X)(X)(X)(X)Net additions through restructuringXXXXXXXXGains/losses recognised in operating resultRevaluation increments (decrements)XXXXXXXXImpairment losses(X)(X)(X)(X)(X)(X)(X)(X)Impairment reversalsXXXXXXXXGains/losses recognised in other comprehensive incomeRevaluation increments (decrements)XXXXXXXXImpairment losses(X)(X)(X)(X)(X)(X)(X)(X)Impairment reversalsXXXXXXXXAssets held for sale(X)(X)(X)(X)(X)(X)(X)(X)Net transfers XXXXXXXXDepreciation and amortisation(X)(X)(X)(X)(X)(X)(X)(X)Carrying value at 30?JuneXXXXXXXXFair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date. It is based on the principle of an exit price, and refers to the price an entity expects to receive when it sells an asset, or the price an entity expects to pay when it transfers a liability.Valuation techniques used to measure fair value shall maximise the use of relevant observable inputs and minimise the use of unobservable inputs.Agencies should make an assessment as to which fair value hierarchy level assets should be valued at, based on inputs to valuation techniques used to measure fair value.Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.Level 3 inputs are unobservable inputs for the asset of liability. Unobservable inputs shall be used to measure the fair value to the extent that relevant observable inputs are not available.Level 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000Land – with no active markets and/or significant restrictionsXA – (specify)Note 1Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease. B – (specify)C – (specify)Buildings – specific purpose / use buildings (specify)XA – (specify)Note 1Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease.B – (specify)C – (specify)Heritage and cultural assetsXA – (specify)Note 2Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease.B – (specify)C – (specify)Examples of significant unobservable inputs used in valuation may include economic conditions, availability of demand for similar assets for sale, costs of credit, rarity of asset, condition of asset and design life.Note 1 When valuing these assets, their existing use and unlikely alternative uses, are taken into account by valuers. As a result, it is most unlikely that alternative values will arise unless there are more changes in known inputs.Note 2 Valuing these assets is an inexact science and it is not likely, that alternative values, applying other inputs would result in a materially different value.Assets where current use is not the highest and best useThe Department holds ... (specify asset) that is used specifically for ... (specify use). Unless there is an explicit Government policy to the contrary, the highest and best use of an asset is the purpose for which that asset is currently being used / occupied. The Department considers that the highest and best use for this asset is ... (specify highest and best use). The fair value of this ... (specify asset) reflects its estimated selling price in the principal market.The highest and best use of a non-financial asset takes into account the use of the asset that is physically possible, legally permissible and financially feasible, and is determined from the perspective of market participants. Government policy is a legislative barrier for the purposes of highest and best use. Unless there is an explicit Government policy to the contrary, the highest and best use of a government building is the purpose for which the building is currently occupied.InfrastructureCarrying amount20192018$’000$’000At fair value (specify major categories)XXLess: Accumulated depreciation(X)(X)Less: Provision for impairment(X)(X)XXWork in progress at costXXTotal XXKey estimate and judgementThe latest revaluations as at (date) were (specify whether or not revaluations were independently conducted). The valuer was … (specify the name of the valuer). The revaluation was based on … (specify the methods and significant assumptions applied in estimating the fair values. Where indexes are used, describe the nature of the index and date).The carrying value of … (specify asset class) includes $X of assets held under a finance lease.The Department has not recognised … (details of assets) in the Statement of Financial Position due to the reliable measurement criteria for asset recognition not being met.Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note REF _Ref252791332 \r \h \* MERGEFORMAT 8.1.Reconciliation of movements (including fair value levels)2019201920192018Level 2Level 3TotalTotal$’000$’000$’000$’000Carrying amount at 1 JulyXXXXAdditionsXXXXDisposals(X)(X)(X)(X)Net additions through restructuringXXXXAssets classified as held for sale(X)(X)(X)(X)Revaluation increments (decrements)XXXXImpairment losses(X)(X)(X)(X)Impairment reversalsXXXXNet transfers free of chargeXXXXDepreciation expense(X)(X)(X)(X)Carrying amount at 30 JuneXXXXLevel 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000Infrastructure (specify class)XA – (specify)B – (specify) C – (specify)Note 1Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease. Examples of significant unobservable inputs used in valuation may include economic conditions and condition of asset.Note 1 When valuing infrastructure their existing use and unlikely alternative uses, are taken into account. As a result, it is most unlikely that alternative values will arise unless there are more changes in known inputs.Investment propertyInvestment property is property held either to earn rental income or for capital appreciation or for both.Investment property is recorded at fair value with any changes in the fair value being recorded as income or expenses in the Statement of Comprehensive Income.Investment property is not depreciated.Investment property is revalued with sufficient regularity to ensure it reflects fair value at balance date.Carrying amount20192018$’000$’000At fair value (specify major categories)XXXXWork in progress at costXXTotal XXProvide a description of the nature of investment property held by the Department.The carrying value of investment property includes $X of assets held under a finance lease.The restriction on Administered assets includes … (identify detail of restriction).The fair value of investment property was based on … (specify the methods and significant assumptions applied in estimating the fair values. Where indexes are used describe the nature of the index and date). The valuations are based on a valuation by an independent valuer (if this is not the case, that fact must be disclosed).Reconciliation of movements (including fair value levels)2019201920192018Level 2Level 3TotalTotal$’000$’000$’000$’000Carrying amount at 1 JulyXXXXNew purchasesXXXXCapitalised expenditureXXXXDisposals and assets classified as held for sale(X)(X)(X)(X)Net additions through restructuringXXXXNet gains(losses) from fair value adjustmentsXXXXNet transfers free of chargeXXXXCarrying amount at 30 JuneXXXXAmounts recognised in profit and loss for investment property20192018$’000$’000Rental incomeXXNet gain (loss) from fair value adjustmentXXDirect operating expenses from property that generated rental income(X)(X)Direct operating expenses from property that did not generate rental income(X)(X)Total XXLeasing arrangementsThe investment properties are leased to tenants under long term operating leases with rentals payable monthly. Minimum lease payments under noncancellable operating leases of investment properties not recognised in the financial statements are receivable as follows:20192018$’000$’000One year or lessXXFrom one to five years XXMore than five yearsXXTotal XXLevel 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000Investment property (specify class)XA – (specify)B – (specify) C – (specify)Note 1Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease. Examples of significant unobservable inputs used in valuation may include estimated rental value per square metre.Note 1 When valuing investment property their existing use and unlikely alternative uses, are taken into account. As a result, it is most unlikely that alternative values will arise unless there are more changes in known inputs.Contractual obligationsContractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements include . . . (specify contractual obligations).Intangibles An intangible asset is recognised where:it is probable that an expected future benefit attributable to the asset will flow to the Department; andthe cost of the asset can be reliably measured.Intangible assets held by the Department are valued at fair value less any subsequent accumulated amortisation and any subsequent accumulated impairment losses where an active market exists. Where no active market exists, intangibles are valued at cost less any accumulated amortisation and any accumulated impairment losses. Carrying amountIdentify class of intangible if necessary eg software, licences, copyright etc.20192018$’000$’000Intangibles with a finite useful lifeAt cost (Description of intangible asset/s)XXAt fair value (Description of intangible asset/s)XXLess: Accumulated amortisation (X)(X)Less: Provision for impairment(X)(X)TotalXXIntangibles with an infinite useful life(Description of intangible asset/s)XXLess: Provision for impairment(X)(X)TotalXXTotal intangiblesXXThe latest revaluations as at (date) were (specify whether or not revaluations were independently conducted). The revaluation was based on … (specify the methods and significant assumptions applied in estimating the fair values).Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note REF _Ref252791332 \r \h \* MERGEFORMAT 8.1.Describe the basis for determining why any intangible assets are considered to have an indefinite useful life.Reconciliation of movements (including fair value levels)2019201920192018Level 2Level 3TotalTotal$’000$’000$’000$’000Carrying amount at 1 JulyXXXXAdditions – internal developmentXXXXAdditions – otherXXXXDisposals and assets classified as held for sale(X)(X)(X)(X)Net additions through restructuringXXXXRevaluation increments (decrements)XXXXImpairment losses(X)(X)(X)(X)Net transfers free of chargeXXXXDepreciation/ amortisation expense(X)(X)(X)(X)Carrying amount at 30 JuneXXXXLevel 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000Intangibles (specify class)XA – (specify)Note 1Increase?/ decrease in unobservable inputs would increase?/ decrease the fair value due to . . . (specify reason)B – (specify)Note 1 When valuing intangibles their existing use and unlikely alternative uses, are taken into account. As a result, it is most unlikely that alternative values will arise unless there are more changes in known inputs.Other assetsIdentify asset and describe the recognition methodology.Carrying amount20192018$’000$’000Other current assetsPrepaymentsXX(Identify asset)XXTotal XXOther non-current assets(Description of other asset/s)XXLess: Accumulated depreciation(X)(X)Less: Provision for impairment(X)(X)TotalXXRecovered within 12 monthsXXRecovered in more than 12 monthsXXTotal XXThe carrying value of other assets includes $X of assets held under a finance lease.Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note REF _Ref252791332 \r \h \* MERGEFORMAT 8.1.Reconciliation of movements20192018$’000$’000Carrying amount at 1 JulyXXAdditionsXXDisposals(X)(X)Net additions through restructuringXXRevaluation increments (decrements)XXImpairment losses(X)(X)Assets held for sale(X)(X)Net transfers XXDepreciation expense(X)(X)Carrying amount at 30 JuneXXA tabular format should be used where there is more than one class of “Other” assets.LiabilitiesLiabilities are recognised in the Statement of Financial Position when it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which the settlement will take place can be measured reliably.PayablesPayables, including goods received and services incurred but not yet invoiced, are recognised at amortised cost, which due to the short settlement period, equates to face value, when the Department becomes obliged to make future payments as a result of a purchase of assets or services.20192018$’000$’000CreditorsXXOperating lease rentalsXXAccrued expensesXXTax liabilities (specify)XXPaid Parental Leave Scheme liabilitiesXXOther (specify)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotalXXSettlement is usually made within … (state number) days.Interest bearing liabilitiesBank loans and other loans are initially measured at fair value, net of transaction costs. Bank loans and other loans are subsequently measured at amortised cost using the effective interest rate method, with interest expense recognised on an effective yield basis. The effective interest rate method is a method of calculating the amortised cost of a financial liability and allocating interest expense over the relevent period. The effective interst rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate, a shorter period.Carrying amount20192018$’000$’000Loans from the State GovernmentXXLoans from the Australian GovernmentXXFinance leasesXXOther interest bearing liabilities (please specify)XXTotalXXFinance lease maturity scheduleYearsYearsOne year or lessXXFrom one to five yearsXXMore than five yearsXXMinimum lease paymentsXXLess: Future finance charges(X)(X)Total XXProvide a general description of finance lease arrangements, including the basis of contingent rental payments, the existence and terms of renewal or purchase options, restrictions imposed by lease arrangements. These disclosures only apply where the Department is permitted to hold finance leases.At reporting date, the Department had finance leases with terms averaging … (specify average term) and a maximum term of … (specify maximum) years. The interest rate implicit in the leases averaged … (specify average interest as a percentage) (specify average percentage for the previous period). The lease assets secure the lease liabilities.ProvisionsKey estimate and judgementA provision arises if, as a result of a past event, the Department has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a rate that reflects current market assessments of the time value of money and the risks specific to the liability. Any right to reimbursement relating to some or all of the provision is recognised as an asset when it is virtually certain that the reimbursement will be received.Carrying amount20192018$’000$’000(Specify type of provision)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotalXXProvide a description of the nature of the provision and any uncertainties about the timing or amount of the provision, including major assumptions.Reconciliation of movements in provisions(Provision class name)(Provision class name)(Provision class name)Total Provisions20192018201920182019201820192018$’000$’000$’000$’000$’000$’000$’000$’000Balance at 1 JulyXXXXXXXXIncreasesXXXXXXXXCharges against provision(X)(X)(X)(X)(X)(X)(X)(X)Reversals(X)(X)(X)(X)(X)(X)(X)(X)Changes in discountingXXXXXXXXBalance at 30 JuneXXXXXXXXEmployee benefitsKey estimate and judgementLiabilities for wages and salaries and annual leave are recognised when an employee becomes entitled to receive a benefit. Those liabilities expected to be realised within 12?months are measured as the amount expected to be paid. Other employee entitlements are measured as the present value of the benefit at 30?June, where the impact of discounting is material, and at the amount expected to be paid if discounting is not material.A liability for long service leave is recognised, and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Long service leave liability can be measured according to the full present value, or by using short hand measurement techniques, provided there is no evidence of a material change in demographic factors or other actuarial assumptions.The short hand measure can be verified every three to five years with the assistance of the State Actuary.Alternatively, agencies may calculate the long service liability according to the full present value method. Treasury issues the wage inflation and discount rates to allow calculation as at 31?May?2019.A liability for on-costs (such as workers compensation premiums) is recognised and disclosed as part of other liabilities. Oncosts are not classified as an employee benefit.20192018$’000$’000Accrued salariesXXAnnual leaveXXLong service leaveXXOther (specify)XXTotalXXExpected to settle wholly within 12 monthsXXExpected to settle wholly after 12 monthsXXTotalXXSuperannuationDefined contribution plansA defined contribution plan is a postemployment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an expense when they fall due. Defined benefit plansA defined benefit plan is a postemployment benefit plan other than a defined contribution plan. If your Department does not have a superannuation liability, the following paragraph should be included in the notes.Key estimate and judgementThe Department does not recognise a liability for the accruing superannuation benefits of Departmental employees. This liability is held centrally and is recognised within the FinanceGeneral Division of the Department of Treasury and Finance.If your Department has a superannuation liability, the following paragraph should be included in the notes. It is expected that this note would be relevant to Treasury (Finance-General Division) and Health only.The Department’s superannuation obligations, in respect of the contributory service of current and past government employees, are recognised at the latest actuarial assessment of the members’ entitlements, net of scheme assets. The valuation is determined by discounting to present value, the gross benefit payments at a current, market-determined, risk-adjusted discount rate appropriate to the respective plan.Actuarial gains or losses arising from the actuarial revaluation of superannuation liabilities are recognised in the Statement of Comprehensive Income.If the Department has a liability for unfunded superannuation, the following disclosures are required. Where the Actuary has provided superannuation disclosures, replace the following note with disclosures as provided by the Actuary.Type of planRetirement Benefits Fund SchemeThe RBF contributory scheme is an unfunded defined benefit scheme for which the Department has a liability in respect of Tasmanian Public Sector employees under the age of 65 and appointed prior to 15?May?1999. The scheme provides eligible employees with a lump sum or pension benefits on attainment of retirement age. The benefits are calculated based on the number of years of service and the employee’s average salary for the previous three years. Employer obligations to the scheme are financed on an emerging cost basis.The scheme was closed to new members on 15?May?1999.The trustee of the scheme is the Superannuation Commission which administers the scheme in accordance with the Public Sector Superannuation Reform Act 2016.The unfunded liability is reflected in the difference between net assets available to pay benefits and the amount of accrued benefits as at 30?June?2019.An independent actuarial assessment is undertaken into the RBF Scheme as at 30?June each financial year. Provide details of any other superannuation schemes. Reconciliation of movements in Present value of superannuation liability(Scheme name)(Scheme name)(Scheme name)Total Liability20192018201920182019201820192018$’000$’000$’000$’000$’000$’000$’000$’000Balance at 1 JulyXXXXXXXXIncluded in profit of lossCurrent service costXXXXXXXXInterest costXXXXXXXXPast service costXXXXXXXXXXXXXXXXIncluded in other comprehensive incomeRe-measurement loss (gain):Actuarial loss (gain) arising from:Demographic assumptionsXXXXXXXXFinancial assumptionsXXXXXXXXReturn on plan assets excluding interestXXXXXXXXEffect of movement in exchange ratesXXXXXXXXXXXXXXXXOtherContributions by plan participantsXXXXXXXXBenefits paid(X)(X)(X)(X)(X)(X)(X)(X)XXXXXXXXBalance at 30 JuneXXXXXXXXThe following … (identify property), owned by the Superannuation Commission, was occupied by the … (identify the controlled entity).Plan assets at fair valuePlan assets comprise:Level 1(Quoted price in active market)Level 2(Observable inputs, not quoted)TotalFair value at 30 June201920182019201820192018$’000$’000$’000$’000$’000$’000Cash and cash equivalentsXXXXEquity instruments:(specify industry type)XXXXXXDebt instruments:(specify type of issuer, credit quality)XXXXXXProperty(segregate by geography)XXXXXXDerivatives(segregate by type of underlying risk in the contract)XXXXXXInvestment funds(segregate by type of fund)XXXXXXOther assets (specify)XXXXXXXXXXXXKey actuarial assumptions(Scheme name)(Scheme name)(Scheme name)Total Liability20192018201920182019201820192018Discount rateXXXXXXXXFuture return on assetsXXXXXXXXFuture rate of salary increasesXXXXXXXXOther (please specify)XXXXXXXXAs at 30?June?2019 the weighted average duration of the defined benefit obligation was . . . (specify) (2018: . . . (specify)). (Specify other information about the distribution of the timing of the benefits payment).Sensitivity analysisDefined benefit obligationIncreaseDecreaseMovement2019201820192018%$’000$’000$’000$’000Discount rateXXXXXFuture return on assetsXXXXXFuture rate of salary increasesXXXXXOther (please specify)XXXXXSpecify the methods and assumptions used in preparing the sensitivity analysis and the limitations of those methods. Funding arrangementsContributions to the RBF in respect of defined benefit schemes are made on an emerging cost basis.The Department expects to make a contribution of $X?