Annual report 2003 - 2004
Department of the Chief Minister
Dept. of the Chief Minister annual report; Department of the Chief Minister annual report; Reports; PublicationNT
Made available via the Publications (Legal Deposit) Act 2004 (NT).
Northern Territory. Dept. of the Chief Minister -- Periodicals; Executive departments -- Northern Territory -- Periodicals
Dept. of the Chief Minister
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ANNUAL REPORT 2003 - 2004 71 FIN A N C IA L STA TEM EN TS DEPARTMENT OF THE CHIEF MINISTER NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2004 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (a) Objectives and Funding As a central agency, the Department of the Chief Minister develops frameworks to support the Governments social, economic and development policies and investment facilitation and ensures Governments priorities are implemented effectively across the Northern Territory Public Sector. The Department of the Chief Minister provides leadership in attracting investment and development to the Northern Territory and in coordinating whole of government approaches to issues across the Northern Territory Public Sector. The Department is predominantly funded by Parliamentary appropriations. The Financial Statements encompass all funds through which the Department controls resources to carry on its functions. In the process of reporting on the Department as a single Agency, all intra Agency transactions and balances have been eliminated. (b) 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. Territory items are revenues, expenses, assets and liabilities controlled by the Government and managed by Agencies on behalf of the Government. The main Territory item is Territory revenue, 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 long service leave Territory Items The Central Holding Authority is the body that recognises all Territory items. During the 2003-04 financial year, the Department did not administer or manage any Territory items on behalf of Government. (c) Basis of Accounting The Financial Statements have been prepared in accordance with the requirements of the Financial Management Act and Treasurers Directions. Except where stated the Financial Statements have been prepared in accordance with the historical cost convention. These financial statements do not comply with International Accounting Standards, as Australia is not adopting these requirements until reporting periods commencing on or after 1 January 2005. However the potential impact on accounting policies that will arise from the transition to AASB equivalents of IASB pronouncements is disclosed in note 24. The following is a summary of the material accounting policies, which have been adopted in the preparation of the Financial Statements.
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