Explanation of major variances against budget
Model Financial Statements: Te Motu Regional Economic Development Trust 2010/11
| NZ IAS 1 NZ 46.1 |
Explanations for major variations from the Trust’s budgeted figures in the 30 June 2011 statement of intent are as follows: |
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Statement of comprehensive income |
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There are no major variances against the prospective statement of comprehensive income. |
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Statement of changes in equity |
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There are no major variances against the prospective statement of changes in equity. |
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Statement of financial position |
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Creditors and other payables is $62,000 below budget. The conditions for the regional rugby sevens annual tournament grant were not expected to be satisfied by the balance date, therefore the grant received was expected to be recorded in the financial statements as a liability, grants received in advance. The conditions of the $50,000 grant were satisfied in June 2011, at which time the grant was recognised as revenue. |
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Statement of cash flows |
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There are no major variances against the prospective statement of cash flows. |
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