(specify amount) (2018: $X) to the defined benefit plan during the next financial year. Provide details in relation to each superannuation scheme. Other liabilitiesWhere financial guarantee contracts are held the following must be included:Financial guarantee contract liabilities are measured initially at their fair values and subsequently at the higher of the amount determined in accordance with AASB?137. Identify other liabilities and describe the recognition criteria and measurement basis.20192018$’000$’000Revenue received in advanceAppropriation carried forward from current and previous years under section 8A of the Public Account Act 1986XXOther revenue received in advanceXXOther liabilitiesEmployee benefits – on-costsXXLiabilities of a disposal group held for saleXXOther liabilities (specify)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXIdentify other liabilities and describe the significant terms and conditions mitments and ContingenciesSchedule of Commitments20192018$’000$’000By typeCapital commitmentsProperty, plant and equipmentXXInfrastructureXXInvestment propertyXXOtherXXTotal capital commitmentsXXLease CommitmentsOperating leasesXXOtherXXTotal lease commitmentsXXOther commitments(Specify)XXTotal other commitmentsXXBy maturityCapital commitmentsOne year or lessXXFrom one to five yearsXXMore than five yearsXXTotal capital commitmentsXXOperating lease commitmentsOne year or lessXXFrom one to five yearsXXMore than five yearsXXTotal operating lease commitments XXOther commitmentsOne year or lessXXFrom one to five yearsXXMore than five yearsXXTotal other commitments XXTotalXXThe Department has entered into a number of operating lease agreements for property, plant and equipment, where the lessors effectively retain all the risks and benefits incidental to ownership of the items leased. Equal instalments of lease payments are charged to the Statement of Comprehensive Income over the lease term, as this is representative of the pattern of benefits to be derived from the leased property.The Department is prohibited by Treasurer’s Instruction 502 Leases from holding finance leases. Lease income from operating leases where the Department is a lessor is recognised in income on a straight line basis.Provide a general description of lease arrangements, including but not limited to:the basis of contingent rental payments;the existence and terms of renewal or purchase options; andrestrictions imposed by lease arrangements.Provide a general description of capital commitments, including identification of the relevant Capital Investment Program or Special Capital Investment Funds project where applicable.Note: Commitments are GST inclusive where relevant.Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Statement of Financial Position due to uncertainty regarding any possible amount or timing of any possible underlying claim or obligation.Quantifiable contingenciesA quantifiable contingent asset is any possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.A quantifiable contingent liability is any possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or any present obligation that arises from past events but is not recognised because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation. To the extent that any quantifiable contingencies are insured, details provided below are recorded net.20192018$’000$’000Quantifiable contingent liabilitiesContingent losses (Provide details)XXContingent claims(Provide details)XXTotal quantifiable contingent liabilitiesXXQuantifiable contingent assets(Provide detail of quantifiable contingent assets)XXTotal quantifiable contingent assetsXXProvide a description of the nature of the class of contingent liabilities or class of contingent assets; an indication of the uncertainties relating to the amount or timing of any future sacrifice or inflow of economic benefits; and for each class of contingent liabilities, the existence and amount of any possible recovery.Unquantifiable ContingenciesAt 30 June 2019, the Department had a number of legal claims against it for (provide details). It is not possible at the reporting date to accurately estimate the amounts of any eventual payments that may be required in relation to these claims.Other unquantifiable contingencies include: (provide details).ReservesReserves2019LandBuildingsInfrast-ructurePlant and equipment Heritage and cultural assetsTotal$’000$’000$’000$’000$’000$’000Asset revaluation reserveBalance at the beginning of financial yearXXXXXXRevaluation increments/ (decrements)XXXXXXImpairment lossesXXXXXXReversals of impairment lossesXXXXXXTransfers to accumulated surplusXXXXXXShare of increments in reserve attributable to associatesXXXXXXShare of increments in reserve attributable to jointly controlled entitiesXXXXXXOther (specify)XXXXXXBalance at end of financial yearXXXXXXInclude Asset revaluation reserve for each relevant class of asset only. Departments should include additional classes of Asset revaluation reserves, such as Joint Ventures and Associates, where relevant. Departments should also consider reconciliation of other types of reserves, such as Available for Sale Assets.2018LandBuildingsInfrast-ructurePlant and equipment Heritage and cultural assetsTotal$’000$’000$’000$’000$’000$’000Asset revaluation reserveBalance at the beginning of financial yearXXXXXXRevaluation increments/ (decrements)XXXXXXImpairment lossesXXXXXXReversals of impairment lossesXXXXXXTransfers to accumulated surplusXXXXXXShare of increments in reserve attributable to associatesXXXXXXShare of increments in reserve attributable to jointly controlled entitiesXXXXXXOther (specify)XXXXXXBalance at end of financial yearXXXXXXNature and purpose of reservesAsset revaluation reserveThe Asset revaluation reserve is used to record increments and decrements on the revaluation of Nonfinancial assets.Other reservesDescribe the nature and purpose of any other reserves.Administrative RestructuringNet assets received under a restructuring of administrative arrangements are designated as contributions by owners and adjusted directly against equity. Net assets relinquished are designated as distributions to owners. Net assets transferred are initially recognised at the amounts at which they were recognised by the transferring department immediately prior to the transfer.As a result of a restructuring of administrative arrangements, the Department assumed responsibility for (specify activities) on (specify date). The Department relinquished its responsibility for (specify activities) on (specify date). In respect of activities assumed, the net book values of assets and liabilities transferred to the Department from (specify Department) for no consideration and recognised as at the date of transfer were:20192018$’000$’000Net assets assumed on restructure (Specify assets by class)Total assets recognisedXX(Specify liabilities by class)Total liabilities recognisedXXNet assets (liabilities) assumed on restructureXXIn respect of activities relinquished, the Department transferred the following assets and liabilities to (specify Department):20192018$’000$’000Net assets relinquished on restructure (Specify assets by class)Total assets relinquishedXX(Specify liabilities by class)Total liabilities relinquishedXXNet assets (liabilities) relinquished on restructureXXNet contribution by the Government as owner during the periodXXActivity (specify)20192018$’000$’000RevenuesRecognised by Department ABC XXRecognised by Department DEFXXRecognised by Department XYZXXTotal revenuesXXExpensesRecognised by Department ABCXXRecognised by Department DEFXXRecognised by Department XYZXXTotal expensesXXPrior year comparatives have not been adjusted or realigned to reflect the restructure.The transferee must disclose annual expense and income items of the activities transferred, showing separately those income and expense items recognised by the transferor during the reporting period. The Department’s Statement of Comprehensive Income recognises only those expenses and revenues incurred or earned whilst the activity was under the control of the Department.Cash Flow ReconciliationCash means notes, coins, any deposits held at call with a bank or financial institution, as well as funds held in the Special Deposits and Trust Fund, being short term of three months or less and highly liquid. Deposits are recognised at amortised cost, being their face value. Cash and depositsCash and deposits includes the balance of the Special Deposits and Trust Fund Accounts held by the Department, and other cash held, excluding those accounts which are administered or held in a trustee capacity or agency arrangement. 20192018$’000$’000Special Deposits and Trust Fund balance(Specify the balance of each account held in the Special Deposits and Trust Fund)XXTotalXXOther cash held(Specify any other cash held)XXTotalXXCash equivalents (Specify)XXTotal cash and depositsXXDisclosure of components of cash is required by AASB 107. Special Deposits and Trust Fund disclosures will satisfy this requirement. Individual Special Deposits and Trust Fund Account balances may be made up of cash held at Treasury and other cash or investments. The total balance of cash in the Account must be shown. The nature and composition of other cash and cash equivalents must also be disclosed.Reconciliation of Net Result to Net Cash from Operating Activities20192018$’000$’000Net result from transactions (net operating balance)XXDepreciation and amortisationXX(Gain) loss from sale of non-financial assets(X)(X)Bad and doubtful debtsXXExpected credit lossesX….Impairment lossesXXDecrease (increase) in ReceivablesXXDecrease (increase) in PrepaymentsXXDecrease (increase) in Accrued revenueXXDecrease (increase) in InventoriesXXDecrease (increase) in Tax assetsXXDecrease (increase) in Other assetsXXIncrease (decrease) in Employee entitlementsXXIncrease (decrease) in PayablesXXIncrease (decrease) in Accrued expensesXXIncrease (decrease) in Tax liabilitiesXXIncrease (decrease) in Other liabilitiesXXNet cash from (used by) operating activitiesXXAcquittal of Capital Investment and Special Capital Investment FundsThe Department received Works and Services Appropriation funding and revenues from Special Capital Investment Funds to fund specific projects.Cash outflows relating to these projects are listed below by category. Budget information refers to original estimates and has not been subject to audit.Provide details of all Special Capital Investment Funds projects of a nature similar to Infrastructure Tasmania Fund projects.Project expenditure?201920192018?BudgetActualActual$’000$’000$’000Capital Investment ProgramSpecify projectXXXTotalXXXSpecial Capital Investment FundsInfrastructure Tasmania FundSpecify projectXXXOther Fund (specify)Specify projectXXXTotalXXXProvide explanations of material variances between budget and actual for each project.Classification of cash flowsThe project expenditure above is reflected in the Statement of Cash Flows as follows.20192018$’000$’000Cash outflowsOther cash paymentsMaintenanceXXOther (specify)XXPayments for acquisition of assetsXXOther cash paymentsXXTotal cash outflowsXXFinancing FacilitiesDisclose details of any undrawn financing facilities or credit standby arrangements held by the Department, including the nature of each arrangement and the total amount of credit unused. Undrawn financing facilities do not include undrawn balances of the Tasmanian Government Card. The Tasmanian Government Card is a purchasing card, not a credit facility.20192018$’000$’000(Specify facility and the extent to which it can be continued or extended)Amount usedXXAmount unusedXXTotalXXReconciliation of liabilities arising from financing activitiesLiabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Statement of Cash Flows as cash flows from financing activities.2019Borrowings?$’000?Lease liabilities?$’000?Specify other item$’000Balance as at 1 July 2018X?X?X?Acquisitions / New leasesX?X?X?Foreign exchange rate movementsX?X?X?Changes in fair valueX?X?X?Other movementsX?X?X?Transfers to / (from) other Government entityX?X?X?Changes from financing cash flows: Cash ReceivedX??X??X? Cash Repayments(X)(X)(X)Balance as at 30 June 2019X?X?X?2018Borrowings?$’000?Lease liabilities?$’000?Specify other item$’000Balance as at 1 July 2017X?X?X?Acquisitions / New leasesX?X?X?Foreign exchange rate movementsX?X?X?Changes in fair valueX?X?X?Other movementsX?X?X?Transfers to / (from) other Government entityX?X?X?Changes from financing cash flows: Cash ReceivedX??X??X? Cash Repayments(X)(X)(X)Balance as at 30 June 2018X?X?X?Financial InstrumentsRisk ExposuresRisk management policiesThe Department has exposure to the following risks from its use of financial instruments: credit risk;liquidity risk; andmarket risk.The Head of Agency has overall responsibility for the establishment and oversight of the Department’s risk management framework. Risk management policies are established to identify and analyse risks faced by the Department, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Credit risk exposuresCredit risk is the risk of financial loss to the Department if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial InstrumentAccounting and strategic policies (including recognition criteria, measurement basis and credit quality of instrument)Nature of underlying instrument (including significant terms and conditions affecting the amount. Timing and certainty of cash flows) Financial AssetsReceivables(Specify Departmental policy on measuring and managing receivables risk, and credit quality of instrument)(Specify general terms of trade)Guarantees(Specify Departmental policy on measuring and managing guarantees risk, and credit quality of instrument)(Specify what the guarantee(s) cover)Cash and deposits(Specify Departmental policy on measuring and managing Cash and deposits risk, and credit quality of instrument)(e.g. Cash means notes, coins and any deposits held at call with a bank or financial institution)Disclose any particulars regarding the Department’s credit risk including:any changes to credit risk policy and methods from the previous period; a description and value of any collateral held as security or other credit enhancements by financial asset class including relevant terms and conditions; andquantitative disclosures of the Department’s concentrations of credit risk e.g. credit risk rating, limited number of individual counterparties etc, where it is not already apparent from the descriptions and other information provided in this credit risk exposure subsection.Except as detailed in the following Table, the carrying amount of financial assets recorded in the Financial?Statements, net of any allowances for losses, represents the Departments maximum exposure to credit risk without taking into account of any collateral or other security:20192018$’000$’000Guarantee providedXXOther (Specify)XXTotal XXReceivables age analysis - expected credit lossThe simplified approach to measuring expected credit losses is applied, which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on historical observed loss rates adjusted for forward looking factors that will have an impact on the ability to settle the receivables. The loss allowance for trade debtors as at 30 June 2019 and 1 July 2018 (adoption of AASB 9) are as follows.Expected credit loss analysis of receivables as at 30 June 2019 Not past duePast due 1-30 (specify) daysPast due 31-60 (specify) days Past due 61-90 (specify) daysPast due 91+ daysTotal$’000$’000$’000$’000$’000$’000Expected credit loss rate (A) XXXXXXTotal gross carrying amount (B)XXXXXXExpected credit loss (A x B) XXXXXXExpected credit loss analysis of receivables as at 1 July 2018 (adoption date of AASB 9) Not past duePast due 1-30 (specify) daysPast due 31-60 (specify) days Past due 61-90 (specify) daysPast due 91+ daysTotal$’000$’000$’000$’000$’000$’000Expected credit loss rate (A) XXXXXXTotal gross carrying amount (B)XXXXXXExpected credit loss (A x B) XXXXXXThe analysis above excludes statutory receivables and prepayments as these do not fall within the scope of AASB 7. As a result the total will not match what is included in the receivables note if the entity has any of those items.The following table is for comparative purposes only, and represents the age analysis that was published as part of the Department’s 2017-18 financial statements under the previous accounting standards.Analysis of financial assets at 30 June 2018 but not impairedNot past duePast due xx (specify) daysPast due xx (specify) daysPast due xx (specify) daysTotal$’000$’000$’000$’000$’000Receivables XXXXXOther Financial Assets (specify asset)XXXXXWhere the Department has obtained financial or nonfinancial assets during the period by taking possession of collateral it holds as security or calling on other credit enhancements (eg guarantees) and such assets meet the recognition criteria in the Australian Accounting Standards, the Department must disclose:the nature and carrying amount of the assets obtained; andwhen the assets are not readily convertible to cash, its policies for disposing of such assets or for using them in its operations. Liquidity riskLiquidity risk is the risk that the Department will not be able to meet its financial obligations as they fall due. The Department’s approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its liabilities when they fall due. Financial InstrumentAccounting and strategic policies (including recognition criteria and measurement basis)Nature of underlying instrument (including significant terms and conditions affecting the amount. Timing and certainty of cash flows)Financial LiabilitiesPayables(Specify Departmental policy on measuring payables)(Specify invoice settlement period)Interest?bearing liabilities(Specify Departmental policy on measuring interest bearing liabilities)(Specify payment basis)Disclose any particulars regarding the Department’s liquidity risk including a description of how the Department manages and methods used to measure liquidity risk; andAny changes to liquidity risk policy and methods from the previous period. The following tables detail the undiscounted cash flows payable by the Department by remaining contractual maturity for its financial liabilities. It should be noted that as these are undiscounted, totals may not reconcile to the carrying amounts presented in the Statement of Financial Position:2019Maturity analysis for financial liabilities1 Year2 Years3 Years4 Years 5 YearsMore than 5 YearsUndiscounted TotalCarrying Amount$’000$’000$’000$’000$’000$’000$’000$’000Financial liabilitiesPayablesXXXXXXXXBorrowingsXXXXXXXXFinance leases XXXXXXXXOther financial liabilities XXXXXXXXTotal XXXXXXXXCarrying amount is taken from the Statement of Financial Position.2018Maturity analysis for financial liabilities1 Year 2 Years3 Years4 Years 5 YearsMore than 5 YearsUndiscounted TotalCarrying Amount$’000$’000$’000$’000$’000$’000$’000$’000Financial liabilitiesPayablesXXXXXXXXBorrowingsXXXXXXXXFinance leases XXXXXXXXOther financial liabilities XXXXXXXXTotal XXXXXXXXCarrying amount is taken from the Statement of Financial PositionIf, during the financial year, the Department defaulted on any loans payable the following details must be disclosed:1) Details of any defaults;2) The carrying amount of the loan payable in default at reporting date; and3) Whether the default was remedied, or the terms of the loans were renegotiated. