Statement of Changes in Equity
for the period ended 30 June 2020 | |||
2020 | |||
Original | |||
2020 | 2019 | Budget | |
$’000 | $’000 | $’000 | |
CONTRIBUTED EQUITY | |||
Opening balance | |||
Balance carried forward from previous period | 12,808 | 12,199 | 12,969 |
Transactions with owners | |||
Departmental capital budget | 455 | 609 | 455 |
Total transactions with owners | 455 | 609 | 455 |
Closing balance as at 30 June | 13,263 | 12,808 | 13,424 |
RETAINED EARNINGS | |||
Opening balance | |||
Balance carried forward from previous period | -8,763 | -5,789 | -9,407 |
Adjustment on initial application of AASB 16 | 2,609 | - | - |
Adjusted opening balance | -6,154 | -5,789 | -9,407 |
Comprehensive income | |||
Surplus for the period | 2,397 | -3,366 | -1,573 |
Total comprehensive income | 2,397 | -3,366 | -1,573 |
Transfers between equity components | - | 392 | - |
Closing balance as at 30 June | -3,757 | -8,763 | -10,980 |
ASSET REVALUATION RESERVE | |||
Opening balance | |||
Balance carried forward from previous period | 3,773 | 4,202 | 4,199 |
Adjusted opening balance | 3,773 | 4,202 | 4,199 |
Comprehensive income | |||
Other comprehensive income | -192 | -37 | - |
Total comprehensive income | -192 | -37 | - |
Transfers between equity components | - | -392 | - |
Closing balance as at 30 June | 3,581 | 3,773 | 4,199 |
TOTAL EQUITY | |||
Opening balance | |||
Balance carried forward from previous period | 7,818 | 10,612 | 7,761 |
Adjustment on initial application of AASB 16 | 2,609 | ||
Adjusted opening balance | 10,427 | 10,612 | 7,761 |
Comprehensive income | |||
Surplus for the period | 2,397 | -3,366 | -1,573 |
Other comprehensive income | -192 | -37 | - |
Total comprehensive income | 2,205 | -3,403 | -1,573 |
Transactions with owners | |||
Departmental capital budget | 455 | 609 | 455 |
Total transactions with owners | 455 | 609 | 455 |
Closing balance as at 30 June | 13,087 | 7,818 | 6,643 |
The above statement should be read in conjunction with the accompanying notes.
Accounting Policy
Equity injections
Amounts appropriated which are designated as 'equity injections' for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.
Budget Variances Commentary
The closing balance of equity is $6.4 million higher than the Original Budget. The variance comprises transition impacts associated with AASB 16 of $2.6 million, $0.2 million revaluation decrement and $4.0 million variance in the forecast operating result.
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https://www.transparency.gov.au/annual-reports/australian-fisheries-management-authority/reporting-year/2019-20-33