2013-14 Report

Queensland Art Gallery Board of Trustees Annual Report 2013–14

FINANCIAL STATEMENTS

PART B

Queensland Ar t Gallery Board of Trustees

Notes to and forming par t of the Financial Statements 2013–14

(t) Employee Benefits (cont.)

Recreation Leave

For unpaid entitlements expected to be paid within 12 months, the liabilities are

recognised at their undiscounted values. For those entitlements not expected to be paid

within 12 months, the liabilities are recognised at their present value, calculated using

yields on Fixed Rate Commonwealth Government bonds of similar maturity, after

projecting the remuneration rates expected to apply at the time of likely settlement.

Long Service Leave

Under the Queensland Government’s long service leave scheme, a levy is made on the

Gallery to cover this cost. Levies are expensed in the period in which they are paid or

payable. Amounts paid to employees for long service leave are claimed from the scheme

as and when leave is taken.

No provision for long service leave is recognised in the financial statements, the liability

being held on a whole-of-government basis and reported in the whole-of-government

financial report prepared pursuant to AASB 1049

Whole of Government and General

Government Sector Financial Reporting.

Superannuation

Employer superannuation contributions are paid to QSuper, the superannuation plan for

Queensland Government employees, at rates determined by the State Actuary.

Contributions are expensed in the period in which they are paid or payable. The Gallery’s

obligation is limited to its contribution to QSuper.

The QSuper scheme has defined benefit and defined contribution categories. The liability

for defined benefits is held on a whole-of-government basis and reported in those

financial statements pursuant to AASB 1049

Whole of Government and General

Government Sector Financial Reporting.

Payroll Tax and Workers Compensation

Payroll tax and workers’ compensation insurance are a consequence of employing

employees, but are not counted in an employee’s total remuneration package. They are

not employee benefits and are recognised separately as employee related expenses.

Key Management Personnel

Key management personnel and remuneration disclosures are made in accordance with

section 5 of the

Financial Reporting Requirements for Queensland Government Agencies

issued by Queensland Treasury and Trade. Refer to Note 7 for the disclosures on key

management personnel and remuneration.

(u) Provisions

Provisions are recorded when the Gallery has a present obligation, either legal or

constructive as a result of a past event. They are recognised at the amount expected at

the reporting date for which the obligation will be settled in a future period. Where the

settlement of the obligation is expected after 12 or more months, the obligation is

discounted to the present value using an appropriate discount rate.

The Gallery currently has no provisions recorded.

(v) Insurance

The Gallery’s non-current physical assets and other risks are insured through the

Queensland Government Insurance Fund (QGIF), premiums being paid on a risk

assessment basis. Additional insurance is taken out for Directors and Officers Insurance,

motor vehicles, business travel and for some exhibitions where required by contracts with

external parties.