Aboriginal Areas Protection Authority annual report : for the period ended 30 June 2013
Annual report : for the period ended 30 June 2013
Northern Territory. Aboriginal Areas Protection Authority
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Northern Territory Government
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Northern Territory Government
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2013 - ABORIGINAL AREAS PROTECTION AUTHORITY - 54 Commonwealth appropriation follows from the Intergovernmental Agreement on Federal Financial Relations, resulting in Special Purpose Payments (SPPs) and National Partnership (NP) payments being made by the Commonwealth Treasury to state treasuries, in a manner similar to arrangements for GST payments. These payments are received by the Department of Treasury and Finance on behalf of the Central Holding Authority and then on-passed 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; and 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; and 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. 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. Refer also to Note 5.