Territory Stories

Annual Report 2016-2017 Department of the Legislative Assembly

Details:

Title

Annual Report 2016-2017 Department of the Legislative Assembly

Other title

Tabled paper 405

Collection

Tabled papers for 13th Assembly 2016 - 2020; Tabled papers; ParliamentNT

Date

2017-10-10

Description

Deemed

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/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/272314

Citation address

https://hdl.handle.net/10070/428605

Page content

DEPARTMENT OF THE LEGISLATIVE ASSEMBLY NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2017 DLA Annual Report 2016-17 Page 56 (ii) Price Risk The Department of the Legislative Assembly is not exposed to price risk as the Department of the Legislative Assembly does not hold units in unit trusts. (iii) Currency Risk The Department of the Legislative Assembly is not exposed to currency risk as the Department of the Legislative Assembly does not hold borrowings denominated in foreign currencies or transactional currency exposures arising from purchases in a foreign currency. e) Net Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement of a non-financial asset takes into account a market participants ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The highest and best use takes into account the use of the asset that is physically possible, legally permissible and financially feasible. When measuring fair value, the valuation techniques used maximise the use of relevant observable inputs and minimise the use of unobservable inputs. Unobservable inputs are used to the extent that sufficient relevant and reliable observable inputs are not available for similar assets/liabilities. Observable inputs are publicly available data that are relevant to the characteristics of the assets/liabilities being valued. Observable inputs used by the agency include, but are not limited to, published sales data for land and general office buildings. Unobservable inputs are data, assumptions and judgments that are not available publicly, but are relevant to the characteristics of the assets/liabilities being valued. Such inputs include internal agency adjustments to observable data to take account of particular and potentially unique characteristics/functionality of assets/liabilities and assessments of physical condition and remaining useful life. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the following fair value hierarchy based on the inputs used: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable. The fair value of financial instruments is determined on the following basis: the fair value of cash, deposits, advances, receivables and payables approximates their carrying amount, which is also their amortised cost; the fair value of derivative financial instruments are derived using current market yields and exchange rates appropriate to the instrument; and


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