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Annual Report 2003/2004 Department of Business Industry and Resource Development



Annual Report 2003/2004 Department of Business Industry and Resource Development

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Tabled paper 1496


Tabled Papers for 9th Assembly 2001 - 2005; Tabled papers for 9th Assembly 2001 - 2005; Tabled papers; ParliamentNT






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22. 2004 $000 2003 $000 Advances and Investments Advances Paid Drought Relief 358 505 Rural Adjustment Scheme - 2 9 4 Katherine Flood 950 1 264 307 Development Loans 180 217 2 587 Investments Quantum Shares - 1 000 TOTAL ADVANCES AND INVESTMENTS 3 587 o 22 DISCLOSING THE IMPACT OF ADOPTING AASB EQUIVALENTS TO IASB PRONOUNCEMENTS At this point in time, DBIRD is managing the transition through formation of working groups and attendance at seminars. Treasury, through its accounting policy branch, will identify and communicate changes required to Treasurers Directions and future reporting requirements. Superannuation (CHA only) Superannuation liabilities to be valued using the national government bond rate rather than the expected earnings rate. Impairment Testing Under AASB 136 Impairment of Assets, the recoverable amount of an asset is determined as the higher of net selling price and value in use. This will result in a change in DBIRDs current accounting policy as currently under AAS10 the recoverable amounts test does not apply to not-for profit entities. Revenue Rules governing grants provided to entities to be altered from a reciprocal/non reciprocal approach to encompass in substance agreements whereby income in certain circumstances can be matched over the period the service is provided rather than treated as revenue in the year of receipt. The future financial effects of the above changes in accounting policy cannot be reliably estimated at this stage. Department of Business, Industry & Resource Development 113 An nu al R ep or t

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