Victorian Curriculum and Assessment Authority 2.5 2.4 Payments made during the year The Institute of Public Administration Australia Victoria 0.3 0.2 Reserves 2018 2017 $m $m Physical asset revaluation surplus Balance at beginning of financial year 10,400.6 10,400.7 Revaluation increment/(decrement) of land during the year - 2,362.3 Revaluation increment/(decrement) of buildings during the year (0.1) 827.3 Revaluation increment/(decrement) of leasehold buildings during the year (1.0) year adjustments - - Balance at the end of the financial year 13,589.2 10,400.6 The physical asset revaluation surplus is used to record increments and decrements on the revaluation of non-financial physical assets. 9.7 Remuneration of auditors 2018 2017 $m $m Audit fees Victorian Auditor-General’s Office 0.8 – 0.6 fees other 7.1 – 5.1 Total remuneration of auditors 5.7 7.9 9.8 Australian Accounting Standards and interpretation issues that are not yet effective Certain new Australian Accounting Standards and interpretations have been published that are not mandatory for the 30 June 2018 reporting period. The Department of Treasury and Finance assesses the impact of these new standards and advises the Department of their applicability and early adoption where applicable. As at 30 June 2018, the following Australian Accounting Standards have been issued by the AASB, but are not mandatory for the financial year ending 30 June 2018. The Department has not, and does not intend to, these standards early. Standard/ Summary Applicable for Impact on public sector Interpretation annual reporting entity financial periods statements beginning on AASB 9 Financial The key changes include the 1 Jan 2018 The assessment has Instruments simplified requirements for the identified that the classification and measurement amendments are likely to of financial assets, a new hedge result in earlier recognition accounting model and a revised of impairment losses and impairment loss model to at more regular intervals. recognise expected impairment
Victorian Curriculum and Assessment Authority 2.5 2.4 Payments made during the year The Institute of Public Administration Australia Victoria 0.3 0.2 Reserves 2018 $m 2017 $m Physical asset revaluation surplus Balance at beginning of financial year 10,400.6 10,400.7 Revaluation increment/(decrement) of land during the year 2,362.3 - Revaluation increment/(decrement) of buildings during the year 827.3 (0.1) Revaluation increment/(decrement) of leasehold buildings during the year (1.0) year adjustments - - Balance at the end of the financial year 13,589.2 10,400.6 The physical asset revaluation surplus is used to record increments and decrements on the revaluation of non-financial physical assets. 9.7 Remuneration of auditors 2018 $m 2017 $m Audit fees – Victorian Auditor-General’s Office 0.6 0.8 fees – other 5.1 7.1 Total remuneration of auditors 5.7 7.9 9.8 Australian Accounting Standards and interpretation issues that are not yet effective Certain new Australian Accounting Standards and interpretations have been published that are not mandatory for the 30 June 2018 reporting period. The Department of Treasury and Finance assesses the impact of these new standards and advises the Department of their applicability and early adoption where applicable. As at 30 June 2018, the following Australian Accounting Standards have been issued by the AASB, but are not mandatory for the financial year ending 30 June 2018. The Department has not, and does not intend to, these standards early. Standard/ Interpretation Summary Applicable for annual reporting periods beginning on Impact on public sector entity financial statements AASB 9 Financial Instruments The key changes include the simplified requirements for the classification and measurement of financial assets, a new hedge accounting model and a revised impairment loss model to recognise expected impairment 1 Jan 2018 The assessment has identified that the amendments are likely to result in earlier recognition of impairment losses and at more regular intervals.
DETannualreportfinancialstatements20178.docx