Statement of changes in equity

as at 30 June

  Retained Earnings Asset Revaluation Reserves Contributed Equity/Capital Total Equity
  2008
$’000		   2007
$’000		 2008
$’000		   2007
$’000		 2008
$’000		   2007
$’000		 2008
$’000		 2007
$’000
Opening balance
Balance carried forward from previous period 17,272   24,725 4,557   2,899 38,955   17,479 60,784 45,103
Adjustment for errors (419) 1 (27) (50) 4 - -   11 (469) (16)
Adjustment for changes in accounting policies -   - -   - -   - - -
Adjusted opening balance 16,853   24,698 4,507   2,899 38,955   17,490 60,315 45,087
 
Income and expenses                      
Revaluation adjustment -   355 2,229 8 1,658 -   - 2,229 2,013
Sub-total income and expenses recognised directly in equity -   355 2,229   1,658 -   - 2,229 2,013
Surplus (Deficit) for the period 10,879   (7,781) -   - -   - 10,879 (7,781)
Total income and expenses 10,879   (7,426) 2,229   1,658 -   - 13,108 (5,768)
 
Transactions with owners                      
Distributions to owners                      
Returns on capital                      
  Dividends -   - -   - (1,058) 5 - (1,058) -
  Returns of capital -   - -   - (24,918) 9 - (24,918) -
  Restructuring (8,252) 2 - -   - (153) 6 - (8,405) -
  Returns of contributed equity (115) 3 - -   - -   - (115) -
Contributions by Owners                      
  Appropriations (equity injections) -   - -   - 272 7 21,465 272 21,465
  Restructuring -   - -   - -   - - -
Sub-total transactions with owners (8,367)   - -   - (25,857)   21,465 (34,224) 21,465
Transfers between equity components -   - -   - -   - - -
Closing balance at 30 June 19,365   17,272 6,736   4,557 13,098   38,955 39,199 60,784
Closing balance attributable to the Australian Government 19,365   17,272 6,736   4,557 13,098   38,955 39,199 60,784
 

Notes

  1. On 18 July 2007 the department received funding from AusAid that was incorrectly recognised as revenue in the 2006–07 financial reporting period.  This adjustment reinstates the remaining unearned revenue liability of $419,328 and allows progressive recognition of the revenue as it is earned.
  2. As a result of the machinery of government changes the net assets recorded in the Campaign Advertising Special Account were transferred to the Department of Finance and Deregulation
  3. In 2007–08, $115,163 of departmental assets were reclassified as Administered assets.
  4. Adjustment to the value of assets recorded at 30 June 2007.
  5. Represents the return of non-special public money from the Services for other Entities and Trust Moneys Special Account.
  6. As a result of the machinery of government changes, prior year appropriations and liabilities have been transferred between affected agencies for functions transferred in/out of the agency.
  7. Represents equity injections appropriated at Additional Estimates 2007–08.
  8. Revaluation increment of the leasehold fitout at One National Circuit (refer note 6A for further details) partially offset by an adjustment to makegood asset.
  9. $24.7 million of unspent APEC funding and $0.2 million of unspent Australia 2020 Summit funding to be returned to the Budget.
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Last Updated: 6 November, 2008