Queensland Art Gallery Annual Report 1994-95

- QUEENSLAND ART GALLERY BOARD OF TRUSTEES NOTES TO AND FORMING PART OF THE ACCOUNTS FOR YEAR ENDED 30 JUNE 1995 NOTE 6 INTERNATIONAL PROGRAMS Developmental Exhibitions 1995 $ 23,447 573,623 $597,070 NOTE 7 ACQUISITIONS - ART WORKS 1994 $ 12,565 347,241 $359,806 In accordance with the change in Accounting Policy relating to Art Works, as outlined in Note I(k), the cost of acquisitions of Art Works is now capitalised. Amounts incidental to their acquisition e.g. freight etc. are not considered to be part of the asset cost and are treated as an expense. NOTE 8 OTHER INCOME Donations and Bequests Exhibition Income and Scholarships Gain/(Loss) on sale of Plant and Equipment Gain/(Loss) on deaccessioning of Art Works Grants Interest Earr,ied Interest Receivable Operating Income Total Other Income NOTE 9 GRANT 283,304 435,958 29,306 (47,017) 25,000 130,606 34,837 266,630 $1,158,624 340,356 374,714 30,000 93,762 11 ,268 115,734 $965,834 This special grant was to enable the Gallery to secure a group of major 20th century works for the Collection and to tour the Gallery's rapidly developing collection of Aboriginal and Torres Strait Islander art to regional and remote Queensland in recognition of the Gallery's centennial year. NOTE 10 ABNORMAL ITEMS Plant and Equipment transferred to the Gallery from the Queensland Cultural Centre Tr ust at no cost and included in Register Decrement - Revaluation of Art Works 21 ,220 971,520 $971,520 $21,220 NOTE 11 ADOPTION OF NEW ACCOUNTING STANDARD In accordance with the new Australian Accounting Standard, AAS30: Accounting for Employee Entitlements, the Gallery has now recognised liabilities and expenses in relation to sick leave, recreation leave and long service leave. Expenses which are consequential to the employment of employees but are not employee entitlements (ie payroll tax and other on-costs associated with leave entitlements) have also been recognised as liabilities where the entitlements to which they relate have been recognised as liabilities and expenses in accordance with "AAS30". The effect of the adoption of this new accounting standard has been to reduce the Equity as at I July 1994 by $384,840.