Territory Stories

Annual Report 1995/1996 Northern Territory Housing Commission



Annual Report 1995/1996 Northern Territory Housing Commission

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Tabled Paper 2948


Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT




Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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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 1(c) E C O N O M I C D E P E N D E N C E The H ousing B usin ess D ivision established by the F in a n c ia l M a n a g em en t A c t, is subject to the direction o f the M inister. T he H ousing B usiness D ivision is partially funded by an annual appropriation from the Northern Territory Government to m eet proposed cash expenditure for both operational and capital item s in the current financial year. T hese Financial Statements have been prepared on a go in g concern basis in the expectation that such funding w ill continue. 1(d) G O V E R N M E N T G R A N T S The H ousing B usiness D ivision policy o f accounting for government grants for both a monetary and non-m onetary type is in com pliance w ith the Statement o f A ccounting C oncepts - SAC4 D efinition and R ecognition o f the elem ents o f Financial Statem ents. The effect o f this policy is to state all grants received or receivable as revenue and all grants paid or payable as expenditure. Sim ilarly, sp ecific purpose government program expenditures that pertain to these grants are stated as operating expenditures. 1(e) I N V E S T M E N T S T he H ou sin g B u sin ess D iv is io n p o licy is to state investm ents at the low er o f co st or recoverable am ount. 1(f) D E P R E C I A T I O N O F P R O P E R T Y (1 ) Adm inistrative B uild ings Adm inistrative buildings are depreciated over their estim ated useful lives using the straight line method o f depreciation. Additions are depreciated from the month follow ing the date o f acquisition. (2) Rental D w ellin gs The H ousing B usiness D ivision rental dw ellings are defined as investment properties for accounting purposes, being land and buildings held for rental incom e and capital appreciation. The H ousing B usiness D ivision does not provide for depreciation on its rental dw ellings. Such rationale is based on the fo llow in g operational policies: all rental d w ellings are maintained in good order on a continual basis; and all rental d w ellings are available for sale to the general public.

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