Territory Stories

Annual Report 2004-2005 Ombudsman 27th Report



Annual Report 2004-2005 Ombudsman 27th Report

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Tabled paper 283


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




Tabled By Claire Martin


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.




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_________________________________________________________ Ombudsmans Annual Report 2004/05 116 The estimated useful lives for each class of asset, for the current year, are in accordance with the Treasurers Directions and are provided as follows: 2004 2003 Buildings N/A N/A Infrastructure assets N/A N/A Plant and equipment 10 Years 10 Years Leased plant and equipment N/A N/A Cultural assets N/A N/A Self generating and regenerating assets N/A N/A Assets are depreciated or amortised from the date of acquisition or, in respect of internally constructed assets, from the time an asset is completed and held ready for use. (l) Leased assets Leases under which the Agency assumes substantially all the risks and benefits of ownership are classified as finance leases. Other leases are classified as operating leases. Finance leases Finance leases are capitalised. A leased asset and a lease liability equal to the present value of the minimum lease payments are recorded at the inception of the lease. Lease payments are allocated between the principal component of the lease liability and the interest expense. Operating leases Operating lease payments made at regular intervals throughout the term are expensed when the payments are due, except where an alternative basis is more representative of the pattern of benefits to be derived from the lease property. (m) Payables Liabilities for trade creditors and other amounts payable are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Agency. Trade creditors are normally settled within 30 days. (n) Employee benefits Provision is made for employee benefits accumulated as a result of employees rendering services up to the reporting date. These benefits include wages and salaries and annual leave. Liabilities arising in respect of wages and salaries and annual leave expected to be settled within twelve months of the reporting date are measured at their nominal amounts based on remuneration rates which are expected to be paid when the liability is settled. No provision is made for sick leave, which is non-vesting, as the anticipated pattern of future sick leave to be taken indicates that accumulated sick leave is unlikely to be paid. Employee benefits expenses are recognised on a net basis in respect of the following categories: - wages and salaries, non-monetary benefits, annual leave, sick leave and other leave entitlements; and

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