Statement of Changes in Equity
For the period ended 30 June 2020
2020 $'000 | 2019 $'000 | Original Budget 2020 $'000 | |
|---|---|---|---|
CONTRIBUTED EQUITY | |||
Opening balance | 1,823 | 1,823 | 1,823 |
Adjusted opening balance | 1,823 | 1,823 | 1,823 |
Closing balance as at 30 June | 1,823 | 1,823 | 1,823 |
RETAINED EARNINGS | |||
Opening balance | 7,220 | 4,759 | 4,045 |
Adjustment for prior year error | (259) | - | - |
Adjustment on initial application of AASB 15/AASB 1058 | (2,083) | - | - |
Adjustment on initial application of AASB 16 | 2,172 | - | - |
Adjusted opening balance | 7,050 | 4,759 | 4,045 |
Comprehensive income | |||
Surplus/(deficit) for the period | (799) | 2,461 | - |
Total comprehensive income | (799) | 2,461 | - |
Closing balance as at 30 June | 6,251 | 7,220 | 4,045 |
ASSET REVALUATION RESERVE | |||
Opening balance | 2,254 | 2,254 | 2,254 |
Adjusted opening balance | 2,254 | 2,254 | 2,254 |
Comprehensive income | |||
Other comprehensive income | 259 | - | - |
Total comprehensive income | 259 | - | - |
Closing balance as at 30 June | 2,513 | 2,254 | 2,254 |
TOTAL EQUITY | |||
Opening balance | 11,297 | 8,836 | 8,122 |
Adjustment for prior year error | (259) | - | - |
Adjustment on initial application of AASB 15/AASB 1058 | (2,083) | - | - |
Adjustment on initial application of AASB 16 | 2,172 | - | - |
Adjusted opening balance | 11,127 | 8,836 | 8,122 |
Comprehensive income | |||
Surplus/(deficit) for the period | (799) | 2,461 | - |
Other comprehensive income | 259 | - | - |
Total comprehensive income | (540) | 2,461 | - |
Closing balance as at 30 June | 10,587 | 11,297 | 8,122 |
The above statement should be read in conjunction with the accompanying notes.
- Adjustment relates to prior year receivable from Government, which should have recognised as revenue on receipt in 2019-20.
- Adjustment relates to prior year in the application of accounting standards that affected the opening balance of Retained Earnings.
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
FSANZ budgets for a breakeven position each year and does not budget for a surplus. The variances in the Equity table are included in the balance sheet variance explanations.
Visit
https://www.transparency.gov.au/annual-reports/food-standards-australia-new-zealand/reporting-year/2019-20-6