Territory Stories

Annual Report 2010-2011 Northern Territory of Australia Aboriginal Areas



Annual Report 2010-2011 Northern Territory of Australia Aboriginal Areas

Other title

Tabled paper 1659


Tabled papers for 11th Assembly 2008 - 2012; Tabled papers; ParliamentNT




Deemed paper


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.




Tabled papers

File type




Copyright owner

See publication



Parent handle


Citation address


Page content

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2011 - ABORIGINAL AREAS PROTECTION AUTHORITY - 49 associated with bringing the inventories to their present location and condition. When inventories are acquired at no or nominal consideration, the cost will be the current replacement cost at date of acquisition. The cost of inventories are assigned using a mixture of first-in, first out or weighted average cost formula or using specific identification of their individual costs. Inventory held for distribution are regularly assessed for obsolescence and loss. o) Receivables Receivables include accounts receivable and other receivables and are recognised at fair value less any allowance for impairment losses. The allowance for impairment losses represents the amount of receivables the Authority estimates are likely to be uncollectible and are considered doubtful. Analyses of the age of the receivables that are past due as at the reporting date are disclosed in an aging schedule under credit risk in Note 13 Financial Instruments. Reconciliation of changes in the allowance accounts is also presented. Accounts receivable are generally settled within 30 days and other receivables within 30 days. p) Property, Plant and Equipment Acquisitions All items of property, plant and equipment with a cost, or other value, equal to or greater than $10,000 are recognised in the year of acquisition and depreciated as outlined below. Items of property, plant and equipment below the $10,000 threshold are expensed in the year of acquisition. The construction cost of property, plant and equipment includes the cost of materials and direct labour, and an appropriate proportion of fixed and variable overheads. Complex Assets Major items of plant and equipment comprising a number of components that have different useful lives, are accounted for as separate assets. The components may be replaced during the useful life of the complex asset. Subsequent Additional Costs Costs incurred on property, plant and equipment subsequent to initial acquisition are capitalised when it is probable that future economic benefits in excess of the originally assessed performance of the asset will flow to the Authority in future years. Where these costs represent separate components of a complex asset, they are accounted for as separate assets and are separately depreciated over their expected useful lives. Construction (Work in Progress) As part of Financial Management Framework, the Department of Construction and Infrastructure is responsible for managing general government capital works projects on a whole of Government basis. Therefore appropriation for the Aboriginal Areas Protection Authority capital works is provided directly to the Department of Construction and Infrastructure and the cost of construction work in progress is recognised as an asset of that Department. Once completed, capital works assets are transferred to the Authority. q) Biological Assets Not applicable to the Authority. r) Revaluations and Impairment Revaluation of Assets Subsequent to initial recognition, assets belonging to the following classes of non-current assets are revalued with sufficient regularity to ensure that the carrying amount of these assets does not differ materially from their fair value at reporting date: Land; Buildings; Infrastructure Assets;

Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.