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YEAR 2016 LASG TRANSITIONAL IPSAS FINANCIAL STATEMENT

Lagos State Government
Financial Statements
For the year ended 31st December  2016
Statement of financial position
31-Dec 2016 1-Jan 2016
Notes N’000 N’000
ASSETS
Current Assets
Cash and Cash Equivalents 14 37,464,041 26,727,210
Receivables 15 3,120,442 3,110,244
Total Current Assets 40,584,483 29,837,455
Non-Current Assets
Investments 16 76,733,406 31,119,819
Other Financial Assets 17 108,345,018 120,470,302
Property, Plant & Equipment 18 1,678,259,517 1,739,214,514
Total Non-current Assets 1,863,337,942 1,890,804,635
Total Assets 1,903,922,425 1,920,642,089
LIABILITIES
Current Liabilities
Payables 19 6,029,801 3,430,925
Public Funds 20 221,798 211,096
Current Portion of long Term Borrowings 21i 130,329,948 38,259,128
Total Current Liabilities 136,581,547 41,901,149
Non-current Liabilities
Long Term Borrowings 21ii 649,537,244 558,049,851
Retirement Benefit Obligations 22 42,393,173 60,527,973
Total Non-current Liabilities 691,930,417 618,577,824
Total Liabilities 828,511,964 660,478,973
Total Net Assets 1,075,410,460 1,260,163,116
NET ASSETS
Reserves 22 1,341,826,042 1,260,163,116
Accumulated Surplus/(Deficit) (266,415,582) 0
Total Net Assets 1,075,410,460 1,260,163,116
The Accounting Policies and Notes form an integral part of these financial statements.
Comparative values on the transition date were presented in line with the provisions of IPSAS 33
STATE TREASURY OFFICE
MINISTRY OF FINANCE                        A. S.  UMAR (MRS.)
THE SECRETARIAT ACCOUNTANT-GENERAL/PERMANENT SECRETARY
ALAUSA -IKEJA                         LAGOS STATE