Territory Stories

Annual Report 2004-2005 Ombudsman 27th Report

Details:

Title

Annual Report 2004-2005 Ombudsman 27th Report

Other title

Tabled paper 283

Collection

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

Date

2005-10-20

Description

Tabled By Claire Martin

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/10070/282676

Citation address

https://hdl.handle.net/10070/412856

Page content

________________________________________________________ Ombudsmans Annual Report 2004/05 123 Fixed Interest Maturity Weighted Average interest rate % Variable interest $000 Under 1 year $000 1 to 5 years $000 Over 5 years $000 NonInterest bearing $000 Total $000 2004 Financial Assets Cash Assets N/A N/A N/A N/A N/A 0 Receivables N/A N/A N/A N/A 5 5 5 5 Financial Liabilities Accounts Payable N/A N/A N/A N/A (31) (31) Borrowings and Advances N/A N/A N/A N/A N/A 0 Lease Liabilities N/A N/A N/A N/A N/A 0 (31) (31) Net Financial Assets (Liabilities) Nil Nil Nil Nil (26) (26) (b) Credit Risk The Ombudsman for the Northern Territory principally deals with the Commonwealth and Northern Territory Government Agencies. In respect of any dealings with organisations external to Government, the Agency has adopted the policy of only dealing with credit worthy organisations and obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from defaults. 14 CONTINGENT LIABILITIES AND CONTINGENT ASSETS a) Contingent liabilities The Ombudsman for the Northern Territory has two contingent liabilities. 1. As a result of an Agreement for enhancements to the ProActive Complaint Management System. The liability may arise where a third party relies on incorrect information supplied by the system. The risk to the Territory under the Agreement is considered to be minimal and the contingent liability resulting from this undertaking is unquantifiable 2. As a result of a finance lease required to purchase required Microsoft Licences over a two year period. There is a general indemnity clause, indemnifying the Lessor employees, officers, directors, agents and assignees against Claims arising from or in connection with the agreement. The risk to the Territory under the Agreement is considered to be minimal and the contingent liability resulting from this undertaking is unquantifiable. 15 WRITE OFFS, POSTPONEMENTS AND WAIVERS The Ombudsman for the Northern Territory had no write offs, postponements or waivers in 2003-04 and 2004-05. 16 DISCLOSING THE IMPACT OF ADOPTING AASB EQUIVALENTS TO IASB PRONOUNCEMENTS The Ombudsman for the Northern Territory is managing the transition through attendance at information sessions and seminars. An assessment of the impact resulting from the adoption of Australian Equivalents to International Financial Reporting Standards (IFRS) has been conducted. The conclusion is that there will be no material impact on the Ombudsman for the Northern Territory.


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