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Annual Report 2010-2011 Northern Territory Electoral Commission



Annual Report 2010-2011 Northern Territory Electoral Commission

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Tabled paper 1602


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




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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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NORTHERN TERRITORY ELECTORAL COMMISSION NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2011 40 b) Australian Accounting Standards and Interpretations Issued but not yet Effective At the date of authorisation of the financial statements, the Standards and Interpretations listed below were in issue but not yet effective. Standard/Interpretation Summary Effective for annual reporting periods beginning on or after Impact on financial statements AASB 2009-12 Amendments to Australian Accounting Standards [AASB 5, 8, 108, 110, 112, 119, 133, 137, 139, 1023 & 1031 and Interpretations 2, 4, 16, 1039 & 1052] Amends AASB 8 Operating Segments to require an entity to exercise judgement in assessing whether a government and entities known to be under the control of that government are considered a single customer for purposes of certain operating segment disclosures. This Standard also makes numerous editorial amendments to other Standards. 1 Jan 2011 AASB 2010-4 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 1, 7, 101 & 134 and Interpretation 13] Key amendments include clarification of content of statement of changes in equity (AASB 101) and financial instrument disclosures (AASB 7) 1 Jan 2011 AASB 2010-5 Amendments to Australian Accounting Standards [AASB 1, 3, 4, 5, 101, 107, 112, 118, 119, 121, 132, 133, 134, 137, 139, 140, 1023 & 1038 and Interpretations 112, 115, 127, 132 & 1042] Makes numerous editorial amendments to a range of Standards and Interpretations 1 Jan 2011 c) Agency and Territory Items The financial statements of Northern Territory Electoral Commission include income, expenses, assets, liabilities and equity over which the Northern Territory Electoral Commission has control (Agency items). Certain items, while managed by the Agency, are controlled and recorded by the Territory rather than the Agency (Territory items). Territory items are recognised and recorded in the Central Holding Authority as discussed below. Central Holding Authority The Central Holding Authority is the parent body that represents the Governments ownership interest in Government controlled entities. The Central Holding Authority also records all Territory items, such as income, expenses, assets and liabilities controlled by the Government and managed by Agencies on behalf of the Government. The main Territory item is Territory income, which includes taxation and royalty revenue, Commonwealth general purpose funding (such as GST revenue), fines, and statutory fees and charges. The Central Holding Authority also holds certain Territory assets not assigned to Agencies as well as certain Territory liabilities that are not practical or effective to assign to individual Agencies such as unfunded superannuation and long service leave.