Fresh take on Forestry Tasmania’s books
Friday 25 Oct 2013A new accounting method has revealed Forestry Tasmania's financial losses over the last three years were far higher than first reported according to ABC News this week. Government businesses have overhauled the way they report their annual results, in line with changes imposed on the private sector by the Australian Securities and Investments Commission.
It means state-owned companies are now required to include non-operating costs, like asset revaluations and superannuation liabilities when reporting their final results. Under the new formula, Forestry Tasmania's AU$12 million loss in 2010-11 becomes AU$129 million.
The following year its loss amounted to AU$71 million, again significantly higher than the reported AU$27.5 million. A significant decline in the value of the state forest estate is mostly to blame. It has fallen by more than $200 million over the past four years.
Source: ABC News
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