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The primary market risk, that the Department is exposed to, is interest rate risk. Disclose any particulars regarding the Department’s market risk including:a description of how the Department manages and methods used to measure market risk; andany changes to market risk policy and methods from the previous period.At the reporting date, the interest rate profile of the Department’s interest bearing financial instruments was:20192018$’000$’000Fixed rate instrumentsFinancial assetsXXFinancial liabilitiesXXTotalXXVariable rate instrumentsFinancial assetsXXFinancial liabilitiesXXTotalXXChanges in variable rates of 100 basis points at reporting date would have the following effect on the Department’s profit or loss and equity:Sensitivity Analysis of Department’s Exposure to Possible Changes in Interest RatesStatement of Comprehensive IncomeEquity100 basis points increase100 basis points decrease100 basis points increase100 basis points decrease30 June 2019Specify financial instrumentXXXXNet sensitivityXXXX30 June 2018Specify financial instrumentXXXXNet sensitivityXXXX This analysis assumes all other variables remain constant. The analysis was performed on the same basis for 2018. Categories of Financial Assets and LiabilitiesAASB 9 Carrying amount2019$’000Financial assetsFinancial assets at fair value through profit and loss – mandatory classificationXFinancial assets at fair value through profit and loss – designated on initial recognitionXFinancial assets at fair value through other comprehensive incomeXFinancial assets at fair value through other comprehensive income - Equity investments designated on initial recognitionXAmortised costXTotalXFinancial LiabilitiesFinancial liabilities at fair value through profit and lossXFinancial liabilities measured at amortised costXTotalXAASB 139 Carrying amount2018$’000Financial assetsFinancial assets at fair value through profit and loss – designated on initial recognitionXFinancial assets at fair value through profit and loss – held for tradingXHeldtomaturity investmentsXLoans and receivablesXAvailableforsale financial assetsXTotalXFinancial LiabilitiesFinancial liabilities at fair value through profit and lossXFinancial liabilities measured at amortised costXTotalXIf the Department has designated any loans or receivables at fair value through profit and loss, further disclosures must be made. See AASB 7 (9 – 11).Assets or liabilities that are not contractual (such as income taxes that are created as a result of statutory requirements imposed by governments) are not financial assets or financial liabilities. Statutory receivables and payables are not financial assets or financial liabilities and are excluded from financial instrument disclosures.Derecognition of Financial AssetsWhere the Department has transferred any financial assets in such a way that part or all of the transferred assets do not qualify for derecognition, the Department shall disclose at each reporting date for each class of transferred financial asset that are not derecognised in their entirety:the nature of the transferred assets;the nature of the risks and rewards of ownership to which the Department is exposed;a description of the nature of the relationship between the transferred assets and the associated liabilities, including restrictions arising from the transfer on the Department’s use of the transferred assets;when the counterparty to the associated liabilities has recourse only to the transferred assets, a schedule that sets out the fair value of the transferred assets, the fair value of the associated liabilities and the net position;when the Department continues to recognise all of the transferred assets, the carrying amounts of the transferred assets and the associated liabilities; andwhen the Department continues to recognise the assets to the extent of its continuing involvement, the total carrying amount of the original assets before the transfer, the carrying amount of the assets that the Department continues to recognise, and the carrying amount of the associated liabilities.When the Department derecognises transferred financial assets in their entirety but has continuing involvement in them, the Department shall disclose, as a minimum, for each type of continuing involvement at each reporting date:the carrying amount of the assets and liabilities that are recognised in the Department’s Statement of Financial Position and represent the Department’s continuing involvement in the derecognised financial assets, and the line item in which the carrying amount of those assets and liabilities are recognised;the fair value of the assets and liabilities that represent the Department’s continuing involvement in the derecognised financial assets;the amount that best represents the Department’s maximum exposure to loss from its continuing involvement in the derecognised financial asset, and information showing how the maximum exposure to loss is determined;the undisclosed cash outflows that would or may be required to repurchase derecognised financial assets or other amounts payable to the transferee in respect of the transferred assets. If the cashflow is variable then the amount disclosed should be based on the conditions that exist at each reporting date;a maturity analysis of the undisclosed cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee in respect of the transferred assets, showing the remaining contractual maturities of the entity’s continuing involvement; andqualitative information that explains and supports the quantitative disclosures required in 1) to 5).A Department may aggregate the information required above in respect of a particular asset if the Department has more than one type of continuing involvement in that derecognised financial assets, and report it under one type of continuing involvement.In addition, a Department shall disclose for each type of continuing involvement:the gain or loss recognised at the date of transfer of the assets;income and expenses recognised, both in the reporting period and cumulatively, from the Department’s continuing involvement in the derecognised financial assets;if the total amount of proceeds from transfer activity in a reporting period is not evenly distributed throughout the reporting period:when the greatest transfer activity took place within that reporting period;the amount recognised from transfer activity in that part of the reporting period; andthe total amount of proceeds from transfer activity in that part of the reporting period. A Department shall provide this information for each period for which a Statement of Comprehensive Income is presented.The Department shall disclose any additional information that it considers necessary to enable users of its financial statements: to understand the relationship between transferred financial assets that are not derecognised in their entirety and the associated liabilities; andTo evaluate the nature of, and risks associated with, the Department’s continuing involvement in derecognised parison between Carrying Amount and Net Fair Value of Financial Assets and LiabilitiesCarrying Amount 2019Net Fair Value 2019Carrying Amount 2018Net fair Value 2018$’000$’000$’000$’000Financial assetsCash at bankXXXXCash in Special Deposits and Trust FundXXXXOther financial assets InvestmentsXXXX Other (specify)XXXXTotal financial assetsXXXXFinancial liabilities(Recognised)Finance lease liabilitiesXXXXOther financial liabilities BorrowingsXXXX Other (specify)XXXXTotal financial liabilities(Recognised)XXXXUnrecognised financial instruments(Specify)XXXXTotal unrecognised financial instrumentsXXXXContractual financial assets and financial liabilities are disclosed. Statutory assets and liabilities are not considered financial instruments and are excluded from these Fair Values of Financial Assets and Liabilities 2019Net Fair Value Level 1Net Fair Value Level 2Net fair Value Level 3Net Fair Value Total$’000$’000$’000$’000Financial assets(Specify financial assets measured at net fair value)XXXXTotal financial assetsXXXXFinancial liabilities(Specify financial liabilities measured at net fair value)XXXXTotal financial liabilitiesXXXXUnrecognised financial instruments(Specify)XXXXTotal unrecognised financial instrumentsXXXX2018Net Fair Value Level 1Net Fair Value Level 2Net fair Value Level 3Net Fair Value Total$’000$’000$’000$’000Financial assets(Specify financial assets measured at net fair value)XXXXTotal financial assetsXXXXFinancial liabilities(Specify financial liabilities measured at net fair value)XXXXTotal financial liabilitiesXXXXUnrecognised financial instruments(Specify)XXXXTotal unrecognised financial instrumentsXXXXThe recognised fair values of financial assets and financial liabilities are classified according to the fair value hierarchy that reflects the significance of the inputs used in making these measurements. The Department uses various methods in estimating the fair value of a financial instrument. The methods comprise:Level 1 the fair value is calculated using quoted prices in active markets;Level 2 the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); andLevel 3 the fair value is estimated using inputs for the asset or liability that are not based on observable market data.Where the Department does not recognise any financial assets or financial liabilities at fair value, a statement should be made to that effect.Transfer between categoriesSignificant transfers between Level 1 and Level 2 include . . . (specify transfers between Level?1 and Level?2). The reasons for those transfers are (specify reasons for transfers).Reconciliation of Level 3 Fair Value Movements20192018$’000$’000Opening balanceTotal gains and lossesXXOther comprehensive incomeXXPurchasesXXSalesXXTransfers from other categoriesXXClosing balanceXXTotal gain or loss stated in the table above for assets held at the end of the reporting periodXXThe Department uses … (specify method for determining fair value of Level 3 instruments). The potential effect of using reasonably possible alternative assumptions … (disclose alternative assumption) … and the effect of that of those changes would be … (disclose effect of changes).Financial AssetsThe net fair values of cash and non-interest bearing monetary financial assets approximate their carrying amounts. The net fair values of … (specify financial assets) are based on … (specify basis for measurement including the methods, and when a valuation technique is used, the assumptions applied in determining fair values of each class and the total amount of the change in fair value estimated using such a valuation technique recognised in profit or loss during the period).Disclosure of fair value are not required for:When the carrying amount is a reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables; orfor a contract containing a discretionary participation feature (as described in AASB 4 Insurance Contracts) if the fair value feature cannot be reliably measured.However, the following information must be disclosed:the fact that fair value information has not been disclosed because fair value cannot be measured reliably;a description of the financial instruments, their carrying amount, and an explanation of why fair value cannot be measured reliably;information about the market for the instruments;information about whether and how the Department intends to dispose of the financial instruments; andif financial instruments whose fair value previously could not be reliably measured are derecognised, that fact, their carrying amount at the time of derecognition, and the amount of gain or loss recognised.Financial LiabilitiesThe net fair values of … (specify financial liabilities) are based on … (specify basis for measurement including the methods, and when a valuation technique is used, the assumptions applied in determining fair values of each class and the total amount of the change in fair value estimated using such a valuation technique recognised in profit or loss during the period).The net fair values for trade creditors are approximated by their carrying amounts.Unrecognised Financial InstrumentsThe net fair values of indemnities are regarded as the maximum possible loss which the State faces while the indemnity remains current.The net fair values of … (specify unrecognised financial instrument) are based on … (specify basis for measurement including the methods, and when a valuation technique is used, the assumptions applied in determining fair values of each class and the total amount of the change in fair value estimated using such a valuation technique recognised in profit or loss during the period).Details of Consolidated EntitiesList of EntitiesThe following entities have been consolidated by the Department:(Specify name of each consolidated entity and proportion of ownership interest)Notes to Administered StatementsFor significant Accounting policies in relation to material variances please refer to REF _Ref417645197 \r \h Note?4.Variances are considered material where the variance exceeds the greater of 10?per?cent of Budget estimate and $X (specify an appropriate Departmental materiality level – see guidance below).Explanations of Material Variances between Budget and Actual OutcomesSchedule of Administered Income and ExpensesSchedule of Administered Income and Expenses variances are considered material where the variance exceeds the greater of 10?per?cent of Budget estimate and $X (specify an appropriate Departmental materiality level – see guidance below).NoteBudgetActualVarianceVariance$’000$’000$’000%(Specify line item)(a)XXXXNotes to Schedule of Administered Income and Expenses variances(a) (Provide brief explanation of the variance and quantify where possible) Schedule of Administered Assets and LiabilitiesSchedule of Administered Assets and Liabilities variances are considered material where the variance exceeds the greater of 10?per?cent of Budget estimate and $X (specify an appropriate Departmental materiality level).Budget estimates for the 2018-19 Schedule of Administered Assets and Liabilities were compiled prior to the completion of the actual outcomes for 2018-19. As a result, the actual variance from the Original?Budget estimate will be impacted by the difference between estimated and actual opening balances for 2018-19. The following variance analysis therefore includes major movements between the 30?June?2018 and 30?June?2019 actual balances.20192018BudgetActualNoteBudgetActualActualVarianceVariance$’000$’000$’000$’000$’000(Specify line item)(a)XXXXXNotes to Schedule of Administered Assets and Liabilities variances(a) (Provide brief explanation of the variance and quantify where possible) Schedule of Administered Cash FlowsSchedule of Administered Cash Flows variances are considered material where the variance exceeds the greater of 10?per?cent of Budget estimate and $X (specify an appropriate Departmental materiality level).NoteBudgetActualVarianceVariance$’000$’000$’000%(Specify line item)(a)XXXXNotes to Schedule of Administered Cash Flows variances(a) (Provide brief explanation of the variance and quantify where possible) This note is for administered budget variance explanations only. Controlled budget variance explanations must be provided in REF _Ref256608824 \r \h \* MERGEFORMAT Note?rmation is material if it could, individually or collectively, influence the economic decisions of users taken on the basis of the financial report.Material variances are where the variance exceeds the greater of 10 per cent of Budget estimate and an appropriate Departmental materiality dollar level. Variances between five and nine per cent should be considered and management judgement exercised as to whether an explanation is provided.Variances greater than five per cent should be provided for Appropriations and Employee entitlements within the Schedule of Administered Income and Expenses.Where there have been material revisions to the original budget estimates in the Schedule of Administered Assets and Liabilities, provide revised budget estimates, in addition to the original budget estimates.Administered Cash Flow variances are generally explained by variances in the Schedule of Administered Income and Expenses. Where material variances are not reflected in the Schedule of Administered Income and Expenses, an explanation is required.Administered Underlying Net Operating BalanceAdministered non-operational capital funding is the income from transactions relating to funding for capital projects. This funding is classified as income from transactions and included in the Net operating balance. However, the corresponding capital expenditure is not included in the calculation of the Net?operating balance. Accordingly, the Net operating balance will portray a position that is better that the true underlying financial position.For this reason, the Net operating balance is adjusted to remove the effects of funding for capital projects.201920192018NotesBudgetActualActual$’000$’000$’000Net result from transactions (Net operating balance)XXXLess impact of:Non-operational capital fundingAdministered Revenue from Government – works and services REF _Ref422834887 \r \h \* MERGEFORMAT 17.3XXXAdministered Revenue from Special Capital Investment Funds REF _Ref422834901 \r \h \* MERGEFORMAT 17.4XXXAdministered Revenue from Government – other (specify) REF _Ref422834887 \r \h \* MERGEFORMAT 17.3XXXAdministered Grants - capital REF _Ref448315504 \r \h \* MERGEFORMAT 17.5XXXAdministered Contributions received REF _Ref228269534 \r \h \* MERGEFORMAT 17.9XXXAdministered Contributions provided REF _Ref228330431 \r \h \* MERGEFORMAT 17.17(X)(X)(X)Transfer to Administered funds(X)(X)(X)Other (specify)XXXOther one-off transactions(Specify)TotalXXXUnderlying Net operating balanceXXXAgencies should give consideration to other or one-off transactions that may impact the Net operating balance.Administered Revenue from GovernmentFor significant Accounting Policies relating to Administered Revenue from Government please refer to note REF _Ref289954984 \r \h \* MERGEFORMAT 6.1.201920192018BudgetActualActual$’000$’000$’000Continuing operationsAppropriation revenue - recurrentCurrent year XXXItems Reserved by Law (Specify the name of each item)XXXTotalXXXAppropriation revenue – works and servicesXXXRevenue from Government - otherAppropriation carried forward under section 8A(2) of the Public?Account Act 1986 taken up as revenue in the current yearXXX(Specify any other revenue from Government)XXXTotal XXXNon-operational capital funding(specify non-operational capital funding)XXXTotalXXXTotal administered revenue from GovernmentXXXAdministered Revenue from Special Capital Investment FundsFor significant Accounting Policies relating to Administered Revenue from Special Capital Investment Funds please refer to note REF _Ref323826897 \r \h 6.2.20192018$’000$’000Continuing operationsHousing FundXX(Specify any other similar funds)XXTotalXXNon-operational capital fundingHousing FundXX(Specify any other similar funds)XXTotalXXTotal administered revenue from Special Capital Investment FundsXXDetails of total Special Capital Investment Funds revenues and expenses are provided as part of Note? REF _Ref289954102 \r \h 2.4 Administered Output Schedule. Details of total cash flows for each project are at Note? REF _Ref451161193 \r \h 17.43.Administered GrantsFor significant Accounting Policies relating to Administered Grants please refer to note REF _Ref292177963 \r \h 6.3.20192018$’000$’000Continuing operationsGrants from the Australian GovernmentGeneral grants (specify)XXSpecific grants (specify)XXTotalXXOther grants(Specify)XXTotalXXNon-operational capital fundingGrants from the Australian GovernmentGeneral grants (specify)XXSpecific grants (specify)XXTotalXXOther grants(Specify)XXTotalXXTotal administered revenue from GrantsXXGrants received from … (specify source and amount) are provided on the condition that … (specify conditions applicable to grants). An amount of $X (specify amount) is yet to be spent.Provide specific detail for grants received from the Australian Government under various programs, such as National?Partnership Payments and Specific Purpose Payments programs.Administered State taxationRevenue from State taxation is recognised upon the first occurrence of either:receipt by the State of a taxpayer’s self-assessed taxes; orthe time the obligation to pay arises, pursuant to the issue of an assessment. 