Annual Report 2003/2004 Department of Business Industry and Resource Development
Tabled paper 1496
Tabled Papers for 9th Assembly 2001 - 2005; Tabled papers for 9th Assembly 2001 - 2005; Tabled papers; ParliamentNT
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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
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