Territory Stories

Annual Report 2015-2016 Tourism NT



Annual Report 2015-2016 Tourism NT

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Tabled Paper 185


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






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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1835-1387 (Online)



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71Tourism NT Annual Report 2015-16 (D) AGENCY AND TERRITORY ITEMS The financial statements of Tourism NT include income, expenses, assets, liabilities and equity over which Tourism NT has control. 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. The Central Holding Authority recognises and records all Territory items, and as such, these items are not included in the Agencys financial statements. Tourism NT does not have any Territory Items to report as of 30 June. (E) COMPARATIVES Where necessary, comparative information for the 2014-15 financial year has been reclassified to provide consistency with current year disclosures. (F) PRESENTATION AND ROUNDING OF AMOUNTS Amounts in the financial statements and notes to the financial statements are presented in Australian dollars and have been rounded to the nearest thousand dollars, with amounts of $500 or less being rounded down to zero. Figures in the financial statements and notes may not equate due to rounding. (G) CHANGES IN ACCOUNTING POLICIES There have been no changes to accounting policies adopted in 2015-16 as a result of management decisions. (H) ACCOUNTING JUDGEMENTS AND ESTIMATES The preparation of the financial report requires the making of judgements and estimates that affect the recognised amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. Judgements and estimates that have significant effects on the financial statements are disclosed in the relevant notes to the financial statements. Notes that include significant judgements and estimates are: Employee Benefits - Note 2 (u) and Note 11: Non-current liabilities in respect of employee benefits measured as the present value of estimated future cash outflows based on the appropriate Government bond rate, estimates of future salary and wage levels and employee periods of service Property, Plant and Equipment - Note 2 (q): The fair value of land, building, infrastructure and property, plant and equipment are determined on significant assumptions of the exit price and risks in the perspective market, using the best information available Contingent Liabilities - Note 15: The present value of material quantifiable contingent liabilities are calculated using a discount rate based on the published 10-year Government bond rate Allowance for Impairment Losses - Note 2 (o), Note 7: Receivables and Note 13: Financial Instruments. The allowance represents debts that are likely to be uncollectible and are considered doubtful. Debtors are grouped according to their aging profile and history of previous financial difficulties Depreciation and Amortisation - Note 2 (l), and Note 8: Property, Plant and Equipment. (I) GOODS AND SERVICES TAX Income, expenses and assets are recognised net of the amount of Goods and Services Tax (GST), except where the amount of GST incurred on a purchase of goods and services is not recoverable from the Australian Taxation Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the Statement of Financial Position. Cash flows are included in the Cash Flow Statement on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable of payable unless otherwise specified. (J) INCOME RECOGNITION Income encompasses both revenue and gains. Income is recognised at the fair value of the consideration received, exclusive of the amount of GST. Exchange of goods or services of the same nature and value without any cash consideration being exchanged are not recognised as income. Grants and Other Contributions Grants, donations, gifts and other nonreciprocal contributions are recognised as revenue when the entity obtains control over the assets comprising the contributions. Control is normally obtained upon receipt. Contributions are recognised at their fair value. Contributions of services are only recognised when a fair value can be reliably determined and the services would be purchased if not donated. Appropriation Output Appropriation is the operating payment to each agency for the outputs they provide and is calculated as the net cost of Agency outputs after taking into account funding from Agency income. It does not include any allowance for major non-cash costs such as depreciation. Output Appropriation is apportioned between the two Output Groups based on the cost of delivering Tourism NTs strategic priorities.

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