Financial reports for the year ending 2014, prepared by LIANZA Office.
The opening balance for 2013-14 does not equal the closing balance for 2012-13. The reason is that prior to the 2014 financial year LIANZA ran a separate ledger for SIGs that had to be consolidated at year end. This created a risk that income / expenditure would be double counted (i.e. capitation grant) and caused much double handling at national office. On the advice of the LIANZA treasurer they consolidated the two ledgers – and when they imported the SIG balances they based these on bank account balances – however, the equity report also included GST to date. As this was a non-material (and internal transaction) the auditors agreed LIANZA could save the manpower required to align equity and simply begin with the bank balance. In the case of DigLibSIG this has meant a net benefit to the SIG of $307.51.