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Statement of changes in equity

For the period ended 30 June 2020

Retained surplus

Asset revaluation reserve

Total Equity

2020

$’000

2019

$’000

2020

$’000

2019

$’000

2020

$’000

2019

$’000

Opening balance

Balance carried forward
from previous period

34,156

34,590

8,012

7,075

42,168

41,665

Adjustment for initial application
of AASB 15 /AASB 1058

(4,360)

(4,360)

Adjusted opening balance

29,796

34,590

8,012

7,075

37,808

41,665

Comprehensive income

Surplus/(deficit) for the period

6,283

(434)

937

6,283

503

Total comprehensive income

6,283

(434)

937

6,283

503

of which:

Attributable to the Australian Government

6,283

(434)

937

6,283

503

Closing balance as at 30 June 2019

36,079

34,156

8,012

8,012

44,091

42,168

Accounting policy

Equity injections

Amounts appropriated which are designed as ‘equity injections’ for a year (less any formal reductions).

Other distributions to owners

The Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) requires that distributions to owners be debited to contributed equity unless it is in the nature of a dividend. In 2019–20 the Central Land Council (CLC) did not make any contributions to owners (2018-19 $0).