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 85 Rendering of Services Revenue from rendering services is recognised by reference to the stage of completion of the contract. The revenue is recognised when: the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and it is probable that the economic benefits associated with the transaction will flow to the entity. Interest Revenue Interest revenue is recognised as it accrues, taking into account the effective yield on the financial asset. Goods and Services Received Free of Charge Goods and services received free of charge are recognised as revenue when a fair value can be reliably determined and the resource would have been purchased if it had not been donated. Use of the resource is recognised as an expense. Disposal of Assets A gain or loss on disposal of assets is included as a gain or loss on the date control of the asset passes to the buyer, usually when an unconditional contract of sale is signed. The gain or loss on disposal is calculated as the difference between the carrying amount of the asset at the time of disposal and the net proceeds on disposal. Contributions of Assets Contributions of assets and contributions to assist in the acquisition of assets, being non-reciprocal transfers, are recognised, unless otherwise determined by Government, as gains when the Agency obtains control of the asset or contribution. Contributions are recognised at the fair value received or receivable. j) Repairs and Maintenance Expense Funding is received for repairs and maintenance works associated with Agency assets as part of Output Revenue. Costs associated with repairs and maintenance works on Agency assets are expensed as incurred. k) Depreciation and Amortisation Expense Items of property, plant and equipment, including buildings but excluding land, have limited useful lives and are depreciated or amortised using the straight-line method over their estimated useful lives. Amortisation applies in relation to intangible non-current assets with limited useful lives and is calculated and accounted for in a similar manner to depreciation. The estimated useful lives for each class of asset are in accordance with the Treasurers Directions and are determined as follows: 2011 2010 Buildings 20 - 50 Years 20 - 50 Years Plant and Equipment 4 - 15 Years 4 - 15 Years Assets are depreciated or amortised from the date of acquisition or from the time an asset is completed and held ready for use. l) Interest Expense Interest expenses include interest and finance lease charges. Interest expenses are expensed in the period in which they are incurred. m) Cash and Deposits For the purposes of the Balance Sheet and the Cash Flow Statement, cash includes cash on hand, cash at bank and cash equivalents. Cash equivalents are highly liquid short-term investments that are readily convertible to cash. Cash at bank includes monies held in the Accountable Officers Trust Account (AOTA) that are ultimately payable to the beneficial owner refer also to note 18. n) Receivables Receivables include accounts receivable and other receivables and are recognised at fair value less any allowance for impairment losses. The allowance for impairment losses represents the amount of receivables the Agency estimates are likely to be uncollectible and are considered doubtful. Analyses of the age of the receivables that are past due as at the reporting date are disclosed in an aging schedule under credit risk in Note 14 Financial Instruments. Reconciliation of changes in the allowance accounts is also presented. Accounts receivable are generally settled within 30 days and other receivables within 30 days. o) Property, Plant and Equipment Acquisitions All items of property, plant and equipment with a cost, or other value, equal to or greater than $10,000 are recognised in the year of acquisition and depreciated as outlined below. Items of property, plant and equipment below the $10,000 threshold are expensed in the year of acquisition. The construction cost of property, plant and equipment includes the cost of materials and direct labour, and an appropriate proportion of fixed and variable overheads. 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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