Territory Stories

Department of Construction and Infrastructure annual report 2010-2011

Details:

Title

Department of Construction and Infrastructure annual report 2010-2011

Creator

Northern Territory. Department of Construction and Infrastructure

Collection

E-Publications; PublicationNT; E-Books; Department of Construction and Infrastructure annual report; Annual Report

Date

2011

Notes

Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT)

Language

English

Subject

Northern Territory. Department of Construction and Infrastructur; Public works; Construction industry; Infrastructure (Economics); Periodicals; Annual report

Publisher name

Northern Territory Government

Place of publication

Darwin

Series

Department of Construction and Infrastructure annual report; Annual Report

Volume

2009-2010

Now known as

Department of Infrastructure

Previously known as

Department of Planning and Infrastructure

File type

application/pdf

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0

Parent handle

https://hdl.handle.net/10070/236244

Citation address

https://hdl.handle.net/10070/642761

Page content

CONSTRUCTION DIVISION Department of Construction and Infrastructure Financial Report 2010-2011 103 INDEX OF NOTES TO THE FINANCIAL STATEMENTS 1. Objectives and Funding 2. Statement of Significant Accounting Policies INCOME 3. Gain on Disposal of Assets EXPENSES 4. Income Tax Expense 5. Purchases of Goods and Services ASSETS 6. Cash and Deposits 7. Receivables 8. Inventories 9. Property, Plant and Equipment LIABILITIES 10. Payables 11. Provisions EQUITY 12. Reserves OTHER DISCLOSURES 13. Notes to the Cash Flow Statement 14. Financial Instruments 15. Commitments 16. Contingent Liabilities and Contingent Assets 17. Events Subsequent to Balance Date 18. Write-offs, Postponements, Waivers, Gifts and Ex Gratia Payments 1. OBJECTIVES AND FUNDING Construction Division has been determined by the Treasurer to be a Government Business Division (GBD) as specified in the Financial Management Act. Construction Division provides project management for the design, procurement, and supervision of construction and maintenance of Northern Territory Government built assets. Unlike general government agencies Construction Division does not receive direct appropriation for its commercial activities. Instead, operating revenue is primarily generated from fees charged to other NT Government Agencies for its project management activities. 2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES a) Basis of Accounting The financial statements have been prepared in accordance with the requirements of the Financial Management Act and related Treasurers Directions. The Financial Management Act requires the Construction Division to prepare financial statements for the year ended 30 June based on the form determined by the Treasurer. The form of Agency financial statements is to include: (i) a Certification of the Financial Statements; (ii) a Comprehensive Operating Statement; (iii) a Balance Sheet; (iv) a Statement of Changes in Equity; (v) a Cash Flow Statement; and (vi) applicable explanatory notes to the financial statements. The financial statements have been prepared using the accrual basis of accounting, which recognises the effect of financial transactions and events when they occur, rather than when cash is paid out or received. As part of the preparation of the financial statements, all intra Agency transactions and balances have been eliminated. Except where stated, the financial statements have also been prepared in accordance with the historical cost convention. The form of the Agency financial statements is also consistent with the requirements of Australian Accounting Standards. The effects of all relevant new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are effective for the current annual reporting period have been evaluated. The Standards and Interpretations and their impacts are: NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2011 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2011


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