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

Department of Construction and Infrastructure Financial Report 2010-2011 83 Standard/ Interpretation Summary Effective for annual reporting periods beginning on or after Impact on financial statements AASB 2010-5 Amendments to Australian Accounting Standards [AASB 1, 3, 4, 5, 101, 107, 112, 118, 119, 121, 132, 133, 134, 137, 139, 140, 1023 & 1038 and Interpretations 112, 115, 127, 132 & 1042] Makes numerous editorial amendments to a range of Standards and Interpretations 1 Jan 2011 Minimal effect on the financial statements. AASB 2010-6 Amendments to Australian Accounting Standards Disclosures on Transfers of Financial Assets Amends AASB 7 Financial Instruments: Disclosures, introducing additional disclosures designed to allow users of financial statements to improve their understanding of transfer transactions of financial assets 1 July 2011 Minimal effect on the financial statements. AASB 9 Financial instruments, AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9, AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (Dec 2010) AASB 9 simplifies requirements for the classification and measurement of financial assets and liabilities resulting from Phase 1 of the IASBs project to replace IAS 39 Financial instruments: recognition and measurement (AASB 139 Financial Instruments: recognition and measurement). 1 Jan 2013 Minimal effect on the financial statements. c) Agency and Territory Items The financial statements of Department of Construction and Infrastructure (DCI) include income, expenses, assets, liabilities and equity over which DCI has control (Agency items). Certain items, while managed by the DCI, are controlled and recorded by the Territory rather than the Agency (Territory items). Territory items are recognised and recorded in the Central Holding Authority as discussed below. 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. The Central Holding Authority recognises and records all Territory items, and as such, these items are not included in the Agencys financial statements. However, as the Agency is accountable for certain Territory items managed on behalf of Government, these items have been separately disclosed in note 20 - Schedule of Territory Items. 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. 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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