40.7 Prior period error - Misstatement of intangible assets
During the period under review it was noted that the prior year's intangible asset register was misstated at 30 June 2015. The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
Statement of financial postion:
Increase in intangible assets 2 465
Statement of Financial performance:
Decrease in depreciation and amortisation (2 465)
40.8 Prior period error - Misstatement of other assets
During the period under review it was noted that the prior year's other assets register was misstated at 30 June 2015. The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
Statement of financial postion:
Decrease in other assets (1 455 377)
Increase in opening accumulated surplus or deficit 1 205 396
Statement of Financial performance:
Decrease in depreciation and amortisation (128 112)
Increase in loss on sale of assets 378 093
40.9 Prior period error - Unsupported cost prices of Land and Buildings
During the period under review it was noted that adequate supporting documentation for the cost prices of land and buildings could not be obtained, it was decided to adopt the revaluation model for these assets effective 30 June 2014. The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
Statement of financial postion:
Decrease in land and buildings (77 762 462)
Decrease in revaluation reserve 76 633 201
Statement of financial performance:
Decrease in depreciation (76 000)
Decrease in donation income 1 205 261
40.10 Prior period error - Unsupported cost prices for intangible assets servitudes
During the period under review it was noted that adequate supporting documentation for the cost prices of servitude assets could not be obtained, it was decided to adopt the revaluation model for these assets effective 30 June 2014. The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
Statement of financial postion:
Increase in intangible assets - servitudes 3 489 180
Increase in revaluation reserve (3 489 180)
40.11 Prior period error - Unsupported cost prices for Community assets
During the period under review it was noted that adequate supporting documentation for the cost prices of community assets could not be obtained, it was decided to adopt the revaluation model for these assets effective 30 June 2014. The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
40. Prior period errors (continued) Statement of financial postion:
Increase in community assets 782 675 288
Increase in revaluation reserve (788 488 922)
Statement of financial performance:
Increase in depreciation 4 101 634
Decrease in donation income 1 712 000
40.12 Prior period error - Unsupported cost prices for Infrastructure Assets
During the period under review it was noted that adequate supporting documentation for the cost prices of infrastructure assets could not be obtained, it was decided to adopt the revaluation model for these assets effective 30 June 2014. The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
Statement of financial postion:
Decrease in infrastructure assets (107 627 657)
Decrease in revaluation reserve 112 040 564
Statement of Financial performance:
Decrease in depreciation and amortisation (4 326 187)
Increase in repairs and maintenance 69 800
Decrease in loss on sale of asset (156 520)
40.13 Prior period error - Misstatement of investment property
During the period under review it was noted that the prior year's investment property register was misstated at 30 June 2015.
The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
Statement of financial postion:
Increase in investment property 10 111 566
Increase in opening accumulated surplus or deficit (13 102 667)
Statement of Financial performance:
Increase in donations made 2 991 100
40.14 Prior period error - Misstatement of capital work in progress
During the period under review it was noted that the prior year's capital work in progress asset register was misstated at 30 June 2014. The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
Statement of financial postion:
Decrease in capital work in progress (4 208 170)
Increase in opening accumulated surplus or deficit 4 208 170
40.15 Prior period error - Misstatement of Payables from exchange transactions
During the period under review it was noted that the prior year's trade payables were misstated at 30 June 2015 due to . The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
40. Prior period errors (continued) Statement of financial postion:
Decrease in Payables from exchange transactions - Trade payables 9 720
Increase in Payables from exchange transactions - Suspense accounts (2 500)
Decrease in VAT Receivables (101)
Statement of Financial performance:
Decrease in General expenses (488)
Decrease in Repairs and Maintenance (1 686)
Decrease in Subsistence and Travellling (4 945)
Prior period error - Misstatment of leased assets
During the period under review it was noted that the prior year's leased assed register was misstaed at 30 June 2015. The comparative statements for 2014/15 financial year have been restated. The effect of the correction of the error(s) is summarised below:
Statement of financial position
Increase in leased assets 476
Increase opening accumulated surplus or deficit (622)
Statement of financial performance
Increase in depreciation 146
41. Risk management