Queensland Art Gallery Annual Report 2006-07

appendixes / QUEENSLAND ART GALLERY ANNUAL REPORT 06–07 77 year was $1 789 740 (2005–06: $2 110 259). The CAA also provides corporate support to the Gallery in the areas of Finance and Human Resources. (v) Services Provided to the Queensland Art Gallery Foundation The Gallery has provided corporate support including human resources, office accommodation, computer equipment and other office requisites on an in-kind basis to facilitate the operation of the Queensland Art Gallery Foundation. Salaries including on-costs for the staff supporting the Queensland Art Gallery Foundation plus other corporate support costs that have been met by the Gallery are recognised in the employee and supplies and services balances. The cost of these services to the Queensland Art Gallery for the 2006–07 year was $283 079 (2005–06: $210 317). (w) Taxation The Gallery is a State body as defined under The Income Tax Assessment Act 1936 and is exempt from Commonwealth taxation with the exception of Fringe Benefits Tax and Goods and Services Tax (GST). As such, GST credits receivable from/and payable to the ATO are recognised and accrued. (x) Issuance of Financial Statements The financial statements are authorised for issue by the Chairman and the Director at the date of signing the Management Certificate. (y) Judgements and Assumptions The Gallery has made no judgements or assessments which may cause a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. (z) Rounding and Comparatives Amounts included in the financial statements have been rounded to the nearest $1000 or, where that amount is $500 or less, to zero unless disclosure of the full amount is specifically required. Comparative information has been restated where necessary to be consistent with disclosures in the current reporting period. (aa) New and Revised Accounting Standards Disclosure is required when initial application of an Australian Accounting Standard has an effect on the current period, would have such an effect, except that it is impracticable to determine the amount of the adjustment, or might have an effect on future periods. In the current year, the Gallery had adopted all of the new and revised Standards and interpretations that are relevant to its operations and effective for 2006–07 reporting period. The AASB released AASB 2005-9 Amendments to Australian Accounting Standards [AASB 4, AASB 1023, AASB 139 & AASB 132] in September 2005. Disclosure is required when a new Australian Accounting Standard, which has been issued but is not yet effective, has not been applied. The Gallery cannot adopt early a new accounting standard ahead of the specified commencement date unless approval is obtained from Treasury. The Treasurer mandated the early adoption of AASB 7 Financial Instruments: Disclosures and AASB 132 Financial Instruments: Presentation in the 2005–06 financial year. No additional standards have been early adopted in 2006–07. Consequently, the Gallery has not applied the other Australian Accounting Standards and AASB & UIG Interpretations that have been issued but are not yet effective. These will be applied from their operative date. At the date of authorisation of the financial report, the following Standards and Interpretations had been issued or revised but were not yet effective: Title Operative for reporting periods beginning on/after AASB 1: First-time Adoption of Australian 1 January 2008 Equivalents to International Financial Reporting Standards AASB 4: Insurance Contracts 1 January 2007 AASB 101: Presentation of Financial Statements 1 January 2007 AASB 114: Segment Reporting 1 January 2007 AASB 118: Revenue 28 February 2007 AASB 120: Accounting for Government Grants and Disclosure of Government Assistance 28 February 2007 AASB 121: The Effects of Changes in Foreign Exchange Rates 28 February 2007 AASB 127: Consolidated and Separate Financial Statements 28 February 2007 AASB 132: Financial Instruments: Presentation 1 January 2007 AASB 139: Financial Instruments: Recognition and Measurement 28 February 2007 AASB 1023: General Insurance Contracts 1 January 2007 AASB 1048: Interpretation and Application of Standards 31 March 2007 AASB 2007-1: Amendments to Australian Accounting Standards arising from AASB Interpretation 11 [AASB 2] 1 March 2007 AASB 2007-2: Amendments to Australian Accounting Standards arising from AASB Interpretation 12 [AASB 1, AASB 117, AASB 118 28 February 2007 AASB 120, AASB 121, AASB 127, AASB 131 & AASB 139] 1 January 2008 AASB 2007-3: Amendments to Australian Accounting Standards arising from AASB 8 [AASB 5, AASB 6, AASB 102, AASB 107, AASB 119, AASB 127, AASB 134, AASB 136, AASB 1023 & AASB 1038] 1 January 2009 Interpretation 10: Interim Financial Reporting and Impairment 1 November 2006 Interpretation 12: Service Concession Arrangements 1 January 2008 Interpretation 129: Disclosure - Service Concession Arrangements [revised] 1 January 2008 It is anticipated that the above Standards and Interpretations are either not