Territory Stories

Annual Report 2005-2006 Department of Employment Education and Training

Details:

Title

Annual Report 2005-2006 Department of Employment Education and Training

Other title

Tabled paper 647

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2006-10-11

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/10070/283105

Citation address

https://hdl.handle.net/10070/412354

Page content

147DEET Annual Report 2005-06Financial Report > Notes to the Financial Statements (b) Agency and Territory Items The financial statements of the Department of Employment, Education and Training include income, expenses, assets, liabilities and equity over which the Department of Employment, Education and Training has control (agency items). Certain items, while managed by the agency, are controlled and recorded by the Territory rather than the agency (Territory items). Territory items are recognised and recorded in the Central Holding Authority as discussed below. Central Holding Authority The Central Holding Authority is the parent body that represents the Governments ownership interest in Government controlled entities. The Central Holding Authority also records all Territory items, such as income, expenses, assets and liabilities controlled by the Government and managed by agencies on behalf of the Government. The main Territory item is Territory income, which includes taxation and royalty revenue, Commonwealth general purpose funding (such as GST revenue), fines, and statutory fees and charges. The Central Holding Authority also holds certain Territory assets not assigned to agencies as well as certain Territory liabilities that are not practical or effective to assign to individual agencies such as superannuation and long service leave. The Central Holding Authority recognises and records all Territory items, and as such, these items are not included in the agencys financial statements. However, as the agency is accountable for certain Territory items managed on behalf of Government, these items have been separately disclosed in note 23. Comparatives Where necessary, comparative information for the 2004-05 financial year has been reclassified to provide consistency with current year disclosures. In accordance with AASB 1: First Time Adoption of Australian Equivalents to IFRS, comparative information, with the exception of that relating to financial instruments, has been adjusted for the adoption of Australian equivalents to IFRS. Where changes to financial instruments are required as a result of the adoption of Australian equivalents to IFRS, any adjustments will occur as at 1 July 2005 (the 2005-06 financial year). (d) Presentation and Rounding of Amounts Amounts in the financial statements and notes to the financial statements are presented in Australian dollars and have been rounded to the nearest thousand dollars, with amounts of $500 or less being rounded down to zero. (e) Changes in Accounting Policies There have been no changes to accounting policies adopted in 2005-06 as a result of management decisions. Any changes to accounting policies that have been required as a result of the adoption of Australian equivalents to IFRS are not accounting policy changes for the purposes of AASB 108: Accounting Policies, Changes in Estimates and Errors. Note 24 provides information in relation to changes in accounting policies required following the adoption of Australian equivalents to IFRS.


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