Notes to the Financial Statements
For the year ended 30 June 2004
43. Administered assets and liabilities
(ii) Notes to the Schedules of Administered Items - Joint venture
The Minister has a 26 per cent interest in a joint venture with LandCorp and the City of Bunbury to develop, subdivide and sell land in Bunbury.
The following represents the Minister's interests in the joint venture operation:
| |
2004
$ 000 |
 |
| Expenses |
|
| Cost of sales |
528 |
| Estate expenses |
42 |
| Share of joint venture expenses |
570 |
|
|
| |
|
| Revenues |
|
| Sales |
576 |
| Interest |
20 |
| Share of joint venture revenues |
596 |
|
|
| |
|
| Current Assets |
|
| Sales |
680 |
| Developed land |
76 |
| Work in progress |
391 |
| Other current assets |
6 |
|
|
| Share of joint venture current assets |
1,153 |
|
|
| |
|
| Non Current Assets |
|
| Undeveloped land |
729 |
|
|
| Share of joint venture non current assets |
729 |
|
|
| Total share of joint venture assets |
1,882 |
|
|
| |
|
| Current Liabilities |
|
| Accounts payable |
4 |
|
|
| Share of joint venture current liabilities |
4 |
|
|
As at 30 June 2003, the joint venture was reported in the financial statements of the then Department of Land Information. On 1 July 2003, the joint venture was transferred to the Department for Planning and Infrastructure for administration on behalf of the Crown.
Read More...
Read more about LandCorp under Enhancing performance through partnerships
44. The impact of adopting International Accounting Standards
The Australian Accounting Standards Board (AASB) is adopting the Standards of the International Accounting Standards Board for application to reporting periods beginning on or after 1 January 2005.
AASB 1047 Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards requires financial reports to disclose information about the impacts of any changes in accounting policies in the transition period leading up to the adoption date.
The Department's senior accountants are managing the transition to Australian equivalents to International Financial Reporting Standards. The officers attend relevant seminars and courses, and examine and compare the Standards to the Department's accounting policies to identify differences and determine the impact of these on existing policies and accounting treatments. Professional accounting advice is sought where considered necessary.
There are no key material differences in accounting policies expected to arise from adopting Australian equivalents to International Financial Reporting Standards.
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