Annual Report 1995/1996 Northern Territory Housing Commission
Tabled Paper 2948
Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT
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N O R T H E R N T E R R I T O R Y H O U S I N G C O M M I S S I O N H O U S I N G B U S I N E S S D I V I S I O N N O T E S T O A N D F O R M I N G P A R T O F T H E F I N A N C I A L S T A T E M E N T S * f o r t h e y e a r e n d e d 3 0 J u n e 1 9 9 6 N O T E 1 S U M M A R Y O F S I G N I F I C A N T * A C C O U N T I N G P O L I C I E S 1(a) G E N E R A L The principal accounting p o lic ies adopted by the H ousing B usiness D ivision are stated in order to assist in a general understanding o f the Financial Statem ents. T hese p o lic ies have been consistently applied except as otherw ise stated. The Financial Statem ents have been drawn up w ith the aim o f a llow ing relevant and reliable financial information to be conveyed to external usefs. The introduction o f the F in a n c ia l M a n a g em en t A c t in April 1995 resulted in the split o f the H ousing C om m ission into tw o separate Government B usiness D ivisions - Housing and Lending. The split w as based along functional lines. The Financial Statem ents have been prepared in accordance w ith the F inanc ia l M a n a g em en tA c t and applicable accounting standards. Schedule 5 o f the Corporations Regulations and Australian Statem ent o f A ccounting C oncepts have been referred to for guidance on appropriate disclosure. The split o f cash at bank, in the comparative figures, into the tw o Government Business D ivisions has been based on specific advice from Treasury. Vendor and Shared Equity sales in the H ousing B usiness D ivision have been financed through the Lending B u siness D ivision . A debtor has been d isclosed in the H ousing B usiness D ivision and a creditor has been d isclosed in the Lending B usiness D ivision to reflect this situation. 1(b) B A S I S O F A C C O U N T I N G T he accrual b asis o f accou n tin g has been fu lly em p loyed in the preparation o f these F inancial S tatem ents, w h ich have been prepared under the h istorical co st basis and do not take into account ch an ges to m oney va lu es or current va luations o f non-current assets - except w here stated. A N N U A L R E P O R T 1 9 9 5 - 9 6
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