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Explanation of transition to NZ IFRS
The Ministry for the Environment’s financial statements for the year ended 30 June 2008 are the first financial statements that comply with NZ IFRS. The Ministry has applied NZ IFRS 1 in preparing these financial statements.
The Ministry’s transition date is 1 July 2006. The Ministry prepared its opening IFRS Balance Sheet as at that date. The reporting date of these financial statements is 30 June 2008. The Ministry’s NZ IFRS adoption date is 1 July 2007.
In preparing these financial statements in accordance with NZ IFRS 1, the Ministry has applied the mandatory exceptions and certain exemptions from full retrospective application of NZ IFRS.
Exemptions from full retrospective application elected by the Ministry for the Environment
The Ministry is required to make the following mandatory exception from retrospective application:
a) Estimates under NZ IFRS at 1 July 2006 are consistent with estimates made for the same date under previous NZ GAAP.
Reconciliation of Equity
There has been no change to the Ministry’s equity due to the adoption of NZ IFRS.
Forecast performance indicators for the year ending 30 June 2008
|
Unit |
2006/07 Main estimates |
2006/07 Supplementary estimates |
2006/07 Estimated actual |
2007/08 |
|---|---|---|---|---|---|
Operating results |
|||||
Revenue: Crown |
$000 |
54,817 |
50,653 |
49,003 |
65,629 |
Revenue: Departments and other |
$000 |
438 |
730 |
730 |
629 |
Output expenses |
$000 |
55,250 |
51,378 |
49,728 |
66,253 |
Net surplus |
$000 |
5 |
5 |
5 |
5 |
Working capital |
|||||
Net current assets |
$000 |
1,028 |
90 |
15 |
265 |
Liquid ratio |
% |
138 |
101 |
100 |
104 |
Resource utilisation |
|||||
Physical assets |
$000 |
3,165 |
3,610 |
3,268 |
3,704 |
Physical assets as % of total assets |
% |
45.7 |
33.9 |
32.0 |
30.4 |
Additions as % of physical assets |
% |
60.0 |
45.9 |
40.2 |
70.4 |
Physical assets per employee |
$000 |
11.1 |
12.4 |
11.3 |
12.6 |
Taxpayers’ funds |
|||||
Level at year-end |
$000 |
3,543 |
3,085 |
2,668 |
4,887 |
Level per employee |
$000 |
12.4 |
10.6 |
9.2 |
16.6 |
Forecast net cash flows |
|||||
Surplus/(deficit) from operating activities |
$000 |
819 |
(1,992) |
(1,992) |
595 |
Surplus/(deficit) from investing activities |
$000 |
(1,895) |
(1,730) |
(1,388) |
(2,804) |
Surplus/(deficit) from financing activities |
$000 |
(1,006) |
(860) |
(1,277) |
2,214 |
Net increase/(decrease) in cash held |
$000 |
(2,082) |
(4,582) |
(4,657) |
5 |
Human resources |
|||||
Staff turnover |
% |
13 |
13 |
13 |
16 |
Average length of service |
Years |
4.1 |
4.1 |
4.1 |
3.9 |
Total staff |
Number |
285 |
290 |
290 |
300 |
Contribution to Ministry outcomes
All work programmes and output classes contribute to the achievement of the Ministry’s outcomes. While some programmes and classes only contribute to one outcome, others contribute to several.
At the Ministry, we will only undertake work if it contributes to at least one of our outcomes. We also favour (new) work programmes that are directly connected with one of the Government’s three priorities.
