46 Correction of error in applying AASB 117 Leases

Due to incorrect application of AASB 117 Leases on adoption of AIFRS, income from a prepaid operating lease was overstated (see note 5). The error has been corrected as shown below:

2007

2006

$000

$000

Income Statement for the year ended 30 June

 

 

Increase/(decrease) in operating lease revenue

(14,407)

(13,981)

(Increase)/decrease in finance costs

7,046

5,856

Increase/(decrease) in surplus/(deficit) for the period

(7,361)

(8,125)

 

 

 

Statement of Changes in Equity for the year ended 30 June

 

 

Increase/(decrease) in accumulated surplus at start of period

(26,857)

(18,731)

Increase/(decrease) in surplus/(deficit) for the period

(7,361)

(8,125)

Increase/(decrease) in accumulated surplus for the period

(34,218)

(26,856)

 

 

 

Balance Sheet as at 30 June

 

 

Cumulative (increase)/decrease in deferred income operating lease

(34,218)

(26,856)

Cumulative increase/(decrease) in accumulated surplus

(34,218)

(26,856)