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Alice Springs Town Council 2003/2004 Annual Report



Alice Springs Town Council 2003/2004 Annual Report

Other title

Annual report 2003/2004; Alice Springs Town Council annual report


Alice Springs Town Council


E-Publications; E-Books; PublicationNT; Annual Report




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




Alice Springs (N.T.). Council -- Periodicals; Local government -- Northern Territory -- Alice Springs -- Periodicals

Publisher name

Alice Springs Town Council

Place of publication

Alice Springs


Annual Report



File type


Copyright owner

Alice Springs Town Council

Parent handle


Citation address


Page content

Page 8 ALICE SPRINGS TOWN COUNCIL NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 30 June 2005 Note 1 - SIGNIFICANT ACCOUNTING POLICIES 1. The Local Government Reporting Entity Alice Springs Town Council is incorporated under the NT Local Government Act as amended and has its principal place of business at Cnr Todd Street and Gregory Terrace, Alice Springs. These General Purpose Financial Statements include the consolidated fund and other entities through which the Council controls resources to carry on its functions. In the process of reporting on the Council as a single unit, all transactions and balances between activity areas and controlled entities have been eliminated. 1.1 The Consolidated Fund All money and property received by Council is held in the Council's Consolidated Fund unless it is required to be held in the Council's Trust Fund. 1.2 The Trust Fund A separate and distinct Trust Fund is maintained to account for all monies and property received by the Council in trust which must be applied only for the purposes of or in accordance with the trusts relating to these monies. Trust monies and property subject to Councils control have been included in these reports. Trust monies and property held by Council but subject to the control of other persons have been excluded from these reports. 2. Basis of Accounting 2.1 Compliance The financial report complies with the applicable Australian Accounting Standards and professional pronouncements, the requirements of the Local Government Act and the Local Government Code of Accounting Practice and Financial Reporting and the Local Government Asset Accounting Manual. For the convenience of users the reference to the equivalent AASB Accounting Standard is also given. 2.2 Basis The financial report has been prepared on the accrual basis of accounting and, except where specifically indicated in these Notes, in accordance with the historical cost convention. The accounting policies adopted for the reporting period are consistent with those of the previous reporting period except where otherwise indicated. This financial report includes accounting estimates formulated in accordance with the above standards and have regard to the substance rather than the form of transactions. Nothing contained within this report may be taken to be an admission of any liability to any person under any circumstance. 3. Rates The rating period and reporting period for the Council coincide and, accordingly, all rates levied for the year are recognised as revenues. Uncollected rates are recognised as receivables after providing for amounts due from unknown owners and postponed rates in accordance with the requirements of the Local Government Act 1993.