2007-08 Report

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APPENDIXES QUEENSLAND ART GALLERY ANNUAL REPORT 2007–08 87
The disclosures apply to all senior executives appointed by Governor in
Council and classified as SES1 and above, with remuneration above
$100,000 in the financial year. 'Remuneration" means any money,
consideration or benefit, but excludes amounts:
l paid to an executive by an entity or its subsidiary where the person
worked during the financial year wholly or mainly outside Australia
during the time the person was so employed; or
l in payment or reimbursement of out-of-pocket expenses incurred for the
benefit of the Gallery or any of its subsidiaries.
In addition, separate disclosure of separation and redundancy/termination
benefit payments is included.
(s) Insurance
The Gallery's non-current physical assets and other risks are insured
through the Queensland Government Insurance Fund, premiums being paid
on a risk assessment basis. In addition, the Gallery pays premiums to
WorkCover Queensland in respect of its obligations for employee
compensation.
(t) Services Provided by the Corporate Administration Agency
The Corporate Administration Agency (CAA), manager of the Cultural Centre
precinct, provides a number of services to the Gallery at the Queensland
Cultural Centre. These services include building maintenance and repairs,
electricity, security, cleaning, air-conditioning and telephone rental.
The cost of these services to the Queensland Art Gallery for the 2007–08
year was $2,047,730 (2006-07: $1,789,740).
The CAA also provides corporate support to the Gallery in the areas of
Finance and Human Resources.
(u) Services Provided to the Queensland Art Gallery Foundation
The Gallery has provided corporate support including human resources,
office accommodation, computer equipment and other office requisites on
an in-kind basis to facilitate the operation of the Queensland Art Gallery
Foundation.
Salaries including on-costs for the staff supporting the Queensland Art
Gallery Foundation plus other corporate support costs that have been met
by the Gallery are recognised in the employee and supplies and services
balances. The cost of these services to the Queensland Art Gallery for the
2007–08 year was $251,011 (2006–07: $283,079).
(v) Taxation
The Gallery is a State body as defined under The Income Tax Assessment
Act1936 and is exempt from Commonwealth taxation with the exception of
Fringe Benefits Tax and Goods and Services Tax (GST). As such, GST credits
receivable from/and payable to the ATO are recognised and accrued.
(w)Issuance of Financial Statements
The financial statements are authorised for issue by the Chairman and the
Director at the date of signing the Management Certificate.
(x) Judgements and Assumptions
The Gallery has made no judgements or assessments which may cause a
material adjustment to the carrying amounts of assets and liabilities within
the next reporting period.
(z) Rounding and Comparatives
Amounts included in the financial statements have been rounded to the
nearest $1,000 or, where that amount is $500 or less, to zero unless
disclosure of the full amount is specifically required.
Comparative information has been restated where necessary to be
consistent with disclosures in the current reporting period.
(aa) New and Revised Accounting Standards
No Australian accounting standards and interpretations issued or amend-
ed and applicable for the first time in the 2007–08 financial year have an
effect on the Gallery. Also the Gallery has not voluntarily changed any of
its accounting policies.
The Gallery is not permitted to early adopt a new accounting standard
ahead of the specified commencement date unless approval is obtained
from Treasury. Consequently, the Gallery has not applied the Australian
Accounting Standards and interpretations that have been issued but
are not yet effective. The Gallery will apply these standards and
interpretations in accordance with their respective commencement dates.
At the date of authorisation of the financial report, a number of new or
amended Australian accounting standards with future commencement
dates will have an impact on the Gallery. Details of such impacts are set
out below.
AASB 1004 Contributionshas been revised, and will affect the Gallery as
from 2008–09. One implication arising from this revised standard will be
that to the extent that no cash consideration is provided/received, trans-
fers of accrued employee benefits between the Gallery and other
Queensland Government agencies will need to be recognised as either
income or expense in the Gallery's Income Statement, instead of being
adjusted directly against Consolidated Equity (refer to the Statement of
Changes in Equity).
AASB 101 Presentation of Financial Statementshas been revised, such
revisions will not impact on the Gallery until 2009–10. This revised
standard does not have measurement or recognition implications. Instead,
there will be significant changes to the presentation of the Gallery's
overall financial performance and position, particularly the content of the
Statement of Changes in Equity, and preparation of a new Statement
of Comprehensive Income (which will include certain items currently
disclosed in the Statement of Changes in Equity, in line with the definition
of 'comprehensive income' in the revised AASB 101).
A revised version of AASB 123 Borrowings Costshas been released,
but such revisions will not impact on the Gallery until 2009–10 and will
not have any material effect on the Gallery's position.
All other Australian accounting standards and interpretations with future
commencement dates are either not applicable to the Gallery, or have no
material impact on the Gallery.