Territory Stories

Annual Report 2004-2005 Darwin Port Corporation

Details:

Title

Annual Report 2004-2005 Darwin Port Corporation

Other title

Tabled paper 335

Collection

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

Date

2005-12-01

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/10070/282736

Citation address

https://hdl.handle.net/10070/412790

Page content

9.Financial Performance cont. D A R W IN P O R T C O R P O R A T IO N A N N U A L R E P O R T 2 00 4/ 20 05 86 Notes to the Financial Statements for the Year Ended 30 June 2005 cont. 30 DISCLOSING THE IMPACT OF ADOPTING AASB EQUIVALENTS TO IASB PRONOUNCEMENTS cont. Property, Plant & Equipment As the entity is deemed to be a "not for profit" entity under AASB116 Property, Plant & Equipment, the standard will require assets to be accounted for by class which is the same manner in which the entity currently manages its assets. As of 1 July 2005 written down current replacement cost (WDCRC) methodology will be employed to value assets as opposed to the deprival method used previously to value operational assets, resulting in the entity's asset value increasing from $41.8 million to $161 million. Impairment of Assets Under AASB 136 Impairment of Assets the standard replaces the notion of the recoverable amounts test. The new standard requires a 'proof' testing process each year. The new standard covers all assets rather than just non-current assets, and impairment losses impact the profit and loss rather than the revaluation reserve. Revenue Under AIFRS, income is made up of revenue and gains, expenses include both expenses and losses. Revenue and expenses which are presented on a gross basis only arise in the ordinary course of business. Gains and losses may be presented on a net basis and may not necessarily arise in the ordinary course of business.


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