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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