Reconciliation of schedule of movements between departments - Crown as adminstered by Inland Revenue

The following table shows the reconciliation, resulting from the transition from previous NZ FRS to NZ IFRS as at 1 July 2006 and 30 June 2007.

	1 July 2006 Previous NZ FRS $000	1 July 2006 Effect on transition to NZ IFRS $000	1 July 2006 NZ IFRS $000	30 June 2007 Previous NZ FRS $000	30 June 2007 Effect on transition to NZ IFRS $000	30 June 2007 NZ IFRS $000
Taxpayers' funds
Opening balance	5,583,928	-	5,583,928	11,044,576	(132,337)	10,912,239
Net result from Crown operating activities	44,459,559	(223,387)	44,236,172	44,198,575	(24,625)	44,173,950
Asset transfer between departments - Ministry of Social Development	5,196,232	-	5,196,232	683,153	-	683,153
New Zealand Debt Management Office	(44,195,143)	-	(44,195,143)	(45,780,346)	-	(45,780,346)
Other	-	-	-	7,944	(98,099)	(90,155)
Total taxpayers' funds	11,044,576	(223,387)	10,821,189	10,153,902	(255,061)	9,898,841
Represented by:
Current assets
Cash and bank balances	1,650,967	-	1,650,967	1,811,302	-	1,811,302
Student loan	369,354	-	369,354	547,512	-	547,512
Taxes receivables	8,028,037	(214,994)	7,813,043	6,174,959	(239,625)	5,935,334
Receivables - child support	27,964	(8,393)	19,571	27,758	(10,964)	16,794
Total receivable and advances	10,076,322	(223,387)	9,852,935	8,561,531	(250,589)	8,310,942
Non-current assets
Student loan	4,608,723	-	4,608,723	4,881,734	-	4,881,734
Total non-current assets	4,608,723	-	4,608,723	4,881,734	-	4,881,734
Total assets	14,685,045	(223,387)	14,461,658	13,443,265	(250,589)	13,192,676
Current liabilities
Taxes refundable	3,479,291	-	3,479,291	3,157,329	-	3,157,329
Child support	18,142	-	18,142	22,159	-	22,159
Borrowings	143,036	-	143,036	109,875	-	109,875
Unclaimed monies	-	-	-	-	4,472	4,472
Total current liabilities	3,640,469	-	3,640,469	3,289,363	4,472	3,293,835
Total liabilities	3,640,469	-	3,640,469	3,289,363	4,472	3,293,835
Net assets	11,044,576	(223,387)	10,821,189	10,153,902	(255,061)	9,898,841