Statement of changes in equity
for the period ended 30 June 2019
|
2019 |
2018 |
Original Budget |
|||
|---|---|---|---|---|---|
|
Notes |
$’000 |
$’000 |
$’000 |
||
|
CONTRIBUTED EQUITY |
|||||
|
Opening balance |
|||||
|
Balance carried forward from previous period |
2,013 |
2,013 |
2,013 |
||
|
Contributions by owners |
|||||
|
Equity injection — appropriations |
860 |
– |
860 |
||
|
Total transactions with owners |
860 |
– |
860 |
||
|
Closing balance as at 30 June |
2,873 |
2,013 |
2,873 |
||
|
RETAINED EARNINGS |
|||||
|
Opening balance |
|||||
|
Balance carried forward from previous period |
(205) |
739 |
(620) |
||
|
Adjustment for changes in accounting policies |
– |
– |
(13) |
||
|
Adjusted opening balance |
(205) |
739 |
(633) |
||
|
Comprehensive income |
|||||
|
Deficit for the period |
(1,195) |
(944) |
(399) |
||
|
Total comprehensive income |
(1,195) |
(944) |
(399) |
||
|
Closing balance as at 30 June |
(1,400) |
(205) |
(1,032) |
||
|
ASSET REVALUATION RESERVE |
|||||
|
Opening balance |
|||||
|
Balance carried forward from previous period |
173 |
154 |
154 |
||
|
Comprehensive income |
|||||
|
Other comprehensive income |
– |
19 |
– |
||
|
Total comprehensive income |
– |
19 |
– |
||
|
Closing balance as at 30 June |
173 |
173 |
154 |
||
|
TOTAL EQUITY |
|||||
|
Opening balance |
|||||
|
Balance carried forward from previous period |
1,981 |
2,906 |
1,547 |
||
|
Comprehensive income |
|||||
|
Deficit for the period |
(1,195) |
(944) |
(399) |
||
|
Other comprehensive income |
– |
19 |
– |
||
|
Total comprehensive income |
(1,195) |
(925) |
(399) |
||
|
Transactions with owners |
|||||
|
Contributions by owners |
|||||
|
Equity injection — appropriations |
860 |
– |
860 |
||
|
Total transactions with owners |
860 |
– |
860 |
||
|
Closing balance as at 30 June |
1,645 |
1,981 |
1,995 |
The above statement should be read in conjunction with the accompanying notes.
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
The major variance on the Statement of Changes in Equity relates to retained earnings and comprehensive income.
As a non-corporate Commonwealth entity and in accordance with net cash appropriation arrangements the OAIC budgets for a break-even operating result, adjusted for depreciation and amortisation expense. During the reporting period a combination of factors as outlined in the commentary on the Statement of Comprehensive Income resulted in an operating deficit.
Visit
https://www.transparency.gov.au/annual-reports/office-australian-information-commissioner/reporting-year/2018-2019-37