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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 (d) Property. Plant and Equipment Non-current assets are included at cost or at officers' valuation. Any gain or loss on the disposal of assets is determined as the difference between the carrying amount of the asset at the time of disposal and the proceeds of disposal, and is included in the revenue and expense statement in the year of disposal. Assets purchased for less than $2000 during the year have been written off to expense. Under the provisions of Australian Accounting Standard AAS 10 "Accounting for the Revaluation of Non-current Assets" the carrying amount of a non-current asset may not exceed its recoverable amount based on the projected net cash flows arising from its continued use and subsequent disposal. The Commission is required to operate on a commercial basis. However, the Commission has to date required Territory Government financial support to carry on business as a going concern as some areas of operations are conducted at less than full cost recovery. Consequently, in the circumstances, the Commission is of the view that application of the recoverable amount test is not appropriate at 30 June 1993. (e) Depreciation of Property. Plant and Equipment Motor vehicles, furniture and equipment are depreciated over their expected useful economic lives using the straight line method. Non-current assets are first depreciated in the year of acquisition. (f) Employee Entitlements Provision is made for annual leave, leave airfares, leave loading and long service leave estimated to be payable to employees using current rates. Amounts provided are apportioned between current and non-current liabilities. The non-current liability component in respect of long service leave relates to employees' entitlements accruing from the completion of seven (7) to nine (9) years of service, whereas the current liability component relates to utilisation in the next 12 months by employees with 10 or more years of service. No provision is made for sick leave as employees are not entitled to a sick leave 'payout' on termination of employment from the Northern Territory Public Service. Page 27 Annual Report 1993