PSR Annual Report 2007-08

• Contents
• Letter of Transmittal
• Director’s report
• Agency overview
• Report on performance
• Case descriptions
• Legal cases
• Management and accountability
• Appendix 1 - Financial Statements
  • Auditor's Report
  • Statment by the Director
  • Income Statement
  • Balance Sheet
  • Statement Of Changes In Equity
  • Cash Flow Statement
  • Schedule of Commitments
  • Schedule of Contingencies
  • Note 1: Summary of Significant Accounting Policies
    • 1.1 Objectives of Professional Services Review
    • 1.2 Basis of Preparation of the Financial Report
    • 1.3 Significant Accounting Judgements and Estimates
    • 1.4 Statement of Compliance
    • Other
    • 1.5 Revenue
    • 1.6 Gains
    • 1.7 Transactions with the Government as Owner
    • 1.8 Employee Benefits
    • 1.9 Leases
    • 1.10 Cash
    • 1.11 Financial assets
    • 1.12 Financial Liabilities
    • 1.13 Contingent Liabilities and Contingent Assets
    • 1.14 Acquisition of Assets
    • 1.15 Property, Plant and Equipment
    • 1.16 Intangibles
    • 1.17 Taxation
  • Note 2: Events after the Balance Sheet Date
  • Note 3: Income
  • Note 4: Expenses
  • Note 5: Financial Assets
  • Note 6: Non-Financial Assets
  • Note 7: Payables
  • Note 8: Provisions
  • Note 9: Cash Flow Reconciliation
  • Note 10: Contingent Liabilities and Assets
  • Note 11: Senior Executive Remuneration
  • Note 12: Remuneration of Auditors
  • Note 13: Financial Instruments
  • Note 14: Appropriations
  • Note 15: Reporting of Outcomes
• Appendix 2 - Freedom of information statement
• Glossary
• MBS items
• Compliance index

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Appendix 1 - Financial Statements

Note 1: Summary of Significant Accounting Policies

1.4 Statement of Compliance

Australian Accounting Standards require a statement of compliance with International Financial Reporting Standards (IFRSs) to be made where the financial report complies with these standards. Some Australian equivalents to IFRSs and other Australian Accounting Standards contain requirements specific to not-for-profit entities that are inconsistent with IFRS requirements. PSR is a not-for-profit entity and has applied these requirements, so while this financial report complies with Australian Accounting Standards including Australian Equivalents to International Financial Reporting Standards (AEIFRSs) it cannot make this statement.

Adoption of new Australian Accounting Standard requirements

No accounting standard has been adopted earlier than the application date as stated in the standard. The following new standard is applicable to the current reporting period:

Financial instrument disclosure

AASB 7 Financial Instruments: Disclosures is effective for reporting periods beginning on or after 1 January 2007 (the 2007-08 financial year) and amends the disclosure requirements for financial instruments. In general AASB 7 requires greater disclosure than that previously required. Associated with the introduction of AASB 7 a number of accounting standards were amended to reference the new standard or remove the present disclosure requirements through 2005-10 Amendments to Australian Accounting Standards [AASB 132, AASB 101, AASB 114, AASB 117, AASB 133, AASB 139, AASB 1, AASB 4, AASB 1023 & AASB 1038]. These changes have no financial impact but will effect the disclosure presented in future financial reports.

The following new standards, amendments to standards or interpretations for the current financial year have no material financial impact on PSR.

• 101 Presentation of Financial Statements (issued October 2005)
• 1048 Interpretation and Application of Standards (reissued September 2007)
• 2005-10 Amendments to Australian Accounting Standards [AASB 1, 4, 101, 114, 117, 132, 133, 139, 1023, 1038]
• 2007-1 Amendments to Australian Accounting Standards arising from AASB interpretation 11 [AASB 2]
• 2007-4 Amendments to Australian Accounting Standards arising from ED 151 and Other Amendments and Erratum: Proportionate Consolidation
• 2007-5 Amendments to Australian Accounting Standard - Inventories for Distribution by Not-for-Profit Entities
• 2007-7 Amendments to Australian Accounting Standards
• 2008-4 Amendments to Australian Accounting Standard - Key Management Personnel Disclosures by Disclosing Entities [AASB 124]
• ERR Erratum Proportionate Consolidation [AASB 101, AASB 107, AASB 121, AASB 127, Interpretation 113]
• Interp 10 Interim Financial Reporting and Impairment
• Interp 11 AASB2 Group and Treasury Share Transactions
• Interp 1003 Australian Petroleum Resource Rent Tax
• UIG Interpretation 11 AASB 2 – Group and Treasury Share Transactions and 2007-1 Amendments to Australian Accounting Standards arising from AASB Interpretation 11

Future Australian Accounting Standard requirements

The following new standards, amendments to standards or interpretations have been issued by the Australian Accounting Standards Board but are effective for future reporting periods. It is estimated that the impact of adopting these pronouncements when effective will have no material financial impact on future reporting periods.

• AASB Interpretation 12 Service Concession Arrangements and 2007-2 Amendments to Australian Accounting Standards arising from AASB Interpretation 12
• AASB 8 Operating Segments and 2007-3 Amendments to Australian Accounting Standards arising from AASB 8
• 2007-6 Amendments to Australian Accounting Standards arising from AASB 123
• AASB Interpretation 13 Customer Loyalty Programmes
• AASB Interpretation 14 AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

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