Annual Report 2016-2017 Department of the Legislative Assembly
Tabled paper 405
Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT
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DEPARTMENT OF THE LEGISLATIVE ASSEMBLY NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2017 DLA Annual Report 2016-17 Page 39 2017 2016 $000 $000 10. INVENTORIES Inventories Held for Distribution At cost 13 15 Total Inventories 13 15 During the year the Department of Legislative Assembly was required to write-off $1,320.00 ($0 2015-16) of Uniforms due to stock-take variances. Inventories include assets held either for sale (general inventories) or for distribution at no or nominal consideration in the ordinary course of business operations. General inventories are valued at the lower of cost and net realisable value, while those held for distribution are carried at the lower of cost and current replacement cost. Cost of inventories includes all costs 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 is regularly assessed for obsolescence and loss.