Annual Report 2002-2003 National Environment Protection Council
Tabled paper 1225
Tabled Papers for 9th Assembly 2001 - 2005; Tabled papers for 9th Assembly 2001 - 2005; Tabled papers; ParliamentNT
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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 1. S u m m a ry o f S ign if ican t A ccoun ting Policies 1.1 Basis of accounting The Financial Statements are required by clause 1(b) o f Schedule 1 to the Commonwealth Authorities and Companies A ct 1997 and are a general purpose financial report. The statements have been prepared in accordance with: Finance M inisters Orders (being the Commonwealth Authorities and Companies (Financial Statements for reporting periods ending on or after 30 June 2003) Orders) Australian Accounting Standards and Accounting Interpretations issued by the Australian Accounting Standards Board consensus views of the Urgent Issues Group. The Financial Statements have been prepared on an accrual basis and are in accordance with historical cost convention. Except where stated, no allowance is made for the effect o f changing prices on the results or the financial position. Assets and liabilities are recognised in the Service Corporation when and only when it is probable that future economic benefits will flow and the amounts o f the assets or liabilities can be reliably measured. Assets and liabilities arising under agreements equally proportionately unperformed are, not recognised however, unless required by an accounting standard. Revenues and expenses are recognised in the Service Corporation when and only when the flow or consumption or loss o f economic benefits has occurred and can be reliably measured. The accounting policies used in the preparation o f these financial statements are consistent with those used in 2001-2002, except in respect of: measurement o f certain employee benefits at nominal amounts (refer to Note 1.5) the initial revaluation of property plan and equipment on a fair value basis (refer to Note 1.4) the imposition o f an impairment test for non-current assets carried at cost (refer to Note 1.4). 1.2 Taxation The National Environment Protection Council Service Corporation is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST). Revenues, expenses and assets are recognised net o f GST: except where the amount o f GST incurred is not recoverable from the Australian Taxation Office except for receivables and payables. 1.3 A ppropriations Under the accrual budgeting framework, Parliament appropriates money to the NEPC Service Corporation as revenue appropriations. Appropriations from government are revenues o f the core operating activities. Appropriations for outputs are recognised as revenues to the extent that they have been received into the Corporations bank account or are entitled to be received by the Corporation at year end. Where a contribution is received for a specific purpose which remains undischarged at year end, the contribution is recognised as a liability, which reflects the present obligation to make a sacrifice o f economic benefits to the grantor o f the contribution in future. N a tio n a l E n v iro n m en t P ro te c tio n C o u n c il a n n u a l r e p o r t 2 0 0 2 - 2 0 0 3 61 FIN A N C IA L S T A T E M E N T S
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