Transition to NZ IFRS
The following table shows the changes in Taxpayers' Funds resulting from the transition from previous NZ GAAP to NZ IFRS.
| NOTE | PREVIOUS NZ GAAP 1 JULY 2006 $(000) |
EFFECT ON TRANSITION TO NZ IFRS 1 JULY 2006 $(000) |
NZ IFRS 1 JULY 2006 $(000) |
NZ IFRS ESTIMATED ACTUAL 30 JUNE 2007 $(000) |
NZ IFRS FORECAST 30 JUNE 2008 $(000) | |
|---|---|---|---|---|---|---|
| TAXPAYERS' FUNDS | ||||||
| General funds | 2, 3 | 23,730 | (678) | 23,052 | 24,442 | 26,971 |
| Revaluation reserve | 362 | - | 362 | 1,762 | 1,762 | |
| Total Taxpayers' Funds | 24,092 | (678) | 23,414 | 26,204 | 28,733 | |
| Represented by: | ||||||
| Current Assets | ||||||
| Cash | 10,908 | - | 10,908 | 8,318 | 6,373 | |
| Debtors and receivables | 15,041 | - | 15,041 | 11,200 | 11,200 | |
| Inventory | 4 | 3,397 | (3,327) | 70 | 100 | 100 |
| Prepayments | 852 | - | 852 | 750 | 750 | |
| Total Current Assets | 30,198 | (3,327) | 26,871 | 20,368 | 18,423 | |
| Non-Current Assets | ||||||
| Debtors and receivables | 2,792 | - | 2,792 | - | - | |
| Inventory | 4 | - | 3,327 | 3,327 | 3,300 | 3,300 |
| Property, plant and equipment | 1 | 47,530 | (12,445) | 35,085 | 37,355 | 34,825 |
| Intangible assets | 1 | - | 12,445 | 12,445 | 19,412 | 24,216 |
| Total Non-Current Assets | 50,322 | 3,327 | 53,649 | 60,067 | 62,341 | |
| Total Assets | 80,520 | - | 80,520 | 80,435 | 80,764 | |
| Current Liabilities | ||||||
| Creditors and payables | 22,529 | - | 22,529 | 20,103 | 20,103 | |
| Employee entitlements | 2 | 8,817 | 480 | 9,297 | 9,480 | 9,730 |
| Unearned revenue | 11,060 | - | 11,060 | 9,500 | 9,000 | |
| Provisions | 3 | 405 | 198 | 603 | 498 | 498 |
| Finance lease liability | 1,921 | - | 1,921 | 2,200 | 2,200 | |
| Provision for repayment to the Crown | 14 | - | 14 | - | - | |
| Total Current Liabilities | 44,746 | 678 | 45,424 | 41,781 | 41,531 | |
| Non-Current Liabilities | ||||||
| Employee entitlements | 7,681 | - | 7,681 | 7,750 | 8,000 | |
| Provisions | 300 | - | 300 | 300 | 300 | |
| Finance lease liability | 3,701 | - | 3,701 | 4,400 | 2,200 | |
| Total Non-Current Liabilities | 11,682 | - | 11,682 | 12,450 | 10,500 | |
| Total Liabilities | 56,428 | 678 | 57,106 | 54,231 | 52,031 | |
| Net Assets | 24,092 | (678) | 23,414 | 26,204 | 28,733 |
The Statement of Accounting Policies should be read in conjunction with these financial statements.
Contact for Enquiries
Strategy and Performance Group
Ministry of Agriculture and Forestry
Pastoral House
25 The Terrace
PO Box 2526, Wellington
Tel: +64 4 894 0100
Fax: +64 4 894 0738
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