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Annual Report 2017-2018 OmbudsmanNT



Annual Report 2017-2018 OmbudsmanNT

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Tabled paper 934


Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT






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OMBUDSMANS OFFICE NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2018 108 Standards and interpretations effective from 2017-18 The following new and revised accounting standards and interpretations were effective for the first time in 2017-18: AASB 2016-2 Amendments to Australian Accounting Standards Disclosure Initiative: Amendments to AASB 107 This standard applies to the not-for-profit sector for the first time in 2017-18. The accounting amendment AASB 2016-2 requires the disclosure of information that enable users of financial statements to evaluate changes in liabilities arising from financing activities. 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. Standards and Interpretations issued but not yet effective On 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: 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 be included in the balance sheet together with a lease liability for all leases with a term of 12 months or more, 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. 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 Ombudsmans Office (the Agency) is a Northern Territory Agency established under the Interpretation Act Administrative Arrangements Order. The financial statements cover the Agency as an individual reporting entity. The principal place of business of the Agency is: Level 12 (NT House), 22 Mitchell Street, Darwin. d) Agency and Territory items The financial statements include income, expenses, assets, liabilities and equity over which the Ombudsmans Office has control (Agency items). Certain items, while managed by the