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Annual Report 2011/2012 Department of Construction and Infrastructure



Annual Report 2011/2012 Department of Construction and Infrastructure

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Tabled paper 136


Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT






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Tabled papers

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Department of Construction and Infrastructure

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DePARtMent oF ConstRUCtIon AnD InFRAstRUCtURe FIn A n C IA L stAteM en ts 60 1. Objectives and Funding The Department of Construction and Infrastructures (DCI) vision is achieving best practice infrastructure programming, procurement and construction, whilst maximizing the use of Territory business and resources, delivered on time and within budget. The Department is predominantly funded by, and is dependent on, the receipt of Parliamentary appropriations. The financial statements encompass all funds through which the agency controls resources to carry on its functions and deliver outputs. For reporting purposes, outputs delivered by the agency are summarised into output groups. Note 3 provides summary financial information in the form of a Comprehensive Operating Statement by output group. 2. Statement of Significant Accounting Policies (A) BASIS OF ACCOUNTING The financial statements have been prepared in accordance with the requirements of the Financial Management Act and related Treasurers Directions. The Financial Management Act requires the Department of Construction and Infrastructure to prepare financial statements for the year ended 30 June based on the form determined by the Treasurer. The form of agency financial statements is to include: i. a Certification of the Financial Statements; ii. a Comprehensive Operating Statement; iii. a Balance Sheet; iv. a Statement of Changes in Equity; v. a Cash Flow Statement; and vi. applicable explanatory notes to the financial statements. The financial statements have been prepared using the accrual basis of accounting, which recognises the effect of financial transactions and events when they occur, rather than when cash is paid out or received. As part of the preparation of the financial statements, all intraagency transactions and balances have been eliminated. Except where stated, the financial statements have also been prepared in accordance with the historical cost convention. The form of the agency financial statements is also consistent with the requirements of Australian Accounting Standards. The effects of all relevant new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are effective for the current annual reporting period have been evaluated. The Standards and Interpretations and their impacts are: AASB 124 Related Party Disclosures (December 2009), 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] The Standards amend the requirements of the previous version of AASB 124 to clarify the definition of a related party, provide a partial exemption from related party disclosure requirements for government-related entities and include an explicit requirement to disclose commitments involving related parties. The Standards do not impact the financial statements.

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