Go to top of page

Statement of Changes in Equity for the year ended 30 June 2020

Retained earnings

Total equity

2020

2019

Original Budget

2020

2019

Original Budget

$'000's

$'000's

$'000's

$'000's

$'000's

$'000's

Opening Balance

1,329

1,935

1,935

1,329

1,935

1,935

Adjustment for changes in accounting policies

1,619

0

0

1,619

0

0

Adjusted opening balance

2,948

1,935

1,935

2,948

1,935

1,935

Comprehensive Income

Surplus / (Deficit) for the period

1,336

-606

0

1,336

-606

0

Other comprehensive income

0

0

0

0

0

0

Total comprehensive income

1,336

-606

1,935

1,336

-606

1,935

Closing balance as at 30 June

4,284

1,329

1,935

4,284

1,329

1,935

Budget Variances Commentary

1. Surplus / (deficit) for the period – In the time since the budget was set, the implementation of AASB 15 impacted ACARA for the 2020 financial year. Additionally, savings were made with changed working conditions in the latter half of the year. This is being treated as a technical surplus, and there is an expectation that the FY21 year will deliver a technical deficit to account for the changed treatment.

Variances are considered to be “major” based on the following:

  The variance between budget and actual is greater than 10%; and

  An item below this threshold but which is considered important for the readers understanding or is relevant to an assessment of the discharge of accountability and to an analysis of performance of ACARA.

The above statement should be read in conjunction with the accompanying notes