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Statement of Changes in Equity

For the period ended 30 June 2020

2020

20191

Original budget1

$'000

$'000

$'000

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

8,578

5,760

5,760

Adjusted opening balance

8,578

5,760

5,760

Comprehensive income

Restructuring1

-5,516

0

0

Other comprehensive income

539

2,818

0

Total comprehensive income

-4,977

2,818

0

Closing balance as at 30 June

3,601

8,578

5,760

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

112,980

111,604

118,610

Adjustment for changes in accounting policies

0

-584

0

Other2

-492

0

0

Adjustment on initial application of AASB 163

22,069

0

0

Adjusted opening balance

134,557

111,020

118,610

Comprehensive income

Other comprehensive income

539

2,818

0

Deficit for the period

-12,965

-26,927

-22,365

Total comprehensive income

-12,426

-24,109

-22,365

Transactions with owners

Distributions to owners

Return of capital:

Restructuring1

-73,875

0

0

Contributions by owners

Appropriation (equity injection)

0

8,273

1,897

Departmental Capital Budget (DCB)

13,164

17,796

20,277

Total transactions with owners

-60,711

26,069

22,174

Closing balance as at 30 June

61,420

112,980

118,419

1 The National Indigenous Australian Agency (NIAA) was established in the PM&C portfolio as at 1 July 2019. Prior year comparative information presented in these financial statements contain balances that have since transferred to NIAA. Refer Note 8.2 Restructuring.

2 Relates to assets recognised by shared service clients.

3 PM&C applied AASB 16 Leases on 1 July 2019.

Accounting Policy

Equity injections

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and DCBs are recognised directly in contributed equity in that year.

Restructuring of Administrative Arrangements

Net assets received from or relinquished to another Government entity under a restructuring of administrative arrangements are adjusted at their book value directly against contributed equity.

Other Distributions to/from 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.