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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Assets are depreciated or amortised from the date of acquisition or, in respect of internally constructed assets, from the time an asset is completed and held ready for use. (k) Leased assets Leases under which the Agency assumes substantially all the risks and benefits of ownership are classified as finance leases. Other leases are classified as operating leases. Finance leases Finance leases are capitalised. A leased asset and a lease liability equal to the present value of the minimum lease payments are recorded at the inception of the lease. Lease payments are allocated between the principal component of the lease liability and the interest expense. Operating leases Operating lease payments made at regular intervals throughout the term are expensed when the payments are due, except where an alternative basis is more representative of the pattern of benefits to be derived from the lease property. The Department did not have any finance leases as at the 30 June 2004. (I) Payables Liabilities for trade creditors and other amounts payable are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the agency. Trade creditors are normally settled within 30 days. (m) Employee benefits Provision is made for employee benefits accumulated as a result of employees rendering services up to the reporting date. These benefits include wages and salaries and annual leave. Liabilities arising in respect of wages and salaries and annual leave expected to be settled within twelve months of the reporting date are measured at their nominal amounts based on remuneration rates which are expected to be paid when the liability is settled. No provision is made for sick leave, which is non-vesting, as the anticipated pattern of future sick leave to be taken indicates that accumulated sick leave is unlikely to be paid. Employee benefits expenses are recognised in respect of the following categories: wages and salaries, non-monetary benefits, annual leave, sick leave and other leave entitlements; and Other types of employee benefits are recognised against profits on a net basis in their respective categories. As part of the introduction of Working for Outcomes, the CHA assumed the long service leave liabilities of Government agencies, including DBIRD. The actual liability was transferred from Agency ledgers during 2002-03. (n) Superannuation Employees' Superannuation entitlements are provided through the NT Government and Public Authorities Superannuation Scheme (NTGPASS), Commonwealth Superannuation Scheme (CSS) and non-government employee nominated schemes for those employees commencing on or after 10 August 1999. Department of Business, Industry & Resource Development 99 An nu al R ep or t
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