Territory Stories

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

Details:

Title

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

Other title

Tabled paper 1496

Collection

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

Date

2004-10-13

Description

Deemed

Notes

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.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/284199

Citation address

https://hdl.handle.net/10070/409060

Page content

Contributions of assets and contributions to assist in the acquisition of assets, being non-reciprocal transfers, are recognised, unless otherwise determined by Government, as revenue at the fair value of the asset received when the entity gains control of the asset or contribution. Contribution of assets (f) Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred on a purchase of goods and services is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the Statement of Financial Position. Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of cash flows arising from investing and financing activities which is recoverable from, or payable to, the ATO are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the ATO. (g) Interest expenses Interest expenses relate to the Rural Adjustment Scheme loans from the Commonwealth and are expensed as incurred. (h) Cash and deposits For the purpose of the Statement of Financial Position and the Statement of Cash Flows, cash includes cash on hand and cash at bank controlled by the Agency. (i) Receivables The collectibility of debtors or receivables is assessed at balance date and specific provision is made for any doubtful accounts. Trade debtors and other debtors to be settled within 90 days, are carried at amounts due. (j) Property, plant and equipment Acquisitions All items of property, plant and equipment with a cost, or other value, equal to or greater than $5,000 are recognised in the year of acquisition and depreciated as outlined below. Property, plant and equipment below the $5,000 threshold are expensed in the year of acquisition. The cost of property, plant and equipment constructed by the agency includes the cost of materials and direct labour, and an appropriate proportion of fixed and variable overheads. Complex assets Major items of plant and equipment comprising a number of components that have different useful lives, are accounted for as separate assets. The components may be replaced during the useful life of the complex asset. Department of Business, Industry & Resource Development 97 An nu al R ep or t


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.