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Annual Report 1992-1993 Northern Territory Liquor Commission



Annual Report 1992-1993 Northern Territory Liquor Commission

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Tabled Paper 1759


Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT






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Northern Territory Liquor Commission NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 30 JUNE 1993 As from 28 February 1992 the Commission is subject to the policy directions o f the Chief Minister, the Hon. Marshall B Perron, MLA and prior to that date to the Minister fo r Industries and Development, the Hon. Steve Hatton, MLA. Since 1 July 1993 the Hon. Eric Poole, MLA, is the Minister responsible fo r the Northern Territory Liquor Commission. NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Set out below is a summary of the significant accounting policies adopted by the Commission in the preparation of the accounts. (a) Basis of Accounting The Commission is a prescribed statutory corporation for the purposes of the Financial Administration and Audit Act. Accordingly it must keep proper accounts and records of its transactions and affairs in accordance with the accounting principles generally applied in commercial practice. These principles comply with the accounting standards and disclosure requirements of the Australian accounting bodies, applicable Accounting Standards, the provisions of Schedule 5 to the Corporations Regulations. The financial statements have been prepared using accrual accounting on the basis of historical costs and do not take into account changing money values nor, except where stated, current valuations of non-current assets. The accounting policies have been consistently applied. (b) Government Appropriations Contributions made by the Government by way of appropriations for both operational and capital purposes are classified as revenues in the Revenue and Expense Statement. (c) Income Tax The Liquor Commission is a public authority within the meaning of Section 23(d) of the Income Tax Assessment Act and its income is exempt under provisions of that Act. Annual Report 1993 Page 26