Department of Construction and Infrastructure annual report 2010-2011
Northern Territory. Department of Construction and Infrastructure
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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
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Northern Territory Government
Department of Construction and Infrastructure Financial Report 2010-2011 84 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(s) 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(p), 7: Receivables & 14: Financial Instruments Depreciation and Amortisation Note 2(k) 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. Appropriation Output Appropriation is the operating payment to each Agency for the outputs they provide and is calculated as the net cost of Agency outputs after taking into account funding from Agency income. It does not include any allowance for major non-cash costs such as depreciation. Commonwealth appropriation follows from the Intergovernmental Agreement on Federal Financial Relations, resulting in Special Purpose Payments and National Partnership payments being made by the Commonwealth Treasury to state treasuries, in a manner similar to arrangements for GST payments. These payments are received by Treasury 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. 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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