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Annual report 2010-2011, Land Development Corporation



Annual report 2010-2011, Land Development Corporation


Land Development Corporation annual report; Reports; PublicationNT




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






Land use -- Northern Territory -- Planning -- Periodicals

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Land Development Corporation

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finance Leases Finance leases are capitalised. A leased asset and a lease liability equal to the present value of the minimum lease payments are recognised at the inception of the lease. Lease payments are allocated between the principal component of the lease liability and the interest expense. Operating Leases Operating lease payments made at regular intervals throughout the term are expensed when the payments are due, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased property. Lease incentives under an operating lease of a building or office space is recognised as an integral part of the consideration for the use of the leased asset. Lease incentives are to be recognised as a deduction of the lease expenses over the term of the lease. r. dEpOsits hELd Deposits Held includes deposits held by the Corporation and the Accountable Officers Trust Account (AOTA), which consist of receipts held pending the successful completion of land improvements by land purchasers and other financial obligations payable within the next twelve months. The AOTA is for the receipt of monies, such as rental bonds and securities held in trust in accordance with Section 7 of the Financial Management Act. s. payaBLEs Liabilities for accounts payable and other amounts payable are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Corporation. Accounts payable are normally settled within 30 days. t. EmpLOyEE BEnEfits Provision is made for employee benefits accumulated as a result of employees rendering services up to the reporting date. These benefits include wages and salaries and recreation leave. Liabilities arising in respect of wages and salaries and recreation leave and other employee benefit liabilities that fall due within twelve months of reporting date are classified as current liabilities and are measured at amounts expected to be paid. Noncurrent employee benefit liabilities that fall due after twelve months of the reporting date are measured at present value, calculated using the Government long term bond rate. No provision is made for sick leave, which is non-vesting, as the anticipated pattern of future sick leave to be taken is less than the entitlement accruing in each reporting period. Employee benefit expenses are recognised on a net basis in respect of the following categories: wages and salaries, non-monetary benefits, recreation leave, sick leave and other leave entitlements; and other types of employee benefits. As part of the Financial Management Framework, the Central Holding Authority assumes the long service leave liabilities of Government Agencies, including the Corporation and as such no long service leave liability is recognised in the Corporations financial statements. u. supErannuatiOn Employees superannuation entitlements are provided through the: NT Government and Public Authorities Superannuation Scheme (NTGPASS); Commonwealth Superannuation Scheme (CSS); or non-government employee nominated schemes for those employees commencing on or after 10 August 1999. The Corporation makes superannuation contributions on behalf of its employees to the Central Holding Authority or non-government employee nominated schemes. Superannuation liabilities related to government superannuation schemes are held by the Central Holding Authority and as such are not recognised in the Corporations financial statements. v. COntriButiOns By and distriButiOns tO gOvErnmEnt The Corporation may receive contributions from Government where the Government is acting as owner of the Corporation. Conversely, the Corporation may make distributions to Government. In accordance with the Financial Management Act and Treasurers Directions, certain types of contributions and distributions, including those relating to administrative restructures, have been designated as contributions by, and distributions to, Government. These designated contributions and distributions are treated by the Corporation as adjustments to equity. The Statement of Changes in Equity provides additional information in relation to contributions by, and distributions to, Government. w. COmmitmEnts Disclosures in relation to capital and other commitments, including lease commitments are shown at Note 18 and are consistent with the requirements contained in AASB 101, AASB 116 and AASB 117. Commitments are those contracted as at 30 June where the amount of the future commitment can be reliably measured. 55

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