Notes to and forming part of the Financial Statements
Note 2: The impact of the transition to AEIFRS from previous Australian Generally Accepted Accounting Principles (AGAAP)
Reconciliation of total equity as presented under previous AGAAP to that under AEIFRS
| 2005 $ | 2004 $ | |
|---|---|---|
| Total equity under previous AGAAP | 5,124,379 | 0 |
| Adjustments to retained earnings: | ||
| 'Makegood' assets | (4,950) | 0 |
| Total equity translated to AEIFRS | 5,119,429 | 0 |
Reconciliation of profit or loss as presented under previous AGAAP to AEIFRS
| 2005 $ | |
|---|---|
| Prior year profit as previously reported | |
| Adjustments: | |
| Depreciation | (4,950) |
| Prior year profit translated to AEIFRS | (4,950) |
The cash flow statement presented under previous AGAAP is equivalent to that prepared under AEIFRS
AEIFRS requires the recording of assets reflecting future estimated restoration costs. Amounts for 'makegood' provisions in existing accommodation leases (operating) have been taken up accordingly.