Objectives of the Entity
Geoscience Australia (GA) is an Australian Government controlled not‐for‐profit entity. The objective of GA is to assist government and the community to make informed decisions about the use of natural resources, the management of the environment and community safety.
GA is structured to meet a single outcome: to inform government, industry and community decisions on the economic, social and environmental management of the nation’s natural resources through enabling access to geoscientific and spatial information.
The continued existence of the entity in its present form and with its present programs is dependent on Government policy and on continued funding by Parliament for the entity’s administration and programs.
GA's activities contributing toward its outcome are classified as either departmental or administered. Departmental activities involve the use of assets, liabilities, income and expenses controlled or incurred by the entity in its own right. Administered activities involve the management or oversight by the entity, on behalf of the Government, of items controlled or incurred by the Government.
GA administers a grant to the International Geological Correlation Program on behalf of the Government.
The Basis of Preparation
The financial statements are general purpose financial statements and are required by subsection 42(2) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
The financial statements have been prepared in accordance with:
- Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
- Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.
GA's financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars and values are rounded to the nearest thousand, unless disclosure of the full amount is specifically required.
New Accounting Standards Requirements
New Australian Accounting Standard Requirements
The following new standards, revised standards, interpretations and amending standards issued by the Australian Accounting Standards Board are applicable and adopted in this reporting period:
- AASB 9 Financial Instruments.
All other standards, revised standards, interpretations and amending standards issued by the Australian Accounting Standards Board prior to the signing of the statements by the CEO and the CFO have no material financial impact on the 2018‐19 financial statements and are not expected to have a material future financial impact.
Future Australian Accounting Standard Requirements
The following new standards, revised standards, interpretations and amending standards issued by the Australian Accounting Standards Board are applicable and are expected to have a material impact on the financial statements for future reporting periods. AASB 15 Revenue from Contracts with Customers (effective date 1 January 2019)
AASB 16 Leases (effective date 1 January 2019)
AASB 1058 Income of Not‐for‐Profit Entities (effective date 1 January 2019)
GA is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST). Revenues, expenses, assets and liabilities are recognised net of GST, except:
- where the amount of GST incurred is not recoverable from the Australian Taxation Office; and
- for receivables and creditors.
Reporting of Administered activities
Administered revenues, expenses, assets, liabilities and cash flows are disclosed in the administered schedules and related notes. GA has no administered assets or liabilities.
Except where otherwise stated, administered items are accounted for on the same basis and using the same policies as for departmental items, including the application of Australian Accounting Standards.
Events After the Reporting Period
There were no events occurring after 30 June 2019 that would have material impact on both departmental and administered financial statements.