20192018$’000$’000 (Specify type of taxation)XXTotalXXAdministered Sales of goods and services For Significant Accounting Policies relating to Sales of goods and services please refer to note? REF _Ref448310581 \r \h 6.4.20192018$’000$’000Goods (specify)XXServices (specify)XXTotalXXAdministered Fees and finesFor significant Accounting Policies relating to Fees and fines please refer to note REF _Ref448237235 \r \h 6.5.20192018$’000$’000Fees (specify)XXFines (specify)XXTotalXXAdministered Investment incomeThe following note applies only to the FinanceGeneral Division of TreasuryLoan guarantee fees made by Government businesses are brought to account as they are received. Dividend and tax equivalent payments from Government businesses are recognised as administered revenue on the date that the right to receive payment is established.Administered Contributions received For Significant Accounting Policies relating to Contributions received please refer to note REF _Ref448315264 \r \h 6.7.20192018$’000$’000Fair value of contributions (specify) receivedXXFair Value of assets assumed at no cost or for nominal considerationXXFair value of liabilities transferred at no cost or for nominal considerationXXTotalXXProvide a description of contributions received.Contributions are nonreciprocal transfers to the Department. Nonreciprocal transfers are defined as transfers in which the Department receives assets or services or has liabilities extinguished without directly giving approximately equal value in exchange to the other party or parties to the transfer.Revenue from voluntary transfers of assets and liabilities is included in this note.Contributions of services can only be recognised as income when the services would have been purchased if they had not been donated.Note: assets and liabilities transferred as a consequence of administrative restructuring are treated as a contribution to (from) owners and are reported in the Equity section of the Schedule of Administered Assets and Liabilities (Refer to Note? REF _Ref228332078 \r \h \* MERGEFORMAT 17.40).Administered Other revenue For Significant Accounting Policies relating to Other revenue please refer to note REF _Ref448304485 \r \h 6.8.20192018$’000$’000Gain on equity investmentsXXGain on other financial instruments (specify each category of financial instrument)XXInvestment property rental and fair value adjustmentXXGains on assets held for saleXXDividendsXXOther (specify)XXTotalXXRefer to AASB 7 Para 20 for the categories of financial instruments to be disclosed. Administered Employee benefitsFor Significant Accounting Policies relating to Employee benefits please refer to note REF _Ref448237288 \r \h 7.1.Administered Employee remuneration20192018$’000$’000Wages and salaries (including fringe benefits and nonmonetary components)XXAnnual leaveXXLong service leaveXXSick leaveXXSuperannuation – defined contribution schemeXXSuperannuation – defined benefit schemeXXOther post-employment benefitsXXOther employee expenses (specify)XXTotalXXSuperannuation expenses relating to defined benefit schemes relate to payments into the Consolidated?Fund. The amount of the payment is based on an agency contribution rate determined by the Treasurer, on the advice of the State Actuary. The current contribution is 12.95?per?cent (2018:?12.95?per?cent) of salary. Superannuation expenses relating to the defined contribution scheme are paid directly to superannuation funds at a rate of 9.5?per?cent (2018: 9.5 per cent) of salary. In addition, departments are also required to pay into the Consolidated Fund a “gap” payment equivalent to 3.45?per?cent (2018:?3.45?per?cent) of salary in respect of employees who are members of contribution schemes.Note that salary on-costs, such as payroll tax and workers compensation premiums, should be included in other expenses, as they are reported separately to Employee benefits.Actuarial gains / losses on superannuation defined benefit plans do not form part of salary on-costs and must be disclosed in Other economic flows.Should any relevant Key management personnel disclosures be required for administered employee remuneration, these disclosures should be provided at Note REF _Ref421871256 \r \h \* MERGEFORMAT 7.1(b), and a note to that effect included here.Administered Depreciation and amortisationFor significant Accounting Policies relating to Depreciation and amortisation please refer to Note REF Pbls91 \h \r 7.2.Depreciation 20192018$’000$’000Plant, equipment and vehiclesXXBuildingsXXInfrastructureXXOther (specify)XXTotalXXAmortisation 20192018$’000$’000Leased assetsXXIntangiblesXXLeasehold improvementsXXOther (specify)XXTotalXXTotal depreciation and amortisationXXAdministered Supplies and consumablesFor significant Accounting Policies relating to Supplies and consumables please refer to note REF _Ref448304538 \r \h 7.3.20192018$’000$’000Audit fees – financial auditXXAudit fees – internal auditXXOperating lease costsXXConsultantsXXProperty servicesXXMaintenanceXXCommunicationsXXInformation technologyXXTravel and transportXXAdvertising and promotionXXOther supplies and consumablesXXTotalXXAudit fees paid or payable to the Tasmanian Audit Office for the audit of the Department’s financial statements were $X (specify amount) (201718, $X (specify amount)).Administered Grants and subsidiesFor significant Accounting Policies relating to Grants and subsidies please refer to note REF _Ref448237348 \r \h 7.4.20192018$’000$’000Grants (specify)XXSubsidies (specify)XXTotalXXProvide a description of the Department’s Grant programs.Provide a description of any Community Service Arrangements.Administered Finance costs For significant Accounting Policies relating to Finance costs please refer to note REF _Ref228265747 \r \h 7.5.20192018$’000$’000Interest expenseInterest on bank overdrafts and loansXXFinance leasesXXSuperannuationXXOther interest expense (specify)XXTotal XXOther finance costsOther finance costs (specify)XXTotal XXTotal XXAdministered Contributions provided For significant Accounting Policies relating to Contributions provided please refer to note REF _Ref228266280 \r \h 7.6.20192018$’000$’000Voluntary transfer of activities between DepartmentsXXFair value of liabilities assumed at no cost or for nominal considerationXXFair value of assets transferred at no cost or for nominal considerationXXOther (specify)XXTotalXXProvide a description of the nature of administered contributions provided free of charge.Expenses from voluntary transfers of assets and liabilities are included in this note.Assets and liabilities transferred as a consequence of administrative restructuring are treated as a contribution to (from) owners and are reported in the Equity section of the Schedule of Assets and Liabilities (refer to Note? REF _Ref228340822 \r \h \* MERGEFORMAT 17.40).Administered Other expenses For significant Accounting Policies relating to Other expenses please refer to note REF _Ref448237384 \r \h 7.7.Items listed below are mandatory disclosures required by Australian Accounting Standards. Other expenses should be disclosed, as required, based on materiality.20192018$’000$’000Research and development expensesXXExpenses associated with investment propertyXXSalary oncosts (includes payroll tax and workers compensation premiums)XX(List any other material items)XXTotalXXSalary on-costs, such as payroll tax and workers compensation premiums, should be included in other administered expenses, as they are reported separately to Employee benefits.Refer to AASB 7 Para 20 for the categories of financial instruments to be disclosed. Administered Net gain/(loss) on non-financial assetsFor significant Accounting Policies relating to Net gain/(loss) on nonfinancial assets please refer to note? REF _Ref252791332 \r \h 8.1.20192018$’000$’000Impairment of non-financial assetsXXWrite-down of inventory to net realisable valueXXReversal of write-down of inventoryXXRevaluation of non-current physical assetsXXNet gain on disposal of physical assetsXXNet gain on disposal of other investmentsXXNet foreign exchange gain/(loss) arising from non-financial assetsXXTotal net gain/(loss) on non-financial assetsXXAdministered Net gain/(loss) on financial instruments and statutory receivables/payablesFor significant Accounting Policies relating to Net gain/(loss) on financial instruments and statutory receivables/payables please refer to note? REF _Ref252791364 \r \h 8.2.20192018$’000$’000Impairment of:XXHeld-to-maturity investmentsXXLoans and receivablesXXStatutory receivablesXXNet gain/(loss) on disposal of financial assetsXXNet gain/(loss) arising from revaluation of financial assets at fair valueXXNet gain/(loss) arising from revaluation of financial liabilities at fair valueXXNet foreign exchange gain/(loss) arising from financial instrumentsXXTotal net gain/(loss) on financial instrumentsXXAdministered Other gains/(losses) from other economic flowsFor significant Accounting Policies relating to Other gains/(losses) from other economic flows please refer to note REF _Ref252372739 \r \h 8.3.20192018$’000$’000Reclassification from reservesXXReclassification from accumulated surplus/(deficit)XXNet gain/(loss) arising from revaluation of long service leave liabilityXXOther (specify)XXTotal net gain/(loss) from other economic flowsXXNet gain/(loss) arising from revaluation of long service leave liability should only include changes due to revisions in interest rates and probability rates. All other expenses, such as accruing of leave, or a change in pay rates should be disclosed in employee entitlements.Administered ReceivablesFor significant Accounting Policies relating to Receivables please refer to note REF _Ref101945621 \r \h 10.1.20192018$’000$’000ReceivablesXXLess: Provision for impairment….(X)Less: expected credit loss(X)….TotalXXSales of goods and services (inclusive of GST)XXFees and fines (inclusive of GST)XXGST receivableXXTax assets (specify)XXOther receivablesXXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXWhere any collateral is held by the Department as security against any administered receivables the following must be disclosed:1) the nature and carrying amount of the assets; and2) when the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations.Categories of receivables are shown net of impairment losses. However, if the impairment loss is material in relation to gross receivables, the impairment and reconciliation must also be disclosed by category.2019Reconciliation of movement in expected credit loss for administered receivables$’000Carrying amount at 30 June 2018 under AASB 139XAmounts restated through Accumulated FundsXCarrying amount at 1 July under AASB 9XAmounts written off during the yearXAmounts recovered during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneX2018Reconciliation of movement in provision for impairment of administered receivables$’000Carrying amount at 1 JulyXAmounts written off during the yearXAmounts recovered during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneXFor ageing analysis of administered financial assets past due but not impaired please refer to note 17.46Administered Equity investmentsFor significant Accounting Policies relating to Equity investments please refer to note REF _Ref228266836 \r \h \* MERGEFORMAT 10.2.Control of the investment rests with the responsible Minister rather than with Finance-General. Accordingly, Government owned businesses are not consolidated in the Financial Statements and are recognised as an administered equity investment. This policy is consistent with the principles of AASB?1049 Whole of Government and General Government Sector Financial Reporting. Fully consolidated Financial Statements are contained in the Treasurer’s Annual Financial Report.The change in the value of the investment is recorded in other comprehensive income in the Schedule of Administered Income and Expenses.The following note applies only to the Finance-General Division of Treasury.20192018$’000$’000(Description of administered equity investment)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXAdministered Other financial assetsFor significant Accounting Policies relating to Other financial assets please refer to note REF _Ref448824343 \r \h 10.3.20192018$’000$’000Loan advances XXOther (Description of investment or other financial asset)XXLess: Provision for impairment ….(X)Less: Expected credit loss(X)….TotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXDescribe the current year classification and business model under AASB 9 and the classification in prior year comparative under AASB?139, noting recognition criteria and measurement basis relating to any other category of financial assets.Describe the nature and significant terms and conditions of loan programs and other financial assets.Where any collateral is held by the Department as security against any other administered financial assets the following must be disclosed:1) the nature and carrying amount of the assets; and2) when the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations.2019Reconciliation of movement in expected credit loss for administered other financial assets$’000Carrying amount at 30 June 2018 under AASB 139XAmounts restated through Accumulated FundsXCarrying amount at 1 July under AASB 9XAmounts written off during the yearXAmounts recovered during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneX2018Reconciliation of movement in provision for impairment of administered other financial assets$’000Carrying amount at 1 JulyXAmounts written off during the yearXAmounts recovered during the yearXIncrease/(decrease) in provision recognised in profit or loss(X)Carrying amount at 30 JuneXCategories of other financial assets are shown net of impairment losses. However, if the impairment loss is material in relation to total other financial assets, the impairment must also be disclosed and reconciled by category.Administered InventoriesFor significant Accounting Policies relating to Inventories please refer to note REF _Ref113944543 \r \h 10.4.20192018$’000$’000(Description of inventory)XX(Description of inventory held for distribution)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXInventory held for distribution is inventory:held for distribution at no or nominal consideration in the ordinary course of operations;in the process of production for distribution at no or nominal consideration in the ordinary course of operations; orin the form of materials or supplies to be consumed in the production process or in the rendering of services at no or nominal consideration.Administered Assets held for saleFor significant Accounting Policies relating to Assets held for sale please refer to note REF _Ref101774505 \r \h \* MERGEFORMAT 10.5.Carrying amount20192018$’000$’000(Specify classes of assets held for sale)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXAdministered assets held for sale include … (description of assets). The assets are held for disposal due to … (describe circumstances of the sale) and will be … (describe expected sale method and timing).Administered assets sold during the year include…(description of assets). The assets were sold due to…(describe circumstances of the sale).Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note REF _Ref292196572 \r \h \* MERGEFORMAT 17.19.Fair value measurement of Administered assets held for sale (including fair value levels)2019Carrying value at 30?JuneFair value measurement at end of reporting periodLevel 1Level 2Level 3$’000$’000$’000$’000(Specify asset held for sale)XXXXTotalXXXX2018Carrying value at 30?JuneFair value measurement at end of reporting periodLevel 1Level 2Level 3$’000$’000$’000$’000LandXXXXBuildingsXXXXOther (specify asset held for sale)XXXXTotalXXXX(Specify asset held for sale) is carried at fair value less costs of disposal. The valuation technique applied to ... (specify assets) is ... (specify valuation technique).Level 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000(Specify asset held for sale)XA – (specify)B – (specify) SpecifySpecify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease.Administered Property, plant and equipmentFor significant Accounting Policies relating to Property, plant and equipment please refer to note REF _Ref450914938 \r \h 10.6.Carrying amountThe Department should separately disclose asset classes on a basis that reflects its operations.20192018$’000$’000LandAt fair value (date)XXLess: Provision for impairment(X)(X)Total XXBuildingsAt fair value (date)XXLess: Accumulated depreciation(X)(X)Less: Provision for impairment(X)(X)XXWork in progress (at cost)XXTotal XXLeasehold improvementsAt fair value (date)XXLess: Accumulated amortisation(X)(X)Less: Provision for impairment(X)(X)XXWork in progress (at cost)XXTotal XXPlant, equipment and vehiclesAt (specify Cost / Fair value (date))XXLess: Accumulated depreciation(X)(X)Less: Provision for impairment(X)(X)XXWork in progress (at cost)XXTotal XXHeritage and cultural assetsAt fair value (date)XXLess: Provision for impairment(X)(X)TotalXXTotal Property, plant and equipmentXXThe latest revaluations as at (date) were (specify whether or not revaluations were independently conducted). The valuer was … (specify the name of the valuer). The revaluation was based on … (specify the methods and significant assumptions applied in estimating the fair values. Where indexes are used, describe the nature of the index and date). Revaluations are shown on a gross basis where a replacement cost basis of valuations has been used. Asset revaluations based on a market basis have been disclosed on a net basis.Departments should endeavour to obtain replacement cost valuations where possible to enable gross values to be disclosed. Where agencies do not have the information available to them for gross disclosures, they may continue to disclose revaluations on a net basis. Future revaluations should be undertaken on a gross basis where possible.The carrying value of … (specify asset class) includes $X of assets held under a finance lease.Where the Department holds material Heritage and cultural assets the following must be disclosed: a brief description of their nature; anda brief description as to why any items are not being impaired (ie appropriate curatorial policies are in place).The Department has not recognised … (details of assets) in the Schedule of Assets and Liabilities due to the reliable measurement criteria for asset recognition not being met.The restriction on Administered assets includes … (identify detail of restriction).Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note REF _Ref292196572 \r \h \* MERGEFORMAT 17.19.Reconciliation of movements (including fair value levels)Reconciliations of the carrying amounts of each class of Property, plant and equipment at the beginning and end of the current and previous financial year are set out below. Carrying value means the net amount after deducting accumulated depreciation and accumulated impairment losses.2019LandLandBuildingsBuildingsLeasehold improvementsPlant equipment and vehiclesHeritage and cultural assetsTotalLevel 2 (vacant land in active markets)Level 3 (land?with no active markets and/or significant restrictions)Level 2 (general office buildings)Level 3 (specific purpose / use buildings)Level 3$’000$’000$’000$’000$’000$’000$’000$’000Carrying value at 1?JulyXXXXXXXXTransfer into Level 3 (from Level 2)XXXXXXXXTransfer out of Level 3 (to Level 2)(X)(X)(X)(X)(X)(X)(X)(X)AdditionsXXXXXXXXDisposals(X)(X)(X)(X)(X)(X)(X)(X)Net additions through restructuringXXXXXXXXGains/losses recognised in operating resultRevaluation increments (decrements)XXXXXXXXImpairment losses(X)(X)(X)(X)(X)(X)(X)(X)Impairment reversalsXXXXXXXXGains/losses recognised in other comprehensive incomeRevaluation increments (decrements)XXXXXXXXImpairment losses(X)(X)(X)(X)(X)(X)(X)(X)Impairment reversalsXXXXXXXXAssets held for sale(X)(X)(X)(X)(X)(X)(X)(X)Net transfers XXXXXXXXDepreciation and amortisation(X)(X)(X)(X)(X)(X)(X)(X)Carrying value at 30?JuneXXXXXXXX2018LandLandBuildingsBuildingsLeasehold improvementsPlant equipment and vehiclesHeritage and cultural assetsTotalLevel 2 (vacant land in active markets)Level 3 (land?with no active markets and/or significant restrictions)Level 2 (general office buildings)Level 3 (specific purpose / use buildings)Level 3$’000$’000$’000$’000$’000$’000$’000$’000Carrying value at 1?JulyXXXXXXXXTransfer into Level 3 (from Level 2)XXXXXXXXTransfer out of Level 3 (to Level 2)(X)(X)(X)(X)(X)(X)(X)(X)AdditionsXXXXXXXXDisposals(X)(X)(X)(X)(X)(X)(X)(X)Net additions through restructuringXXXXXXXXGains/losses recognised in operating resultRevaluation increments (decrements)XXXXXXXXImpairment losses(X)(X)(X)(X)(X)(X)(X)(X)Impairment reversalsXXXXXXXXGains/losses recognised in other comprehensive incomeRevaluation increments (decrements)XXXXXXXXImpairment losses(X)(X)(X)(X)(X)(X)(X)(X)Impairment reversalsXXXXXXXXAssets held for sale(X)(X)(X)(X)(X)(X)(X)(X)Net transfers XXXXXXXXDepreciation and amortisation(X)(X)(X)(X)(X)(X)(X)(X)Carrying value at 30?JuneXXXXXXXXFair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date. It is based on the principle of an exit price, and refers to the price an entity expects to receive when it sells an asset, or the price an entity expects to pay when it transfers a liability.Valuation techniques used to measure fair value shall maximise the use of relevant observable inputs and minimise the use of unobservable inputs.Agencies should make an assessment as to which fair value hierarchy level assets should be valued at, based on inputs to valuation techniques used to measure fair value.Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure the fair value to the extent that relevant observable inputs are not available.Level 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000Land – with no active markets and/or significant restrictionsXA – (specify)Note 1Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease. B – (specify)C – (specify)Buildings – specific purpose / use buildings (specify)XA – (specify)Note 1Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease.B – (specify)C – (specify)Heritage and cultural assetsXA – (specify)Note 2Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease.B – (specify)C – (specify)Examples of significant unobservable inputs used in valuation may include economic conditions, availability of demand for similar assets for sale, costs of credit, rarity of asset, condition of asset and design life.Note 1 When valuing these assets, their existing use and unlikely alternative uses, are taken into account by valuers. As a result, it is most unlikely that alternative values will arise unless there are more changes in known inputs.Note 2 Valuing these assets is an inexact science and it is not likely, that alternative values, applying other inputs would result in a materially different value.Assets where current use is not the highest and best useThe department holds ... (specify asset) that is used specifically for ... (specify use). Unless there is an explicit Government policy to the contrary, the highest and best use of an asset is the purpose for which that asset is currently being used / occupied. The Department considers that the highest and best use for this asset is ... (specify highest and best use). The fair value of this ... (specify asset) reflects its estimated selling price in the principal market.The highest and best use of a non-financial asset takes into account the use of the asset that is physically possible, legally permissible and financially feasible, and is determined from the perspective of market participants. Government policy is a legislative barrier for the purposes of highest and best use. Unless there is an explicit Government policy to the contrary, the highest and best use of a government building is the purpose for which the building is currently occupied.Administered InfrastructureFor Significant Accounting Policies relating to Infrastructure please refer to note REF _Ref389726100 \r \h 10.7.Carrying amount20192018$’000$’000At fair value (specify major categories)XXLess: Accumulated depreciation(X)(X)Less: Provision for impairment(X)(X)XXWork in progress at costXXTotal XXThe latest revaluations as at (date) were (specify whether or not revaluations were independently conducted). The valuer was … (specify the name of the valuer). The revaluation was based on … (specify the methods and significant assumptions applied in estimating the fair values. Where indexes are used, describe the nature of the index and date). Revaluations are shown on a gross basis where a replacement cost basis of valuations has been used. Asset revaluations based on a market basis have been disclosed on a net basis.Departments should endeavour to obtain replacement cost valuations where possible to enable gross values to be disclosed. Where agencies do not have the information available to them for gross disclosures, they may continue to disclose revaluations on a net basis. Future revaluations should be undertaken on a gross basis where possible.The carrying value of … (specify asset class) includes $X of assets held under a finance lease.The Department has not recognised … (details of assets) in the Schedule?of?Administered?Assets?and?Liabilities due to the reliable measurement criteria for asset recognition not being met.The restriction on Administered infrastructure assets includes … (identify detail of restriction).The carrying value of infrastructure includes $X of assets held under a finance lease.Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note REF _Ref292196572 \r \h \* MERGEFORMAT 17.19.The restriction on Administered assets includes … (identify detail of restriction).Reconciliation of movements (including fair value levels)20192019201920192018Level 2Level 3TotalTotal$’000$’000$’000$’000Carrying amount at 1 JulyXXXXAdditionsXXXXDisposals(X)(X)(X)(X)Net additions through restructuringXXXXAssets classified as held for sale(X)(X)(X)(X)Revaluation increments (decrements)XXXXImpairment losses(X)(X)(X)(X)Impairment reversalsXXXXNet transfers free of chargeXXXXDepreciation expense(X)(X)(X)(X)Carrying amount at 30 JuneXXXXLevel 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000Infrastructure (specify class)XA – (specify)B – (specify) C – (specify)Note 1Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease. Examples of significant unobservable inputs used in valuation may include economic conditions and condition of asset.Note 1 When valuing infrastructure their existing use and unlikely alternative uses, are taken into account. As a result, it is most unlikely that alternative values will arise unless there are more changes in known inputs.Administered Investment propertyFor significant Accounting Policies relating to Investment property please refer to note REF _Ref447637594 \r \h 10.8.Carrying amount20192018$’000$’000At fair value (specify major categories)XXXXWork in progress at costXXTotal XXProvide a description of the nature of investment property held by the Department.The carrying value of investment property includes $X of assets held under a finance lease.The restriction on Administered assets includes … (identify detail of restriction).The fair value of investment property was based on … (specify the methods and significant assumptions applied in estimating the fair values. Where indexes are used describe the nature of the index and date). The valuations are based on a valuation by an independent valuer (if this is not the case, that fact must be disclosed).Reconciliation of movements (including fair value levels)2019201920192018Level 2Level 3TotalTotal$’000$’000$’000$’000Carrying amount at 1 JulyXXXXNew purchasesXXXXCapitalised expenditureXXXXDisposals and assets classified as held for sale(X)(X)(X)(X)Net additions through restructuringXXXXNet gains(losses) from fair value adjustmentsXXXXNet transfers free of chargeXXXXCarrying amount at 30 JuneXXXXAmounts recognised in profit and loss for investment property20192018$’000$’000Rental incomeXXNet gain (loss) from fair value adjustmentXXDirect operating expenses from property that generated rental income(X)(X)Direct operating expenses from property that did not generate rental income(X)(X)Total XXLeasing arrangementsThe investment properties are leased to tenants under long term operating leases with rentals payable monthly. Minimum lease payments under noncancellable operating leases of investment properties not recognised in the financial statements are receivable as follows:20192018$’000$’000One year or lessXXFrom one to five years XXMore than five yearsXXTotal XXLevel 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000Investment property (specify class)XA – (specify)B – (specify) C – (specify)Note 1Specify reason/s are likely to increase?/ decrease inputs. As a result, it is likely / unlikely that values will increase?/ decrease. Examples of significant unobservable inputs used in valuation may include estimated rental value per square metre.Note 1 When valuing investment property their existing use and unlikely alternative uses, are taken into account. As a result, it is most unlikely that alternative values will arise unless there are more changes in known inputs.Contractual obligationsContractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements include . . . (specify contractual obligations).Administered IntangiblesFor significant Accounting Policies relating to Intangibles please refer to note REF _Ref104708862 \r \h 10.9.Carrying amountIdentify class of intangible if necessary eg software, licences, copyright etc.20192018$’000$’000Intangibles with a finite useful lifeAt cost (Description of intangible asset/s)XXAt fair value (Description of intangible asset/s)XXLess: Accumulated amortisation (X)(X)Less: Provision for impairment(X)(X)TotalXXIntangibles with an infinite useful life(Description of intangible asset/s)XXLess: Provision for impairment(X)(X)TotalXXTotal intangiblesXXThe latest revaluations as at (date) were (specify whether or not revaluations were independently conducted). The revaluation was based on … (specify the methods and significant assumptions applied in estimating the fair values).Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note REF _Ref292196572 \r \h \* MERGEFORMAT 17.19.The restriction on Administered assets includes … (identify detail of restriction).Describe the basis for determining why any intangible assets are considered to have an indefinite useful life.Reconciliation of movements (including fair value levels)2019201920192018Level 2Level 3TotalTotal$’000$’000$’000$’000Carrying amount at 1 JulyXXXXAdditions – internal developmentXXXXAdditions – otherXXXXDisposals and assets classified as held for sale(X)(X)(X)(X)Net additions through restructuringXXXXRevaluation increments (decrements)XXXXImpairment losses(X)(X)(X)(X)Net transfers free of chargeXXXXDepreciation/ amortisation expense(X)(X)(X)(X)Carrying amount at 30 JuneXXXXLevel 3 significant valuation inputs and relationship to fair valueDescriptionFair value at 30?June Significant unobserv-able inputs used in valuation Possible altern-ative values for level 3 inputsSensitivity of fair value to changes in level 3 inputs$’000Intangibles (specify class)XA – (specify)Note 1Increase?/ decrease in unobservable inputs would increase?/ decrease the fair value due to . . . (specify reason)B – (specify)Note 1 When valuing intangibles their existing use and unlikely alternative uses, are taken into account. As a result, it is most unlikely that alternative values will arise unless there are more changes in known inputs.Administered Other assetsFor significant Accounting Policies relating to Other assets please refer to note REF _Ref422130316 \r \h 10.10.Carrying amount20192018$’000$’000Other current assetsPrepaymentsXX(Identify asset)XXTotal XXOther non-current assets(Description of other asset/s)XXLess: Accumulated depreciation(X)(X)Less: Provision for impairment(X)(X)TotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XXThe carrying value of other assets includes $X of assets held under a finance lease.Where an impairment loss or reversal recognised for an individual asset is material, a description of the circumstances leading to the impairment must be disclosed.During 2018-19, … (specify asset) was assessed as being impaired. The impairment arose as a result of … (specify circumstances and nature of impairment). The amount of the impairment loss is $X (specify amount) and is included in … (specify class of asset). Details of impairment losses and reversals are at Note? REF _Ref292196572 \r \h \* MERGEFORMAT 17.19. The restriction on Administered assets includes … (identify detail of restriction).Reconciliation of movements20192018$’000$’000Carrying amount at 1 JulyXXAdditionsXXDisposals(X)(X)Net additions through restructuringXXRevaluation increments (decrements)XXImpairment losses(X)(X)Assets held for sale(X)(X)Net transfers XXDepreciation expense(X)(X)Carrying amount at 30 JuneXXAdministered PayablesFor significant Accounting Policies relating to Payables please refer to note REF _Ref101774215 \r \h 11.1.20192018$’000$’000CreditorsXXOperating lease rentalsXXAccrued expensesXXTax liabilities (specify)XXPaid Parental Leave Scheme liabilitiesXXOther (specify)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotalXXSettlement is usually made within … (state number) days.Administered Interest bearing liabilitiesFor significant Accounting Policies relating to Interest bearing liabilities please refer to note? REF _Ref98152860 \r \h \* MERGEFORMAT 11.2.Carrying amount20192018$’000$’000Loans from the State GovernmentXXLoans from the Australian GovernmentXXFinance leasesXXOther interest bearing liabilities (please specify)XXTotalXXAdministered finance lease maturity schedule20192018$’000$’000One year or lessXXFrom one to five yearsXXMore than five yearsXXMinimum lease paymentsXXLess: Future finance charges(X)(X)Total XXProvide a general description of finance lease arrangements, including the basis of contingent rental payments, the existence and terms of renewal or purchase options, restrictions imposed by lease arrangements.At reporting date, the Department had finance leases with terms averaging … (specify average term) and a maximum term of … (specify maximum) years. The interest rate implicit in the leases averaged … (specify average interest as a percentage) (specify average percentage for the previous period). The lease assets secure the lease liabilities.Administered ProvisionsFor significant Accounting Policies relating to Provisions please refer to note REF _Ref101774823 \r \h \* MERGEFORMAT 11.3.Carrying amount20192018$’000$’000(Specify type of provision)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotalXXProvide a description of the nature of the provision and any uncertainties about the timing or amount of the provision, including major assumptions.Reconciliation of movements in provisions(Provision class name)(Provision class name)(Provision class name)Total Provisions20192018201920182019201820192018$’000$’000$’000$’000$’000$’000$’000$’000Balance at 1 JulyXXXXXXXXIncreasesXXXXXXXXCharges against provision(X)(X)(X)(X)(X)(X)(X)(X)Reversals(X)(X)(X)(X)(X)(X)(X)(X)Changes in discountingXXXXXXXXBalance at 30 JuneXXXXXXXXAdministered Employee benefitsFor significant Accounting Policies relating to Employee benefits please refer to note REF _Ref448237597 \r \h 11.4.20192018$’000$’000Accrued salariesXXAnnual leaveXXLong service leaveXXOther (specify)XXTotalXXExpected to settle wholly within 12 monthsXXExpected to settle wholly after 12 monthsXXTotalXXAdministered SuperannuationFor significant Accounting Policies relating to Superannuation please refer to note REF _Ref448498777 \r \h 11.5.If the Department has a liability for unfunded superannuation, the following disclosures are required. Where the Actuary has provided superannuation disclosures, replace the following note with disclosures as provided by the ActuaryType of planRetirement Benefits Fund SchemeThe RBF contributory scheme is an unfunded defined benefit scheme for which the Department has a liability in respect of Tasmanian Public Sector employees under the age of 65 and appointed prior to 15?May?1999. The scheme provides eligible employees with a lump sum or pension benefits on attainment of retirement age. The benefits are calculated based on the number of years of service and the employee’s average salary for the previous three years. Employer obligations to the scheme are financed on an emerging cost basis.The scheme was closed to new members on 15?May?1999.The trustee of the scheme is the Superannuation Commission which administers the scheme in accordance with the Public Sector Superannuation Reform Act?2016.The unfunded liability is reflected in the difference between net assets available to pay benefits and the amount of accrued benefits as at 30?June?2019.An independent actuarial assessment is undertaken into the RBF Scheme as at 30?June each financial year. Provide details of any other superannuation schemes. Reconciliation of movements in Present value of superannuation liability(Scheme name)(Scheme name)(Scheme name)Total Liability20192018201920182019201820192018$’000$’000$’000$’000$’000$’000$’000$’000Balance at 1 JulyXXXXXXXXIncluded in profit of lossCurrent service costXXXXXXXXInterest costXXXXXXXXPast service costXXXXXXXXXXXXXXXXIncluded in other comprehensive incomeRe-measurement loss (gain):Actuarial loss (gain) arising from:Demographic assumptionsXXXXXXXXFinancial assumptionsXXXXXXXXReturn on plan assets excluding interestXXXXXXXXEffect of movement in exchange ratesXXXXXXXXXXXXXXXXOtherContributions by plan participantsXXXXXXXXBenefits paid(X)(X)(X)(X)(X)(X)(X)(X)XXXXXXXXBalance at 30 JuneXXXXXXXXThe following … (identify property), owned by the Superannuation Commission, was occupied by the … (identify the controlled entity).Plan assets at fair valueLevel 1(Quoted price in active market)Level 2(Observable inputs, not quoted)Total Fair value at 30 June201920182019201820192018$’000$’000$’000$’000$’000$’000Cash and cash equivalentsXXXXEquity instruments:(specify industry type)XXXXXXDebt instruments:(specify type of issuer, credit quality)XXXXXXProperty(segregate by geography)XXXXXXDerivatives(segregate by type of underlying risk in the contract)XXXXXXInvestment funds(segregate by type of fund)XXXXXXOther assets (specify)XXXXXXXXXXXXKey actuarial assumptions(Scheme name)(Scheme name)(Scheme name)Total Liability20192018201920182019201820192018Discount rateXXXXXXXXFuture return on assetsXXXXXXXXFuture rate of salary increasesXXXXXXXXOther (please specify)XXXXXXXXAs at 30?June?2019 the weighted average duration of the defined benefit obligation was . . . (specify) (2018: . . . (specify)). (Specify other information about the distribution of the timing of the benefits payment).Sensitivity analysisDefined benefit obligationIncreaseDecreaseMovement2019201820192018%$’000$’000$’000$’000Discount rateXXXXXFuture return on assetsXXXXXFuture rate of salary increasesXXXXXOther (please specify)XXXXXSpecify the methods and assumptions used in preparing the sensitivity analysis and the limitation s of those methods. Funding arrangementsContributions to the RBF in respect of defined benefit schemes are made on an emerging cost basis.The Department expects to make a contribution of $X?