Territory Stories

Northern Territory Legal Aid Commission annual report 2011/2012

Details:

Title

Northern Territory Legal Aid Commission annual report 2011/2012

Collection

Northern Territory Legal Aid Commission report; PublicationNT; Reports

Date

2012

Description

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Notes

This publication contains many links to external sites. These external sites may no longer be active.

Language

English

Subject

Northern Territory Legal Aid Commission -- Periodicals.; Legal aid -- Northern Territory -- Periodicals.

Publisher name

Northern Territory Legal Aid Commission

Place of publication

Darwin (N.T.)

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/260552

Citation address

https://hdl.handle.net/10070/491080

Page content

2011 - 2012 Annual Report 49 Financials Held-to-maturity investments Non-derivative financial assets with fixed or determinable payments and fixed maturity dates that the Commission has the positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held-to-maturity investments are recorded at amortised cost using the effective interest method less impairment, with revenue recognised on an effective yield basis. Loans and receivables Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non current assets. Loans and receivables are measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest rate to the relevant balances. Impairment of financial assets Financial assets are assessed for impairment at each balance date. Financial assets held at amortised cost - If there is objective evidence that an impairment loss has been incurred for loans and receivables or held to maturity investments held at amortised cost, the amount of the loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. The carrying amount is reduced by way of an allowance account. The loss is recognised in the Income Statement. g) Financial Liabilities Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities. Financial liabilities are recognised and derecognised upon trade date. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability. Other financial liabilities Other financial liabilities are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Supplier and other payables Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced). h) Contingent Assets and Liabilities Contingent Assets and Contingent Liabilities are not recognised in the Balance Sheet but are reported in the relevant schedules and notes. They may arise from uncertainty as to the existence of an asset or liability or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.