✨ Financial Statements
Otago Community Trust
Notes to the financial statements
in New Zealand Dollars ($000's)
26 Restatement of previously reported periods
In December 2010 the IASB released an amendment to IAS 12 Income Taxes which has impacted on deferred tax balances of entities that carry investment properties at fair value, as is the case for the Trusts subsidiary company, Fillmor House Limited.
The Trust has applied the amendment retrospectively in accordance with IAS 8 Accounting Policies, changes on accounting estimates and errors.
The effect of the restatement has been to decrease the deferred tax liability in the balance sheet by $49,000 at 1 April 2009 and increase Uncommitted Surplus by the same amount as at that date. With respect the 2010 financial year, the deferred tax liability in the balance sheet has decreased by $50,961 at March 2010, and an increase of Uncommitted Surplus has been recognised, by the same amount, as at that date.
The restatement has been effected by restating each of the effected financial statement line items for the year in which the restatements have been effected, as described above.
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NZ Gazette 2011, No 101
✨ LLM interpretation of page content
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Otago Community Trust Financial Statements for 2011
(continued from previous page)
💰 Finance & RevenueFinancial Instruments, Credit Risk, Investment Management, Financial Assets, Financial Liabilities, Related Parties, Donations, Subsidiaries