Department of Construction and Infrastructure annual report 2010-2011
Northern Territory. Department of Construction and Infrastructure
E-Publications; PublicationNT; E-Books; Department of Construction and Infrastructure annual report; Annual Report
Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT)
Northern Territory. Department of Construction and Infrastructur; Public works; Construction industry; Infrastructure (Economics); Periodicals; Annual report
Northern Territory Government
Department of Construction and Infrastructure annual report; Annual Report
Department of Infrastructure
Department of Planning and Infrastructure
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
CONSTRUCTION DIVISION Department of Construction and Infrastructure Financial Report 2010-2011 105 c) Central Holding Authority The Central Holding Authority is the parent body that represents the Governments ownership interest in Government controlled entities. The Central Holding Authority also records all Territory items, such as income, expenses, assets and liabilities controlled by the Government and managed by Agencies on behalf of the Government. The main Territory item is Territory income, which includes taxation and royalty revenue, Commonwealth general purpose funding (such as GST revenue), fines, and statutory fees and charges. The Central Holding Authority also holds certain Territory assets not assigned to Agencies as well as certain Territory liabilities that are not practical or effective to assign to individual Agencies such as unfunded superannuation and long service leave. d) Comparatives Where necessary, comparative information for the 2009-10 financial year has been reclassified to provide consistency with current year disclosures. e) Presentation and Rounding of Amounts Amounts in the financial statements and notes to the financial statements are presented in Australian dollars and have been rounded to the nearest thousand dollars, with amounts of $500 or less being rounded down to zero. f) Changes in Accounting Policies There have been no changes to accounting policies adopted in 2010-11 as a result of management decisions. g) Accounting Judgements and Estimates The preparation of the financial report requires the making of judgements and estimates that affect the recognised amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements and estimates that have significant effects on the financial statements are disclosed in the relevant notes to the financial statements. Notes that include significant judgements and estimates are: Employee Benefits Note 2(r) and Note 11: Non-current liabilities in respect of employee benefits are measured as the present value of estimated future cash outflows based on the appropriate Government bond rate, estimates of future salary and wage levels and employee periods of service. Contingent Liabilities Note 16: The present value of material quantifiable contingent liabilities are calculated using a discount rate based on the published 10-year Government bond rate. Allowance for Impairment Losses Note 2(o), 7: Receivables & 14: Financial Instruments Depreciation and Amortisation Note 2(j) and Note 8: Property, Plant and Equipment. h) Goods and Services Tax Income, expenses and assets are recognised net of the amount of Goods and Services Tax (GST), except where the amount of GST incurred on a purchase of goods and services is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the Balance Sheet. Cash flows are included in the Cash Flow Statement on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable or payable unless otherwise specified. i) Income Recognition Income encompasses both revenue and gains. Income is recognised at the fair value of the consideration received, exclusive of the amount of goods and services tax (GST). Exchanges of goods or services of the same nature and value without any cash consideration being exchanged are not recognised as income. Grants and Other Contributions Grants, donations, gifts and other non-reciprocal contributions are recognised as revenue when the Agency obtains control over the assets comprising the contributions. Control is normally obtained upon receipt. Contributions are recognised at their fair value. Contributions of services are only recognised when a fair value can be reliably determined and the services would be purchased if not donated. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2011 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2011
Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.
We use temporary cookies on this site to provide functionality.
You are welcome to provide further information or feedback about this item by emailing TerritoryStories@nt.gov.au