Department of Corporate and Information Services annual report 2016-17
Annual report 2016-17
Northern Territory. Department of Corporate and Information Services
E-Publications; E-Books; PublicationNT; Department of Corporate and Information Services annual report; Annual report
2017
Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT).
English
Northern Territory. Department of Corporate and Information Services -- Periodical
Northern Territory Government
Darwin
Department of Corporate and Information Services annual report; Annual report
2016/2017
application/pdf
1835-2332
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
https://creativecommons.org/licenses/by/4.0
https://hdl.handle.net/10070/304926
https://hdl.handle.net/10070/361114
Annual Report 2016-17 | Department of Corporate and Information Services162 N T FLEET FIN AN CIAL R EPO RT AASB 16 Leases AASB 16 Leases is effective for annual reporting periods beginning on or after 1 January 2019 and will be reported in these financial statements for the first time in 2019-20. When the standard is effective it will supersede AASB 117 Leases and requires the majority of leases to be recognised on the balance sheet. For lessees with operating leases, a right-of-use asset will now come onto the balance sheet together with a lease liability for all leases with a term of more than 12 months, unless the underlying assets are of low value. The Comprehensive Operating Statement will no longer report operating lease rental payments, instead a depreciation expense will be recognised relating to the right-to-use asset and interest expense relating to the lease liability. For lessors, the finance and operating lease distinction remains largely unchanged. For finance leases, the lessor recognises a receivable equal to the net investment in the lease. Lease receipts from operating leases are recognised as income either on a straight-line basis or another systematic basis where appropriate. Consequently, it is expected that operating lease commitments will be required to be recognised in the balance sheet through a lease liability and corresponding right to use asset from 2019-20 in accordance with AASB 16 Leases. In the Comprehensive Operating Statement the operating lease expense will be replaced with a depreciation expense relating to the right-to-use asset and interest expense relating to the lease liability. These cannot be quantified at this time. AASB 1058 Income for Not-for-Profit Entities and AASB 15 Revenue from Contracts with Customers AASB 1058 Income for Not-for-Profit Entities and AASB 15 Revenue from Contracts with Customers are effective for annual reporting periods beginning on or after 1 January 2019 and will be reported in the financial statements for the first time in 2019-20. Under the new AASB 1058 Income for Not-for-Profit Entities, revenue from grants and donations will be recognised when any associated performance obligation to provide goods or services is satisfied, and not immediately upon receipt as currently occurs. Consequently, more liabilities will be recognised in the balance sheet after adoption of this standard. Several other amending standards and AASB interpretations have been issued that apply to future reporting periods, but are considered to have limited impact on future financial reporting. c) REPORTING ENTITY The financial statements cover the NT Fleet as an individual reporting entity. NT Fleet is a Northern Territory Government Business Division (GBD) established under the Interpretation Act Administrative Arrangements Order. The principal place of business of the GBD is: Lot 5441 Armidale Street, Woolner NT 0820. d) NT FLEET AND TERRITORY ITEMS The financial statements of NT Fleet include income, expenses, assets, liabilities and equity over which NT Fleet has control (NT Fleet items). Certain items, while managed by the NT Fleet, are controlled and recorded by the Territory rather than NT Fleet (Territory items). Territory items are recognised and recorded in the Central Holding Authority as discussed below. Central Holding Authority NT Fleet held no Territory items. e) COMPARATIVES Where necessary, comparative information for the 2015-16 financial year has been reclassified to provide consistency with current year disclosures. f) PRESENTATION AND ROUNDING OF AMOUNTS Amounts in the financial statements and notes to the financial statements are presented in Australian dollars and have been rounded to the nearest thousand dollars, with amounts of $500 or less being rounded down to zero. Figures in the financial statements and notes may not equate due to rounding.