Department of Corporate and Information Services annual report 2016-17
Northern Territory. Department of Corporate and Information Services
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Northern Territory. Department of Corporate and Information Services -- Periodical
Northern Territory Government
Department of Corporate and Information Services annual report; Annual report
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
Annual Report 2016-17 | Department of Corporate and Information Services140 D EPARTM EN T O F CO R PO RATE AN D IN FO R M ATIO N SERVICES - FIN AN CIAL R EPO RT Derivatives DCIS enters into a variety of derivative financial instruments to manage its exposure to interest rate risk. DCIS does not speculate on trading of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered in to and are subsequently remeasured at their fair value at each reporting date. The resulting gain or loss is recognised in the Comprehensive Operating Statement immediately unless the derivative is designated and qualifies as an effective hedging instrument, in which event, the timing of the recognition in the Comprehensive Operating Statement depends on the nature of the hedge relationship. Application of hedge accounting will only be available where specific designation and effectiveness criteria are satisfied. Netting of Swap Transactions DCIS, from time to time, may facilitate certain structured finance arrangements, where a legally recognised right to set-off financial assets and liabilities exists, and the Territory intends to settle on a net basis. Where these arrangements occur, the revenues and expenses are offset and the net amount is recognised in the Comprehensive Operating Statement. b) CREDIT RISK DCIS has limited credit risk exposure (risk of default). In respect of any dealings with organisations external to government, DCIS has adopted a policy of only dealing with credit-worthy organisations and obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from defaults. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents DCIS maximum exposure to credit risk without taking account of the value of any collateral or other security obtained. Receivables Receivable balances are monitored on an ongoing basis to ensure that exposure to bad debts is not significant. A reconciliation and aging analysis of receivables is presented below. Internal Receivables Aging of Receivables $000 Aging of Impaired Receivables $000 Net Receivables $000 2016-17 Not overdue 1 121 - 1 121 Overdue for less than 30 days 6 - 6 Overdue for 30 to 60 days - - Overdue for more than 60 days - - Total 1 127 - 1 127 2015-16 Not overdue 1 908 - 1 908 Overdue for less than 30 days 250 - 250 Overdue for 30 to 60 days 112 - 112 Overdue for more than 60 days 512 - 512 Total 2 782 - 2 782
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