(specify amount) (2018:?$X) to the defined benefit plan during the next financial year. Provide details in relation to each superannuation scheme. Administered Other liabilitiesFor significant Accounting Policies relating to Other liabilities please refer to note REF _Ref448237625 \r \h 11.6.20192018$’000$’000Revenue received in advanceAppropriation carried forward under section 8A of the Public Account Act 1986XXOther revenue received in advanceXXOther liabilitiesEmployee benefits – on-costsXXLiabilities held for sale XXOther liabilities (specify)XXTotalXXSettled within 12 monthsXXSettled in more than 12 monthsXXTotal XX-660401460500Identify other liabilities and describe the significant terms and conditions applicable.Schedule of Administered Commitments20192018$’000$’000By typeCapital commitmentsProperty, plant and equipmentXXInfrastructureXXInvestment propertyXXOtherXXTotal capital commitmentsXXLease CommitmentsOperating leasesXXOtherXXTotal lease commitmentsXXOther commitments(Specify)XXTotal other commitmentsXXBy maturityCapital commitmentsOne year or lessXXFrom one to five yearsXXMore than five yearsXXTotal capital commitmentsXXOperating lease commitmentsOne year or lessXXFrom one to five yearsXXMore than five yearsXXTotal operating lease commitments XXOther commitmentsOne year or lessXXFrom one to five yearsXXMore than five yearsXXTotal other commitments XXTotalXXFor significant Accounting policies relating to Commitments and contingencies please refer to REF _Ref450915342 \r \h \* MERGEFORMAT Note?12.Provide a general description of lease arrangements, including the basis of contingent rental payments;the existence and terms of renewal or purchase options; andrestrictions imposed by lease arrangements.Provide a general description of capital commitments, including identification of the relevant Capital Investment Program or Special Capital Investment Funds project where applicable.Note: Commitments are GST inclusive where relevant.Administered Reserves2019LandBuildingsInfrast-ructurePlant and equipment Heritage and cultural assetsTotal$’000$’000$’000$’000$’000$’000Asset revaluation reserveBalance at the beginning of financial yearXXXXXXRevaluation increments/ (decrements)XXXXXXImpairment lossesXXXXXXReversals of impairment lossesXXXXXXTransfers to accumulated surplusXXXXXXShare of increments in reserve attributable to associatesXXXXXXShare of increments in reserve attributable to jointly controlled entitiesXXXXXXOther (specify)XXXXXXBalance at end of financial yearXXXXXX2018LandBuildingsInfrast-ructurePlant and equipment Heritage and cultural assetsTotal$’000$’000$’000$’000$’000$’000Asset revaluation reserveBalance at the beginning of financial yearXXXXXXRevaluation increments/ (decrements)XXXXXXImpairment lossesXXXXXXReversals of impairment lossesXXXXXXTransfers to accumulated surplusXXXXXXShare of increments in reserve attributable to associatesXXXXXXShare of increments in reserve attributable to jointly controlled entitiesXXXXXXOther (specify)XXXXXXBalance at end of financial yearXXXXXXInclude Asset revaluation reserve for each relevant class of asset only. Departments should include additional classes of Asset revaluation reserves, such as Joint Ventures and Associates, where relevant.Departments should also consider reconciliation of other types of reserves, such as Available for Sale Assets.Nature and purpose of administered reservesAsset revaluation reserveThe Asset revaluation reserve is used to record increments and decrements on the revaluation of Nonfinancial assets.Other reservesDescribe the nature and purpose of any other reserves.Administrative Restructuring (Administered)For significant Accounting Policies relating to Restructuring please refer to note REF _Ref390163816 \r \h 13.2.As a result of a restructuring of administrative arrangements, the Department assumed responsibility for (specify activities) on (specify date). The Department relinquished its responsibility for (specify activities) on (specify date).In respect of activities assumed, the net book values of assets and liabilities transferred to the Department from (specify Department) for no consideration and recognised as at the date of transfer were:20192018$’000$’000Net assets assumed on restructure (specify class of assets) Total assets recognisedXX(specify class of liabilities)Total liabilities recognisedXXNet assets (liabilities) assumed on restructureXXIn respect of activities relinquished, the Department transferred the following assets and liabilities to (specify Department):20192018$’000$’000Net assets relinquished on restructure (specify class of assets)Total assets relinquishedXX(specify class of liabilities)Total liabilities relinquishedXXNet assets (liabilities) relinquished on restructureXXNet contribution by the Government as owner during the periodXXActivity (specify)20192018$’000$’000RevenuesRecognised by Department ABC XXRecognised by Department DEFXXRecognised by Department XYZXXTotal revenuesXXExpensesRecognised by Department ABCXXRecognised by Department DEFXXRecognised by Department XYZXXTotal expensesXXPrior year comparatives have not been adjusted or realigned to reflect the restructure.The transferee must disclosure the total annual expenses and income items of the activities transferred, showing separately those income and expense items recognised by the transferor during the reporting periodThe Schedule of Administered Income and Expenses recognises only those expenses and revenues incurred or earned whilst the functions were under the control of the Department.Administered Cash and depositsFor Significant Accounting Policies relating to Cash and deposits please refer to REF _Ref448311223 \r \h Note?14.Administered Cash and deposits includes the balance of the Special Deposits and Trust Fund Accounts held by the Department, and other cash held, which are administered or held in a trustee capacity or agency arrangement.20192018$’000$’000Special Deposits and Trust Fund balance(Specify the balance of each account held in the Special Deposits and Trust Fund)XXTotalXXOther cash held(Specify any other cash held)XXTotalXXCash equivalents (specify)XXTotal cash and depositsXXDisclosure of components of cash is required by AASB 107. Special Deposits and Trust Fund disclosures will satisfy this requirement. Individual Special Deposits and Trust Fund Account balances may be made up of cash held at Treasury and other cash or investments. The total balance of cash in the Account must be shown. The nature and composition of other cash and cash equivalents must also be disclosed.Reconciliation of Administered Net Result to Net Cash from Administered Operating Activities20192018$’000$’000Net result from transactions (net operating balance)XXDepreciation and amortisationXX(Gain) loss from sale of non-financial assets(X)(X)Bad and doubtful debtsXXImpairment lossesXXExpected credit lossX….Decrease (increase) in ReceivablesXXDecrease (increase) in PrepaymentsXXDecrease (increase) in Accrued revenueXXDecrease (increase) in InventoriesXXDecrease (increase) in tax assetsXXDecrease (increase) in Other assetsXXIncrease (decrease) in Employee entitlementsXXIncrease (decrease) in PayablesXXIncrease (decrease) in Accrued expensesXXIncrease (decrease) in tax liabilitiesXXIncrease (decrease) in Other liabilitiesXXNet cash from (used by) operating activitiesXXAcquittal of Administered Capital Investment and Special Capital Investment FundsThe Department received Works and Services Appropriation funding and revenues from Special Capital Investment Funds to fund specific projects.Cash outflows relating to these projects are listed below by category. Budget information refers to original estimates and has not been subject to audit.Provide details of all Special Capital Investment Funds of a nature similar to Infrastructure Tasmania Fund projects.Project expenditure?201920192018?BudgetActualActual$’000$’000$’000Capital Investment ProgramSpecify projectXXXTotalXXX????Infrastructure Tasmania FundSpecify projectXXXTotalXXXProvide explanations of material variances between budget and actual for each project. Classification of cash flowsThe project expenditure above is reflected in Statement of Cash Flows as follows.20192018$’000$’000Cash outflowsOther cash paymentsMaintenanceXXOther (specify)XXPayments for acquisition of assetsXXOther cash paymentsXXTotal cash outflowsXXAdministered Financing facilitiesDisclose details of any undrawn financing facilities or credit standby arrangements held by the Department, including the nature of each arrangement and the total amount of credit unused. Undrawn financing facilities do not include undrawn balances of the Tasmanian Government Card. The Tasmanian Government Card is a purchasing card, not a credit facility.20192018$’000$’000(Specify facility and the extent to which it can be continued or extended)Amount usedXXAmount unusedXXTotalXXAdministered reconciliation of liabilities arising from financing activitiesLiabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Statement of Cash Flows as cash flows from financing activities.2019Borrowings?$’000?Lease liabilities?$’000?Specify other item$’000Balance as at 1 July 2018X?X?X?Acquisitions / New leasesX?X?X?Foreign exchange rate movementsX?X?X?Changes in fair valueX?X?X?Other movementsX?X?X?Transfers to / (from) other Government entityX?X?X?Changes from financing cash flows: Cash ReceivedX??X??X? Cash Repayments(X)(X)(X)Balance as at 30 June 2019X?X?X?2018Borrowings?$’000?Lease liabilities?$’000?Specify other item$’000Balance as at 1 July 2018X?X?X?Acquisitions / New leasesX?X?X?Foreign exchange rate movementsX?X?X?Changes in fair valueX?X?X?Other movementsX?X?X?Transfers to / (from) other Government entityX?X?X?Changes from financing cash flows: Cash ReceivedX??X??X? Cash Repayments(X)(X)(X)Balance as at 30 June 2019X?X?X?Administered Financial instrumentsRisk management policiesThe Department has exposure to the following risks from its use of financial instruments: credit risk;liquidity risk; andmarket risk.The Head of Agency has overall responsibility for the establishment and oversight of the Department’s risk management framework. Risk management policies are established to identify and analyse risks faced by the Department, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Credit risk exposuresCredit risk is the risk of financial loss to the Department if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial InstrumentAccounting and strategic policies (including recognition criteria and measurement basis and credit quality of instrument)Nature of underlying instrument (including significant terms and conditions affecting the amount. Timing and certainty of cash flows)Financial AssetsReceivables(Specify Departmental policy on measuring and managing receivables risk, and credit quality of instrument)(Specify general terms of trade)Guarantees(Specify Departmental policy on measuring and managing guarantees risk, and credit quality of instrument)(Specify what the guarantee(s) cover)Cash and deposits(Specify Departmental policy on measuring and managing Cash and deposits risk, and credit quality of instrument)(e.g. Cash means notes, coins and any deposits held at call with a bank or financial institution)Due to the new measurement requirements under AASB 9 it is important that the Department discloses its current policy for measuring financial assets under AASB 9, and explain the effect the change has on the financial statements from which was presented under AASB 139.Disclose any particulars regarding the Department’s credit risk including:any changes to credit risk policy and methods from the previous period; a description and value of any collateral held as security or other credit enhancements by financial asset class including terms and conditions relating to its pledge;brief information about the credit quality of financial assets that are neither past due nor impaired; andquantitative disclosures of the Department’s concentrations of credit risk e.g. credit risk rating, limited number of individual counterparties, etc where it is not already apparent from the descriptions and other information provided in this credit risk exposure subsection.Except as detailed in the following table, the carrying amount of administered financial assets recorded in the Financial Statements, net of any allowances for losses, represents the Departments maximum exposure to credit risk without taking into account of any collateral or other security:20192018$’000$’000Guarantee providedXXOther (Specify)XXTotal XXReceivables age analysis - expected credit lossThe simplified approach to measuring expected credit losses is applied, which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on historical observed loss rates adjusted for forward looking factors that will have an impact on the ability to settle the receivables. The loss allowance for trade debtors as at 30 June 2019 and 1 July 2018 (adoption of AASB 9) are as follows.Expected credit loss analysis of administered receivables as at 30 June 2019 Not past duePast due 1-30 (specify) daysPast due 31-60 (specify) days Past due 61-90 (specify) daysPast due 91+ daysTotal$’000$’000$’000$’000$’000$’000Expected credit loss rate (A) XXXXXXTotal gross carrying amount (B)XXXXXXExpected credit loss (A x B) XXXXXXExpected credit loss analysis of administered receivables as at 1 July 2018 (adoption date of AASB 9) Not past duePast due 1-30 (specify) daysPast due 31-60 (specify) days Past due 61-90 (specify) daysPast due 91+ daysTotal$’000$’000$’000$’000$’000$’000Expected credit loss rate (A) XXXXXXTotal gross carrying amount (B)XXXXXXExpected credit loss (A x B) XXXXXXThe analysis above excludes statutory receivables and prepayments as these do not fall within the scope of AASB 7. As a result the total will not match what is included in the receivables note if the entity has any of those items.The following table is for comparative purposes only, and represents the age analysis that was published as part of the Departments 2017-18 financial statements under the previous accounting standards.Analysis of financial assets at 30 June 2018 but not impairedNot past duePast due xx (specify) daysPast due xx (specify) daysPast due xx (specify) daysTotal$’000$’000$’000$’000$’000Receivables XXXXXOther Financial Assets (specify asset)XXXXXWhere the Department has obtained administered financial or nonfinancial assets during the period by taking possession of collateral it holds as security or calling on other credit enhancements, the Department must disclose the nature and carrying amount of the assets and when the assets are not readily convertible into cash, its policies for disposing of such assets or for using them in its operations.Liquidity riskLiquidity risk is the risk that the Department will not be able to meet its financial obligations as they fall due. The Department’s approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its liabilities when they fall due. Financial InstrumentAccounting and strategic policies (including recognition criteria and measurement basis)Nature of underlying instrument (including significant terms and conditions affecting the amount. Timing and certainty of cash flows)Financial LiabilitiesPayables(Specify Departmental policy on measuring payables)(Specify invoice settlement period)Interest?bearing liabilities(Specify Departmental policy on measuring interest bearing liabilities)(Specify payment basis)Disclose any particulars regarding the Department’s liquidity risk includinga description of how the Department manages and methods used to measure liquidity risk; andany changes to liquidity risk policy and methods from the previous period. The following tables detail the undiscounted cash flows payable by the Department by remaining contractual maturity for its financial liabilities. It should be noted that as these are undiscounted, totals may not reconcile to the carrying amounts presented in the Schedule of Assets and Liabilities:2019Maturity analysis for administered financial liabilities1 Year$’000 2 Years$’0003 Years$’0004 Years$’000 5 Years$’000More than 5 Years$’000Undiscounted Total$’000Carrying Amount$’000Financial liabilitiesPayablesXXXXXXXXBorrowingsXXXXXXXXFinance leases XXXXXXXXOther financial liabilities XXXXXXXXTotal XXXXXXXXCarrying amount is taken from the Schedule of Administered Assets and Liabilities2018Maturity analysis for administered financial liabilities1 Year$’000 2 Years$’0003 Years$’0004 Years$’000 5 Years$’000More than 5 Years$’000Undiscounted Total$’000Carrying Amount$’000Financial liabilitiesPayablesXXXXXXXXBorrowingsXXXXXXXXFinance leases XXXXXXXXOther financial liabilities XXXXXXXXTotal XXXXXXXXCarrying amount is taken from the Schedule of Administered Assets and LiabilitiesIf, during the financial year, the Department defaulted on any administered loans payable the following details must be disclosed:1) Details of any defaults;2) The carrying amount of the loan payable in default at reporting date; and3) Whether the default was remedied, or the terms of the loans were renegotiated. