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 Services 161 NT FLEET FINANCIAL REPORT 1. Objectives and Funding NT Fleet manages the light and heavy vehicle fleet for Northern Territory Government (NTG) agencies, except Northern Territory Police, Fire and Emergency Services. Management of the NTG vehicle fleet incorporates acquisition, vehicle leasing, maintenance and disposal. Key functional responsibilities are: delivering a low-cost and fit-for-purpose passenger and light commercial vehicle fleet in accordance with the Northern Territory Government Vehicle Policy Framework managing supply and service contracts managing the disposal of vehicles, plant and equipment. Funding is received predominantly from vehicle lease income derived from client agencies. 2. Statement of Significant Accounting Policies a) STATEMENT OF COMPLIANCE The financial statements have been prepared in accordance with the requirements of the Financial Management Act and related Treasurers Directions. The Financial Management Act requires NT Fleet to prepare financial statements for the year ended 30 June based on the form determined by the Treasurer. The form of NT Fleet financial statements is to include: (i) a Certification of the Financial Statements (ii) a Comprehensive Operating Statement (iii) a Balance Sheet (iv) a Statement of Changes in Equity (v) a Cash Flow Statement (vi) applicable explanatory notes to the financial statements. b) BASIS OF ACCOUNTING The financial statements have been prepared using the accrual basis of accounting, which recognises the effect of financial transactions and events when they occur, rather than when cash is paid out or received. As part of the preparation of the financial statements, all Intra-agency transactions and balances have been eliminated. Except where stated, the financial statements have also been prepared in accordance with the historical cost convention. The form of NT Fleet financial statements is also consistent with the requirements of Australian Accounting Standards. The effects of all relevant new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are effective for the current annual reporting period have been evaluated. New and Revised Accounting Standards The following new and revised accounting standards and interpretations were effective for the first time in 2016-17. AASB 124 Related Party Disclosures This standard applies to the not-for-profit sector for the first time in 2016-17. The accounting standard requires disclosures about the remuneration of key management personnel, transactions with related parties, and relationships between parent and controlled entities. For any such transactions, disclosures will include the nature of the related party relationship, as well as information about those transactions' terms/conditions and amounts, any guarantees given/received, outstanding receivables/payables, commitments, and any receivables where collection has been assessed as being doubtful. Several other amending standards and AASB interpretations have been issued that apply to the current reporting periods, but are considered to have no impact on public sector reporting. Future Accounting Standards At the date of authorisation of the financial statements, the following standards and interpretations were in issue but are not yet effective and are expected to have a potential impact on future reporting periods:
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