Territory Stories

Annual Report 2015-2016 Tourism NT

Details:

Title

Annual Report 2015-2016 Tourism NT

Other title

Tabled Paper 185

Collection

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

Date

2016-12-01

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

ISSN

1835-1387 (Online)

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/271855

Citation address

https://hdl.handle.net/10070/432169

Page content

72 Tourism NT Annual Report 2015-16 Financial Statements05 Notes to the Financial Statements For the Year Ended 30 June 2016 Commonwealth appropriation follows from the Intergovernmental Agreement on Federal Financial Relations. It has resulted in Special Purpose Payments and National Partnership payments being made by the Commonwealth Treasury to state treasuries, in a manner similar to arrangements for GST payments. These payments are received by Treasury on behalf of the Central Holding Authority and then passed on to the relevant agencies as Commonwealth Appropriation. Revenue in respect of Appropriations is recognised in the period in which the Agency gains control of the funds. Sale of Goods Revenue from the sale of goods is recognised (net of returns, discounts and allowances) when: The significant risks and rewards of ownership of the goods have transferred to the buyer The Agency retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold The amount of revenue can be reliably measured It is probable that the economic benefits associated with the transaction will flow to the Agency The costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of Services Revenue from rendering services is recognised by reference to the stage of completion of the contract. The revenue is recognised when: The amount of revenue, stage of completion and transaction costs incurred can be reliably measured It is probable that the economic benefits associated with the transaction will flow to the entity. Interest Revenue Interest revenue is recognised as it accrues, taking into account the effective yield on the financial asset. Goods and Services Received Free of Charge Goods and services received free of charge are recognised as revenue when a fair value can be reliably determined and the resource would have been purchased if it had not been donated. Use of the resource is recognised as an expense. The Department of Corporate and Information Services provide Free of Charge services to Tourism NT. Disposal of Assets A gain or loss on disposal of assets is included as a gain or loss on the date control of the asset passes to the buyer, usually when an unconditional contract of sale is signed. The gain or loss on disposal is calculated as the difference between the carrying amount of the asset at the time of disposal and the net proceeds on disposal. Contributions of Assets Contributions of assets and contributions to assist in the acquisition of assets, being non-reciprocal transfers, are recognised, unless otherwise determined by Government, as gains when the Agency obtains control of the asset or contribution. Contributions are recognised at the fair value received or receivable. (K) REPAIRS AND MAINTENANCE EXPENSES Funding is received for repairs and maintenance works associated with Agency assets as part of Output Revenue. Costs associated with repairs and maintenance works on Agency assets are expensed as incurred. (L) DEPRECIATION AND AMORTISATION EXPENSE Items of property, plant and equipment, including buildings but excluding land, have limited useful lives and are depreciated or amortised using the straight-line method over their estimated useful lives. Amortisation applies in relation to intangible non-current assets with limited useful lives and is calculated and accounted for in a similar manner to depreciation. The estimated useful lives for each class of asset are in accordance with the Treasurers Directions and are determined as follows: Class of Asset 2016 2015 Plant and Equipment 5 - 10 Years 5 - 10 Years Computer Equipment 3 - 10 Years 3 - 10 Years Assets are depreciated or amortised from the date of acquisition or from the time an asset is completed and held ready for use. (M) INTEREST EXPENSE Interest expenses are expensed in the period in which they are incurred. (N) CASH AND DEPOSITS For the purposes of the Statement of Financial Position and the Cash Flow Statement, cash includes cash on hand, cash at bank and cash equivalents. Cash equivalents are highly liquid short-term investments that are readily convertible to cash. (O) RECEIVABLES Receivables include accounts receivable and other receivables and are recognised at fair value less any allowance for impairment losses. The allowance for impairment losses represents the amount of receivables the Agency estimates are likely to be uncollectible and are considered doubtful. Analysis of the age of the receivables that are past due as at the reporting date are disclosed in an aging schedule in Note 13. Reconciliation of changes in the allowance accounts is also presented. Accounts receivable and other receivables are generally settled within 30 days. (P) PREPAYMENTS Prepayments represent payments in advance of receipt of goods and services or that part of expenditure made in one accounting period covering a term extending beyond that period. (Q) PROPERTY, PLANT AND EQUIPMENT Acquisitions All items of property, plant and equipment with a cost, or other value, equal to or greater than $10,000 are recognised in the year of acquisition and depreciated as outlined below. Items of property, plant and equipment below the $10,000 threshold are expensed in the year of acquisition. The construction cost of property, plant and equipment includes the cost of materials and direct labour, and an appropriate proportion of fixed and variable overheads. Complex Assets Major items of plant and equipment comprising a number of components that have different useful lives, are accounted for as separate assets. The components may be replaced during the useful life of the complex asset. Subsequent Additional Costs Costs incurred on property, plant and equipment subsequent to initial acquisition are capitalised when it is probable that future economic benefits in excess of the originally assessed performance of the asset will flow to the entity in future years. Where these costs represent separate components of a complex asset, they are accounted for as separate assets and are separately depreciated over their expected useful lives.


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