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 Services164 N T FLEET FIN AN CIAL R EPO RT m) INCOME RECOGNITION Income Income encompasses both revenue and gains. Income is recognised at the fair value of the consideration received, exclusive of the amount of GST. Exchanges of goods or services of the same nature and value without any cash consideration being exchanged are not recognised as income. Sale of Goods Revenue from the sale of goods is recognised (net of returns, discounts and allowances) when: the significant risks and rewards of ownership of the goods have transferred to the buyer NT Fleet retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold the amount of revenue can be reliably measured it is probable that the economic benefits associated with the transaction will flow to NT Fleet the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of Services Revenue from rendering services is recognised by reference to the stage of completion of the contract. The revenue is recognised when: the amount of revenue, stage of completion and transaction costs incurred can be reliably measured it is probable that the economic benefits associated with the transaction will flow to the entity. 2017 $000 2016 $000 3. Gain on Disposal of Assets Net proceeds from the disposal of non-current assets 17 489 13 528 Less: Carrying value of non-current assets disposed (14 114) (10 574) Gain on the disposal of non-current assets 3 375 2 954 2017 $000 2016 $000 4. Purchases of Goods and Services The net surplus has been arrived at after charging the following expenses: Goods and services expenses: Contractors and consultants1 13 13 Document production 5 5 Legal Expenses 2 Recruitment2 1 1 Training and study 9 12 Official duty fares 7 2 Travelling allowance 1 1 Audit fees 47 45 1 Includes IT contractors and consultants. 2 Includes recruitment-related advertising costs. 5. Write-Offs, Postponements, Waivers, Gifts and Ex-Gratia Payments NT Fleet had no write-offs, postponements, waivers, gifts and ex-gratia payments in 2016-17 and 2015-16.
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