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The primary market risk, that the Department is exposed to, is interest rate risk. Disclose any particulars regarding the Department’s market risk including: a description of how the Department manages and methods used to measure market risk; andany changes to market risk policy and methods from the previous period.At the reporting date, the interest rate profile of the Department’s administered interest bearing financial instruments was:20192018$’000$’000Administered fixed rate instrumentsFinancial assetsXXFinancial liabilitiesXXTotalXXAdministered variable rate instrumentsFinancial assetsXXFinancial liabilitiesXXTotalXXChanges in variable rates of 100 basis points at reporting date would have the following effect on the Department’s profit or loss and equity:Sensitivity Analysis of Department’s Exposure to Possible Changes in Interest RatesSchedule of Administered Income and ExpensesAdministered Equity100 basis points increase100 basis points decrease100 basis points increase100 basis points decrease30 June 2019Specify financial instrumentXXXXNet sensitivityXXXX30 June 2018Specify financial instrumentXXXXNet sensitivityXXXXThis analysis assumes all other variables remain constant. The analysis was performed on the same basis in the prior year. Categories of Administered Financial Assets and LiabilitiesAASB 9 Carrying amount2019$’000Administered financial assetsFinancial assets at fair value through profit and loss – mandatory classificationXFinancial assets at fair value through profit and loss – designated on initial recognitionXFinancial assets at fair value through other comprehensive incomeXFinancial assets at fair value through other comprehensive income - Equity investments designated on initial recognitionXAmortised costXTotalXAdministered financial LiabilitiesFinancial liabilities at fair value through profit and lossXFinancial liabilities measured at amortised costXTotalXAASB 139 Carrying amount2018$’000Administered financial assetsFinancial assets at fair value through profit and loss – mandatory classificationXFinancial assets at fair value through profit and loss – designated on initial recognitionXFinancial assets at fair value through profit and loss – held for tradingXHeldtomaturity investmentsXLoans and receivablesXAvailableforsale financial assetsXTotalXAdministered financial liabilitiesFinancial liabilities at fair value through profit and lossXFinancial liabilities measured at amortised costXTotalXIf the Department has designated any loans or receivables at fair value through profit and loss, further disclosures must be made. See AASB 7 (9 – 11). Assets or liabilities that are not contractual (such as income taxes that are created as a result of statutory requirements imposed by governments are not financial assets or financial liabilities. Statutory receivables and payables are not financial assets or financial liabilities and are excluded from financial instrument disclosure.Derecognition of Administered Financial AssetsFor information relating to Derecognition of Administered Financial Assets please refer to Note REF _Ref448736975 \r \h 15.parison between Carrying Amount and Net Fair Value of Financial Assets and LiabilitiesCarrying Amount 2019Net Fair Value 2019Carrying Amount 2018Net fair Value 2018$’000$’000$’000$’000Administered financial assetsCash at bankXXXXCash in Special Deposits and Trust FundXXXXOther administered financial assets InvestmentsXXXX Other (specify)XXXXTotal administered financial assetsXXXXAdministered financial liabilities(Recognised)Finance lease liabilitiesXXXXOther administered financial liabilities BorrowingsXXXX Other (specify)XXXXTotal administered financial liabilities(Recognised)XXXXUnrecognised administered financial instruments(Specify)XXXXTotal unrecognised administered financial instrumentsXXXXContractual financial assets and financial liabilities are disclosed. Statutory assets and liabilities are not considered financial instruments and are excluded from these Fair Values of Administered Financial Assets and Liabilities 2019Net Fair Value Level 1Net Fair Value Level 2Net fair Value Level 3Net Fair Value Total$’000$’000$’000$’000Administered financial assets (Specify administered financial assets measured at net fair value)XXXXTotal administered financial assetsXXXXAdministered financial liabilities(Specify administered financial liabilities measured at net fair value)XXXXTotal administered financial liabilitiesXXXXUnrecognised administered financial instruments(Specify)XXXXTotal unrecognised administered financial instrumentsXXXX2018Net Fair Value Level 1Net Fair Value Level 2Net fair Value Level 3Net Fair Value Total$’000$’000$’000$’000Administered financial assets(Specify administered financial assets measured at net fair value)XXXXTotal administered financial assetsXXXXAdministered financial liabilities(Specify administered financial liabilities measured at net fair value)XXXXTotal administered financial liabilitiesXXXXUnrecognised administered financial instruments(Specify)XXXXTotal unrecognised administered financial instrumentsXXXXThe recognised fair values of administered financial assets and administered financial liabilities are classified according to the fair value hierarchy that reflects the significance of the inputs used in making these measurements. The Department uses various methods in estimating the fair value of a financial instrument. The methods comprise:Level 1 the fair value is calculated using quoted prices in active markets;Level 2 the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); andLevel 3 the fair value is estimated using inputs for the asset or liability that are not based on observable market data.Transfer between categoriesSignificant transfers between Level 1 and Level 2 include . . . (specify transfers between Level 1 and Level?2). The reasons for those transfers are (specify reasons for transfers).Reconciliation of Level 3 Fair Value Movements20192018$’000$’000Opening balanceTotal gains and lossesXXOther comprehensive incomeXXPurchasesXXSalesXXTransfers from other categoriesXXClosing balanceXXTotal gain or loss stated in the table above for assets held at the end of the reporting periodXXThe Department uses … (specify method for determining fair value of Level 3 instruments). The potential effect of using reasonably possible alternative assumptions … (disclose alternative assumption) … and the effect of that of those changes would be … (disclose effect of changes).Administered Financial AssetsThe net fair values of cash and non-interest bearing monetary financial assets approximate their carrying amounts. The net fair values of … (specify financial assets) are based on … (specify basis for measurement including the methods, and when a valuation technique is used, the assumptions applied in determining fair values of each class and the total amount of the change in fair value estimated using such a valuation technique recognised in profit or loss during the period).Disclosure of fair value are not required for:When the carrying amount is a reasonable approximation of fair value, for example, for financial instruments such as short-term trade receivables and payables; orfor an administered contract containing a discretionary participation feature (as described in AASB 4 Insurance Contracts) if the fair value feature cannot be reliably measured.The following information must also be disclosed:the fact that fair value information has not been disclosed because fair value cannot be measured reliably;a description of the financial instruments, their carrying amount, and an explanation of why fair value cannot be measured reliably;information about the market for the instruments;information about whether and how the Department intends to dispose of the financial instruments; andif financial instruments whose fair value previously could not be reliably measured are derecognised, that fact, their carrying amount at the time of derecognition, and the amount of gain or loss recognised.Administered Financial LiabilitiesThe net fair values of … (specify financial liabilities) are based on … (specify basis for measurement including the methods, and when a valuation technique is used, the assumptions applied in determining fair values of each class and the total amount of the change in fair value estimated using such a valuation technique recognised in profit or loss during the period).The net fair values for trade creditors are approximated by their carrying amounts.Unrecognised Administered Financial InstrumentsThe net fair values of indemnities are regarded as the maximum possible loss which the State faces while the indemnity remains current.The net fair values of … (specify unrecognised financial instrument) are based on … (specify basis for measurement including the methods, and when a valuation technique is used, the assumptions applied in determining fair values of each class and the total amount of the change in fair value estimated using such a valuation technique recognised in profit or loss during the period).Transactions and Balances Relating to a Trustee or Agency ArrangementActivities Undertaken Under a Trustee or Agency RelationshipTransactions relating to activities undertaken by the Department in a trust or fiduciary (agency) capacity do not form part of the Department’s activities. Trustee and agency arrangements, and transactions/balances relating to those activities, are neither controlled nor administered.Fees, commissions earned and expenses incurred in the course of rendering services as a trustee or through an agency arrangement are recognised as controlled transactions.Account/ActivityOpening balanceNet transactions during 2018-19Closing balance$’000$’000$’000(Provide description of account)XXXDisclose any balances relating to trustee or agency arrangements that are transacted through either the Special Deposits and Trust Fund or outside the Public Account.Events Occurring After Balance DateThe following … (description of event) occurred after the reporting date. The financial effect of this event has not been recognised. … (Provide an estimate of the financial effect of the event that has not been recognised).Only nonadjusting events should be disclosed in REF evntsbaldate5 \w \h \* MERGEFORMAT Note?19.A nonadjusting event is an event that occurs which provides evidence of conditions that arose after the reporting date and that has a material impact on the financial position of the Department. The nature of the event and estimated financial effect is to be outlined in REF evntsbaldate5 \w \h \* MERGEFORMAT Note?19.An example of a major event relating to conditions subsequent to the reporting date is a significant administrative restructure occurring early in the next financial yearWhere no subsequent events have occurred the following wording must be included:There have been no events subsequent to balance date which would have a material effect of the Department’s Financial Statements as at 30?June?2019.Any events that: occurred after the end of the financial reporting period; and provide evidence of conditions that existed at the reporting datemust be adjusted for in the Financial Statements. Other Significant Accounting Policies and JudgementsThe Model Departmental Financial Statements are to be used as a template to provide information explaining the Department’s activities. Line items and other information contained within the Model Financial Statements that do not apply to the Department’s activities should be removed.Objectives and FundingThe Department’s objectives are to … (identify objectives). The Department is structured to meet the following outcomes … (identify outcomes).Departmental activities are classified as either controlled or administered.Controlled activities involve the use of assets, liabilities, revenues and expenses controlled or incurred by the Department in its own right. Administered activities involve the management or oversight by the Department, on behalf of the Government, of items controlled or incurred by the Government, as reported at Note REF _Ref289954102 \r \h \* MERGEFORMAT 2.4. The Department is a Tasmanian Government not-for-profit entity that is predominantly funded through Parliamentary appropriations. It also provides services on a fee for service basis, as outlined in Notes? REF _Ref98151557 \r \h 6.5 and REF _Ref103399875 \r \h 17.8. The financial statements encompass all funds through which the Department controls resources to carry on its functions.Basis of AccountingThe Financial Statements are a general purpose financial report and have been prepared in accordance with:Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board; andThe Treasurer’s Instructions issued under the provisions of the Financial Management and Audit Act?1990.The Financial Statements were signed by the Secretary on (specify date).Compliance with the Australian Accounting Standards may not result in compliance with International Financial Reporting Standards, as the AAS include requirements and options available to not-for-profit organisations that are inconsistent with IFRS. The Department is considered to be not-for-profit and has adopted some accounting policies under the AAS that do not comply with IFRS.The Financial Statements have been prepared on an accrual basis and, except where stated, are in accordance with the historical cost convention. The accounting policies are generally consistent with the previous year except for those changes outlined in Note REF _Ref98226974 \r \h \* MERGEFORMAT 20.6.The Financial Statements have been prepared as a going concern. The continued existence of the Department in its present form, undertaking its current activities, is dependent on Government policy and on continuing appropriations by Parliament for the Department’s administration and activities.The Department should disclose within this Note where it is known it will cease to be a going concern, due to an Administrative?Arrangements Order or similar event.The Department has made no assumptions concerning the future that may cause a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.Reporting EntityThe Financial Statements include all the controlled activities of the Department. The Financial?Statements consolidate material transactions and balances of the Department and entities included in its output groups. Material transactions and balances between the Department and such entities have been eliminated.The Department must provide a list of entities whose transactions and balances are included in its Consolidated Financial Statements in note? REF _Ref450915768 \r \h \* MERGEFORMAT 16.1. Functional and Presentation CurrencyThese Financial Statements are presented in Australian dollars, which is the Department’s functional currency. Fair PresentationIt would be extremely unusual for a Department to depart from Australian Accounting Standards. Where departures are made, the following disclosures are required:the title of the Australian Accounting Standard not applied;the nature of the requirement not applied;the reason why compliance with the Standard would not result in fair presentation; andthe adjustments the Department considers to be required to achieve fair presentation.Changes in Accounting PoliciesImpact of new and revised Accounting StandardsWhen applying new accounting standards, they are to applied retrospectively with comparative information not to be restatedIn the current year, the Department has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board that are relevant to its operations and effective for the current annual reporting period. These include:AASB 7 Financial Instruments: Disclosures - the objective of this Standard is to require entities to provide disclosures in their financial statements that enable users to evaluate the significance of financial instruments for the entity’s financial position and performance; and the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity mages those risks. The amendments to this Standard have resulted in a reconciliation being required where there is a reclassification of financial assets or liabilities resulting from the adoption of AASB 9. The financial impact is (specify assessed impact).AASB?9 Financial Instruments - the objective of this Standard is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant information to users of financial statements for their assessment of the amounts, timing, uncertainty of an entity’s future cash flows, and to make amendments to various accounting standards as a consequence of the issuance of AASB?9. AASB 9 has replaced accounting for impairment losses with a forward looking expected credit loss approach. The Department has applied AASB 9 retrospectively and has not restated comparative information which was reported under AASB 139. Any differences arising from the adoption of AASB 9 have been recognised directly to equity. The effect of the change in impairment model to that of expected credit loss under AASB 9 is shown below.Allowances for impairment under AASB 139 as at 30?June?2018Re-measurementExpected credit loss under AASB?9 as at 1?July?2018(specify asset type)XXXTotalXXXAASB 9 introduces new classification and measurement requirements. This has had the following impact on the Department.Measurement categoryCarrying amountAASB 139AASB 930 June 20181 July 2018Difference$000’s$000’s$000’sReceivablesLoans and ReceivablesAmortised CostXXX(specify asset/liability type)(specify)(specify)XXXTotalXXXIn addition to the impact that measurement categories may have on the Department’s financial statements, the following re-classification impacts have occurred due to the introduction of AASB?9.Fair-Value through Profit and LossFair-value through Other Comprehensive IncomeOther$000’s$000’s$000’sClosing balance at 30 June 2018 (AASB 139)(specify asset/liability type)XXXOpening balance 1 July 2018 (AASB 9)XXXThe overall effect on equity due to the adoption of AASB 9 is as followsReservesAccumulated FundsTotal Change in Equity$000’s$000’s$000’sClosing balance at 30 June 2018Re-classification adjustmentsXXXRe-measurement impactsXXXRecognition of AASB 9 expected credit lossXXXOpening balance 1 July 2018XXXThe above disclosures are shown for Controlled Activities Only. Departments will need to review and include similar disclosures for Administered Activities.