Deferred Income Ifrs by vsd59413

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									To all Input Module Users

The purpose of this e-mail is to advise you of the changes to the TIMS Chart of Accounts as a
result of the implementation of IFRS.

Various AGAAP accounts must not be utilised under the current IFRS reporting regime in TIMS -
ie, data for IFRS actuals and IFRS comparatives. The AGAAP accounts not to be used are detailed
below:

Chart No.            Title

Income
Statement
581000001            Abnormal revenue
582000001            Abnormal expenses
591000001            Extraordinary revenue
592000001            Extraordinary expenses
598888883            Adjustments to prior period
598888892            Adjustments to prior period - Consolidated Fund
598888897            Adjustment Following Adoption of Initial Accounting
                     Standard
484000510            Gross Proceeds from Sale of Non-Current Fixed Assets
484000511            Prior Period Adjustment - Net Revenue
575210003            TER Income Tax Expense
575210004            TER Provision for deferred income tax
576700006            Carrying Amount of Non-Current Fixed Assets Disposed Of
576700007            Prior Period Adjustment - Net Expense

Balance Sheet
116400001            Future income tax benefit - current
130120101            Future Income tax benefit - non-current
130120001            Deferred expenses - non-current
211100007            TER - Provision for income tax payable - current
221110005            TER - Provision for income tax payable - non-current
224300004            Deferred income tax


As some of these AGAAP accounts may be required to be used for the MYR (to capture the AGAAP
YEFA of 2004-05), these accounts will remain profiled for actuals reporting. However, on
completion of the YEFA (31 October 2005) the above listed AGAAP accounts will be turned off to
all agencies.

In the interim, a Warnings - IFRS Chart of Accounts report has been created in TIMS to assist
agencies in identifying mispostings to these AGAAP accounts. It is a requirement that this report
is generated, reviewed and the necessary corrections undertaken prior to the validation and
submission of TIMS data. The report is obtained from the Input Module under the menu item
Reports>Warnings - IFRS Chart of Accounts and it is expected that this report will only be required
to be run for July through October 2005 TIMS reporting.

Please note: The current IFRS Warnings Report contains accounts in addition to those stated
above. These accounts should be ignored as valid reasons may exist for utilising them. The
Report is currently being updated to reflect this and the new version will be made available as
soon as possible.

Please direct any queries on this matter to State Financial Reporting 9222 9149.

								
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