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Northern Territory Treasury Corporation Annual report 2013-2014



Northern Territory Treasury Corporation Annual report 2013-2014


Department of Treasury and Finance reports; Reports; PublicationNT




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




Northern Territory Treasury Corporation -- Periodicals; Finance, Public -- Northern Territory -- Periodicals

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Dept. of Treasury and Finance

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Notes to the Financial Statements For the financial year ended 30June2014 49Annual Report 2014 1. Legal Status, Associated Guarantees and Entity Domicile (a) Determination of Government Business Division Status The Treasurer has determined that the Northern Territory Treasury Corporation (NTTC) is a government business division as defined in section3(1) of the Financial Management Act (FMA). In accordance with section10(2) of the FMA, the financial statements of NTTC have been prepared based on commercial accounting principles and compliance with Australian Accounting Standards. (b) Statutory Guarantee Under section20of the Northern Territory Treasury Corporation Act (NTTC Act), all financial obligations incurred or assumed by NTTC are guaranteed by the Treasurer on behalf of the Northern Territory Government of Australia. (c) Reporting Entity NTTC is domiciled in Australia. Its registered address is 38Cavenagh Street Darwin NT 0800. NTTC is designated as a not-for-profit entity and is primarily involved in borrowing and investing on behalf of the Northern Territory Government. 2. Summary of Accounting Policies Statement of Compliance The financial statements are general purpose financial statements that have been prepared in accordance with the NTTC Act, Australian Accounting Standards as issued by the Australian Accounting Standards Board (AASB) and the requirements of the FMA, and the Treasurers Directions. The financial statements were authorised for issue by the Under Treasurer on 26September2014. Basis of Preparation The financial statements are presented in Australian dollars, rounded to the nearest thousand (unless otherwise indicated), and have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. The preparation of the financial statements in conformity with AASBs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. 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 and in any future periods affected. Use of estimates and judgements in preparing these financial statements has been limited. Information about areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is described in Note 17. Accounting policies are selected and applied in a manner that ensures the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.