(name of other new and/or revised Accounting Standard and/or Interpretation)Impact of new and revised Accounting Standards yet to be appliedWhen applying new accounting standards, they are to applied retrospectively with comparative information not to be restatedThe following applicable Standards have been issued by the AASB and are yet to be applied:AASB?15 Revenue from Contracts with Customers – The objective of this Standard is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, an uncertainty of revenue and cash flows arising from a contract with a customer. In accordance with 20158 Amendments to Australian Accounting Standards - Effective Date of AAS?15, this Standard applies to annual reporting periods beginning on or after 1?January?2019. Where an entity applies the Standard to an earlier annual reporting period, it will disclose that fact. The future impact is (specify retrospective approach and assessed impact). The financial impact is (specify retrospective approach and assessed impact).20145 Amendments to Australian Accounting Standards arising from AASB?15 – The objective of this Standard is to make amendments to Australian Accounting Standards and Interpretations arising from the issuance of AASB?15 Revenue from Contracts with Customers. This Standard applies when AASB?15 is applied, except that the amendments to AASB?9 (December?2009) and AASB?9 (December?2010) apply to annual reporting periods beginning on or after 1?January?2018. This Standard will be applied when AASB?15 is applied. The financial impact is (specify retrospective approach and assessed impact).2016-3 Amendments to Australian Accounting Standards - Clarifications to AASB?15 - The objective of this Standard is to clarify the requirements on identifying performance obligations, principal versus agent considerations and the timing of recognising revenue from granting a licence. This Standard applies to annual periods beginning on or after 1?January?2019. The impact is enhanced disclosure in relation to revenue. The financial impact is (specify retrospective approach and assessed impact). AASB?16 Leases – The objective of this Standard is to introduce a single lessee accounting model and require a lessee to recognise assets and liabilities. This Standard applies to annual reporting periods beginning on or after 1 January 2019. The standard will result in most of the Department’s operating leases being brought onto the Statement of Financial Position and additional note disclosures.? The calculation of the lease liability will take into account appropriate discount rates, assumptions about the lease term, and required lease payments. A corresponding right to use asset will be recognised, which will be amortised over the term of the lease.? There are limited exceptions relating to low-value leases and short-term leases.? Operating lease costs will no longer be shown. The Statement of Comprehensive Income impact of the leases will be through amortisation and interest charges. The Department’s current operating lease cost is shown at notes 7.3 and 17.14.? In the Statement of Cash Flows, lease payments will be shown as cash flows from financing activities instead of operating activities. Further information on the Department’s current operating lease position can be found at notes 12.1 and 17.38. The financial impact is (specify retrospective approach and assessed impact).AASB?1058 Income of NotforProfit Entities - The objective of this Standard is to establish principles for notforprofit entities that apply to transactions where the consideration to acquire an asset is significantly less that fair value principally to enable a notforprofit entity to further its objectives, and the receipt of volunteer services. This Standard applies to annual reporting periods beginning on or after 1?January?2019. The impact is enhanced disclosure in relation to income of notforprofit entities. The financial impact is (specify retrospective approach and assessed impact).AASB 1059 Service Concession Arrangements: Grantors – The objective of this Standard is to prescribe the accounting for a service concession arrangement by a grantor that is a public sector entity. This Standard applies on or after 1 January 2020. The impact of this Standard is enhanced disclosure in relation to service concession arrangements for grantors that are public sector entities. The financial impact is (specify retrospective approach and assessed impact). (name of any other new Accounting Standard yet to be adopted not listed above, the nature of the change, and date of application).The adoption of these standards is estimated to result in the following financial impact on the Department:Where an assessment has been made, the Department should include disclosure to that effect. Where it is known, the Department should also disclose in its financial report the financial impacts on the statements for future years. If this is not known, a statement should be made to that effect above e.g. The Department has not yet determined the potential effect of the revised Standard on the Department’s Financial Statements. Year$’000Statement of Comprehensive Income Net result XSpecify material differences by line item nameXNet result including expected impactXStatement of Financial Position Net assets (liabilities) XSpecify material differences by line item nameXNet assets (liabilities) including expected impactXTransactions administered on behalf of the whole-of-government Net result XSpecify material differences by line item nameXNet result including expected impactXNet assets (liabilities) Specify material differences by line item nameXNet assets (liabilities) including expected impactXVoluntary changes in accounting policy The Department has adopted new accounting policies in relation to … (specify the nature of the change in accounting policy). The impact of the changes has been adjusted in the comparative information presented in the Financial Statements and associated notes. The change in accounting policy results in the presentation of more relevant and reliable information because (specify reason for change).Provide a brief description of the change in accounting policy giving rise to the expected impact disclosed above and the reason why the new accounting policy provides more relevant and reliable information.The effect of the voluntary change in accounting policy is as follows:20192018$’000$’000Statement of Comprehensive IncomeNet result XXSpecify material differences by line item nameXXNet result including expected impactXXStatement of Financial PositionNet assets (liabilities) XXSpecify material differences by line item nameXXNet assets (liabilities) including expected impactXXTransactions administered on behalf of the whole-of-governmentNet result XXSpecify material differences by line item nameXXNet result including expected impactXXNet assets (liabilities) Specify material differences by line item nameXXNet assets (liabilities) including expected impactXXThe impact of the change in accounting policy to periods prior to those presented is as follows:Year$’000Name of new and/or revised Accounting Standard and/or InterpretationThe Financial Reports of the Department need not repeat these disclosures in subsequent periods. The early adoption of an Accounting Standard is not a voluntary change in accounting policy. Early adoption should be disclosed under Note? REF Impct26a \w \h \* MERGEFORMAT 20.6(a).Correction of ErrorAn error, made in a prior reporting period, must be corrected by amending the comparative figures presented in the Financial?Statements. Where the error occurred in a period preceding the comparative year, the opening balance of equity is adjusted.Where an error is discovered the following disclosures are required:-the nature of the error; and-in the notes, the amount of the correction of the fundamental error relating to prior reporting periods, including: each line item affected and the amount; andthe amount of the correction to retained profits or accumulated losses at the start of the earliest reporting period presented.During 2018-19, it was identified that … (specify nature of transaction) was incorrectly recorded in the 201718 Financial Statements. The transaction was recorded as … (specify incorrect treatment). The correct treatment is … (specify revised treatment). The impact of the correction is as follows:2018$’000Statement of Comprehensive Income Net result XSpecify adjustments XNet result including expected impactXStatement of Financial PositionNet assets (liabilities) XSpecify adjustmentsXNet assets (liabilities) including expected impactXTransactions administered on behalf of the whole-of-government Net result XSpecify adjustmentsXNet result including expected impactXNet assets (liabilities) Specify adjustmentsXNet assets (liabilities) including expected impactXUnrecognised Financial InstrumentsThe Department has a number of financial instruments that are recognised at amortised cost and are not recognised in the Statement of Financial Position, as they have no carrying value. Details of the fair value of unrecognised financial instruments are disclosed at Notes? REF _Ref289178686 \r \h \* MERGEFORMAT 15.4 and 17.50.Foreign CurrencyTransactions denominated in a foreign currency are converted at the exchange rate at the date of the transaction. Foreign currency receivables and payables are translated at the exchange rates current as at balance parative FiguresComparative figures have been adjusted to reflect any changes in accounting policy or the adoption of new standards. Details of the impact of changes in accounting policy on comparative figures are at Note? REF _Ref98226974 \r \h \* MERGEFORMAT 20.6. If any adjustments to comparative figures have been made as a result of the correction of an error, the following note should be included.Amendments to comparative figures arising from correction of an error are disclosed at Note? REF _Ref98226974 \w \h \* MERGEFORMAT 20.6.Where amounts have been reclassified within the Financial Statements, the comparative statements have been restated.Restructures of Outputs within the Department (internal restructures) that do not affect the results shown on the face of the Financial Statements are reflected in the comparatives in the Departmental Output Schedules at REF _Ref101947135 \r \h Note?2.The comparatives for external administrative restructures are not reflected in the Financial Statements.RoundingAll amounts in the Financial Statements have been rounded to the nearest thousand dollars, unless otherwise stated. As a consequence, rounded figures may not add to totals. Amounts less than $500 are rounded to zero and are indicated by the symbol “…”.Departmental TaxationThe Department is exempt from all forms of taxation except Fringe Benefits Tax and Goods and Services Tax.Goods and Services TaxRevenue, expenses and assets are recognised net of the amount of Goods and Services Tax, except where the GST incurred is not recoverable from the Australian Taxation Office. Receivables and payables are stated inclusive of GST. The net amount recoverable, or payable, to the Australian Taxation Office is recognised as an asset or liability within the Statement of Financial Position.In the Statement of Cash Flows, the GST component of cash flows arising from operating, investing or financing activities which is recoverable from, or payable to, the Australian Taxation Office is, in accordance with the Australian Accounting Standards, classified as operating cash flows.List of Changes to the Model Departmental Financial StatementsDescription of ChangeReferenceImplementation of AASB 9Expected credit loss has replaced Impairment loss for 2018-19 for all financial asset note disclosures. VariousCredit risk disclosures have been updated to reflect AASB 9.15.1 and 17.46Significant Accounting PoliciesChanges in accounting policies updated to reflect current impact of new and revised Accounting Standards20.6A number of reconciliations have been added to reflect the transitionary impact of AASB 9 when compared to the prior accounting treatment under AASB 139.20.6Timeframe for the year end processThe year end process requirements listing has been prepared to ensure an efficient year end process, and to assist with a smooth and timely audit. Please provide information to the Tasmanian Audit Office in electronic format, where rmation RequiredDue DateContact OfficerFinancial Statements1.0Financial Report1.1Shell financial statements:Shell set of financial statements for the year ending 30?June?2019.1.2Draft consolidated financial report for the year ended 30?June?2019 (including a Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements).1.3Detailed trial balance as at 30?June?2019 summarising the general ledger account balances for the Statement of Comprehensive Income, Statement of Financial Position and Notes to the Financial Statements.1.4Detailed workings to support the Statement of Changes in Equity and reconciliation note as at 30?June?2019.1.5Detailed workings to support the Statement of Cash Flows and reconciliation note as at 30?June?2019.1.6Analytical review of material balances in the financial report together with explanations for variances greater than 10 per cent between current and prior year.1.7General journals:Listing of journals (manual and system) processed at year-end.1.8Schedule of significant post balance date events.1.9Consolidation work papers:A consolidation worksheet to support the consolidated figures reported within the financial statements.1.10Final signed and certified Financial Report.14?August?20191.11Management Representation Letter in relation to disclosures within the financial report.Following receipt from audit of unadjusted differences and disclosure deficiencies. 2.0Revenue2.1A schedule to support Revenue for the period of audit.3.0Expenses3.1Post 30?June?2019 payments listing:Listing of Payments from 1?July?2019 to 31?July?2019. Details to include:name of vendor;payment details/description;batch number;amount paid;cheque number;cheque date; anddate of service.3.2GST Reconciliation:GST reconciliation, including:reconciliation of GST receivable / payable as per the general ledger to the Business Activity Statement; andcopy of Business Activity Statement for the June?2019 rmation requiredDue DateContact Officer4.0Employee benefits expense4.1Details of fortnightly Employee Numbers by pay group for the period 1?July?2018 to 30?June?2019, and access to payroll reports to confirm such information.4.2Schedule to support any wages and salary accrual at 30?June?2019 together with the basis of calculation.4.3A list of staff terminations and commencements since 1?July?2018 to date.5.0Cash and other financial assets5.1Reconciliation of all bank account balances as per the general ledger together with all appropriate supporting documentation (i.e. bank statements, unpresented cheque listings etc.) at 30?June?2019.5.2A schedule to support the other financial assets balance as at 30?June?2019.5.3Other financial assets, namely available for sale financial assets, require documentation to support management’s assessment as to whether or not the financial assets are impaired at balance date.6.0Receivables6.1Reconciliation of trade debtors as per the general ledger to the subsidiary records as at 30?June?2019. Aged debtors listing to be attached.Supporting documentation will be requested for a sample of material debtors.7.0Prepayments7.1A listing of prepayments as at 30?June?2019. The listing should identify the nature of the items (i.e. prepaid insurance etc).8.0Inventories8.1Schedule of inventories by category as at 30?June?2019, as applicable.9.0Property, plant and equipment / intangibles / investment properties9.1Fixed Assets Movement Schedule:Summary schedule of movements in property, plant and equipment for the period e.g. opening balance (+) additions (-) disposals (+/-) transfers (-) depreciation (+/-) revaluation adjustments = closing balance. Electronic system generated reports should be available to support the electronic listing of additions, disposals, transfers and depreciation expense line items. 9.2Reconciliation of asset category totals per the Fixed Asset Register to the General Ledger control accounts and explanations for any variances as at 30?June?2019.9.3Schedule of assets written off by asset category. Provide details of cost, accumulated depreciation and WDV of assets written off.9.4A copy of the land and building revaluation spreadsheet and access to documentation / correspondence.9.5Documentation to support management’s annual review and reassessment of asset useful lives as required by AASB?136.9.6Documentation to support Management’s fair value assessment of asset categories under AASB?rmation requiredDue DateContact Officer9.7Asset impairment:Work papers supporting asset impairment assessments performed by the department.Work papers substantiating calculations of recoverable amounts.Work papers supporting assessment of useful lives of all assets.Copies of authorised general journals substantiating posting to general ledger.9.8Capital Works:Schedule to support the capital works in progress balance as at 30?June?2019. The schedule should include:opening Balance for each project;additions to the WIP Balance;closing WIP for each project;estimated cost of the project upon completion;estimated completion date of project;whether there is a capital commitment existing at year end related to the project; andprojects completed and capitalised.9.9Intangible Assets:A schedule to support the intangibles balance as at 30?June?2019.10.0Payables10.1A reconciliation of trade creditors as per the general ledger and the accounts payable module as at 30?June?2019. A detailed listing of trade creditors or the last page of a trade creditors report should be attached. 10.2A reconciliation of goods received but not yet invoiced as at 30?June?2019. 10.3A listing of accruals as at 30?June?2019.Supporting documentation (i.e. invoice, bank statement, payment authorisation) will be requested for a sample of material accruals.10.4A listing of payments made during first four weeks of July 2019.Supporting documentation will be requested for a sample of payments.11.0Employee benefit provisions11.1A schedule to support the provision for annual leave as at 30?June?2019, together with details as to how amounts were calculated for each employee, including settlement expectations. For example:payroll on-costs included;leave loading applicable; andfuture pay rises considered.11.2A schedule to support the provision for long service leave as at 30?June?2019, together with details as to how the amounts were calculated for each employee. For example:payroll on-costs;discount factors;inflation factors; andprobability factors.The discounted cashflow worksheets should identify the variables used to discount Long Service Leave to net present value and anticipated cash flows.11.3A reconciliation of employee numbers as per the payroll system (i.e. report from last payrun) to the provisions for annual leave and long service leave respectively, together with an explanation for any variance in numbers.11.4Access to personnel files and the payroll system / reports to confirm movement in leave balances for a sample of staff. 11.5Copy of valuation of superannuation liability (where applicable).Information requiredDue DateContact Officer12.0Other liabilities12.1A schedule to support the revenue in advance balance as at 30?June?2019.12.2TaxCopy of Tax calculations13.0Equity and Reserves13.1Schedule summarising the movement in the equity balances (i.e. retained earnings, contributed capital, and reserves) for the financial year and reconciled to the general ledger accounts at 30?June?2019.13.2A schedule to support any contributed capital contributions arising during the financial year from:transfers of assets or liabilities to / from other wholly owned public sector agencies; andgovernment grants Notes disclosure14.0Financial instruments disclosure14.1A schedule/documentation to support management’s ageing analysis of financial assets. In essence the carrying amount at 30?June?2019 is subclassified according to the following three categories:not past due date and not impairedpast due date but not impairedimpaired14.2A schedule/documentation to support management’s maturity analysis of financial liabilities. In essence the carrying amount at 30?June?2019 is subclassified according to the following five categories:1 year;2 years;3 years;4 years;5 years; andOver 5 years15.0Commitments15.1Capital commitments:Schedule to support capital commitments as at 30?June?2019, with the commitment classified as follows:< 1 year> 1 year and < 5 years> 5 years.N.B. Projects will be selected for further testing to contracts.15.3Operating Commitments:Schedule to support operating commitments at 30?June?2019, with the commitment classified as follows:< 1 year> 1 year and < 5 years> 5 years.N.B. The schedule should identify the individual commitments that support the total rmation requiredDue DateContact Officer16.0Contingencies16.1Documentation to support contingent matters disclosed in the financial statements at 30?June?2019, as applicable.List of all solicitors (even if not used in current year), names, addresses with summary of current legal actions (to be emailed).Solicitors representation letters as at 30?June?2019.17.0Other DisclosuresLessor Disclosures:Schedule to support lessor disclosures and supporting workpapersRelated Party Transactions:Declarations by KMP, including transaction listing to support statement disclosures; andAccess to other related registers, such as conflicts of interest.General information18.0Other information18.1Changes to Audit Committee Membership:Listing of current members of the Audit Committee with the date each member was appointed, qualifications and previous experience. (Only if there has been any changes since last audit visit).Upon request18.2Recent Developments:Listing of all recent developments, i.e. new business and organisational developments, changes in key rmation available18.3Minutes:Audit Committee minutes.Remuneration Committee minutes.Upon request18.4Internal Audit:Internal Audit reports issued.Upon request18.5Prior Years Management Letter issues:Update on status of prior year management letter issues.18.6Report of suspected fraud, irregularity etc:Reports of suspected fraud, irregularity, losses, thefts etc from 1?July?2018 to date.Upon request18.7Management Representation Letter:Management Representation Letter.Upon request ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download