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Statement of Changes in Equity

for the period ended 30 June 2021

2021

2020

Original budget

$'000

$'000

$'000

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

3,601

8,578

3,601

Adjusted opening balance

3,601

8,578

3,601

Comprehensive income

Restructuring

-

(5,516)

-

Other comprehensive income

294

539

-

Total comprehensive income

294

(4,977)

-

Closing balance as at 30 June

3,895

3,601

3,601

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

61,420

112,980

61,414

Other 1

-

(492)

-

Adjustment on initial application of AASB 16 2

-

22,069

-

Adjusted opening balance

61,420

134,557

61,414

Comprehensive income

Other comprehensive income

294

539

-

(Deficit) for the period

(18,465)

(12,965)

(11,593)

Total comprehensive income

(18,171)

(12,426)

(11,593)

Transactions with owners

Distributions to owners

Restructuring 3

(277)

(73,875)

-

Contributions by owners

Departmental Capital Budget

8,109

13,164

8,209

Total transactions with owners

7,832

(60,711)

8,209

Closing balance as at 30 June

51,081

61,420

58,030

1 Relates to assets recognised by shared service clients.

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

3 The NRRA was established on 5 May 2021. In the 2019-20 period, the NIAA was established on 1 July 2019, and the Deregulation agenda added to the portfolio on 4 December 2019. Refer to Note 8.2 Restructuring.

Accounting Policy

Equity injections

Amounts appropriated which are designated as equity injections for a year (less any formal reductions) and departmental capital budgets 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 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.