Annual Report 2003 Charles Darwin University
Tabled paper 1434
Tabled Papers for 9th Assembly 2001 - 2005; Tabled papers for 9th Assembly 2001 - 2005; Tabled papers; ParliamentNT
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CHARLES DARWIN UNIVERSITY (formerly NORTHERN TERRITORY UNIVERSITY) AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 31 DECEMBER 2003 Notes to the Financial Statements 100 CHARLES DARWIN UNIVERSITY NOTE 33: FINANCIAL INSTRUMENTS 33.1 The following is the Institutions accounting policies and terms and conditions for each class of fi nancial asset, fi nancial liability and equity instruments: Recognised Financial Notes Accounting Policies Terms and Conditions Instrument (i) Financial Assets Receivables & Other Assets 9, 12 Receivables are carried at nominal amounts due less any provision for doubtful debts. A provision for doubtful debts is recognised when collection of the full nominal amount is doubtful. Credit sales are generally on 30 day terms. Investments Short Term Money Market 11 Investments in the Short Term Money Market are stated at the lower of cost and net realisable value. Interest is recognised in the revenue and expense when earned. Investments in the Short Term Money Market are at call and effective interest rates of 4.00% to 5.15% (2002 3.50% to 4.80%) Investments Bank Bills 11 Investments in Bank Bills are stated at the lower of cost and net realisable value. Interest is recognised in the revenue and expense when earned. Bank Bills have an average maturity of 72 days with effective interest rates of 4.70% to 5.30% (2002 4.22% to 5.00%) (ii) Financial Liabilities Payables 14 Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the economic entity Trade liabilities are normally settled on 30 day terms Borrowings NT Treasury Corporation 15 The borrowings are carried at the principal amount. Interest is charged as an expense as it accrues. The borrowings are repayable semiannually with fi nal installments 30 September 2008. Interest on borrowing is charged at 5.95%.
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