Department of Corporate and Information Services annual report 2015-16
Northern Territory. Department of Corporate and Information Services
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Northern Territory. Department of Corporate and Information Services -- Periodical
Northern Territory Government
Department of Corporate and Information Services annual report; Annual report
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
D e p t. o f C o r p o r a t e a n D in f o r m a t io n s e r v iC e s 129AnnuAl RepoRt 2015-16 | Department of Corporate anD InformatIon ServICeS (iii) Currency Risk DCIS is not exposed to currency risk as it does not hold borrowings denominated in foreign currencies or transactional currency exposures arising from purchases in a foreign currency. e) Net Fair Value 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 the fair value of other monetary financial assets and liabilities is based on discounting to present value the expected future cash flows by applying current market interest rates for assets and liabilities with similar risk profiles. For financial instruments measured and disclosed at fair value, the following table groups the instruments based on the level of inputs used. Fair values of financial instruments categorised by level of inputs used to measure fair value are: 2016 Total Carrying Amount Net Fair Value Level 1 Net Fair Value Level 2 Net Fair Value Level 3 Net Fair Value Total $000 $000 $000 $000 $000 Financial Assets Cash and deposits 21 696 21 696 - - 21 696 Receivables 3 354 3 354 - - 3 354 Total Financial Assets 25 050 25 050 - - 25 050 Financial Liabilities Deposits held 8 823 8 823 - - 8 823 Payables 4 111 4 111 - - 4 111 Total Financial Liabilities 12 934 12 934 - - 12 934 2015 Financial Assets Cash and deposits 30 932 30 932 - - 30 932 Receivables 3 057 3 057 - - 3 057 Total Financial Assets 33 989 33 989 - - 33 989 Financial Liabilities Deposits held 20 909 20 909 - - 20 909 Payables 5 532 5 532 - - 5 532 Total Financial Liabilities 26 441 26 441 - - 26 441 The net fair value of financial instruments disclosed above are based on Level 1 method, the carrying amount of these financial instruments recorded in the financial statements approximates their respective net fair values. Where differences exist, these are not material. There were no changes in valuation techniques during the period.
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