Annual Report 2004-2005 Ombudsman 27th Report
Tabled paper 283
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
Tabled By Claire Martin
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_________________________________________________________ Ombudsmans Annual Report 2004/05 114 (f) Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred on a purchase of goods and services is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the Statement of Financial Position. Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of cash flows arising from investing and financing activities which is recoverable from, or payable to, the ATO are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the ATO. (g) Interest expenses Interest expenses include interest and finance lease charges and are expensed as incurred. (h) Cash and cash equivalents For the purpose of the Statement of Financial Position and the Statement of Cash Flows, cash includes cash on hand, cash at bank and cash equivalent assets controlled by the Agency. Cash equivalents are highly liquid short-term investments that are readily convertible to cash. Bank overdrafts are carried at the principal amount. (i) Inventories Inventories are carried at the lower of cost and net realisable value. Costs have been assigned to different classifications of inventories as follows: Raw Materials are valued at average cost. Work in Progress is valued using absorption costing with raw materials incorporated at the average cost at time of issue, and the labour and overhead costs are valued using standard costs. (j) Receivables The collectibility of debtors or receivables is assessed at balance date and specific provision is made for any doubtful accounts. Trade debtors to be settled within 30 days and other debtors to be settled within 30 days, are carried at amounts due. (k) Property, plant and equipment Acquisitions All items of property, plant and equipment with a cost, or other value, equal to or greater than $5,000 are recognised in the year of acquisition and depreciated as outlined below.
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