Territory Stories

Annual report 2003 - 2004

Details:

Title

Annual report 2003 - 2004

Other title

Department of the Chief Minister

Collection

Dept. of the Chief Minister annual report; Department of the Chief Minister annual report; Reports; PublicationNT

Date

2004

Description

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Notes

Date:2004

Language

English

Subject

Northern Territory. Dept. of the Chief Minister -- Periodicals; Executive departments -- Northern Territory -- Periodicals

Publisher name

Dept. of the Chief Minister

Place of publication

Darwin

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/231446

Citation address

https://hdl.handle.net/10070/668403

Page content

72 DEPARTMENT OF THE CHIEF MINISTER FI N A N C IA L ST A TE M EN TS (d) Changes in Accounting Policies The accounting policies adopted are consistent with those of the previous year except in respect of services received free of charge and recognition of inventory balances. Currently all agencies receive services free of charge, predominantly from the Department of Corporate and Information Services (DCIS) for various finance and human resource functions. From 1 July 2003 these amounts have been disclosed within the Statement of Financial Performance as revenue under Services Received Free of Charge and under Purchases of Goods and Services in Administrative Expenses. Previously these amounts had been disclosed by way of note but not reflected within the Statement of Financial Performance. The financial effect has been to increase both total Revenue and Operating Expenses by $3.66 million with no impact on the net operating result. (e) Revenue Recognition Revenue is recognised at fair value of the consideration received net of the amount of Goods and Services Tax (GST). Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues. Output Revenue Output Revenue represents Government funding for the Departments operations and is calculated as the estimated net cost of the Departments outputs after taking into account funding from revenue. The net cost of the Departments outputs for output appropriation purposes does not include any allowance for major non-cash costs such as depreciation. Revenue in respect of this funding is recognised in the period in which the Department gains control of the funds. 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. Sale of Goods Revenue from the sale of goods is recognised (net of returns, discounts and allowances) when control of the goods passes to the customer. Rendering of Services Revenue from rendering services is recognised in proportion to the stage of completion of the contract. Interest Revenue Interest revenue is recognised as it accrues, taking into account the effective yield on the financial asset. Sale of Non-Current Assets The profit or loss on disposal of non-current asset sales is included as revenue at the date control of the asset passes to the buyer, usually when an unconditional contract of sale is signed. The profit 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. Contribution of Assets Contributions of assets and contributions to assist in the acquisition of assets, being non-reciprocal transfers, are recognised as revenue at the fair value of the asset received when the entity gains control of the asset or contribution. DEPARTMENT OF THE CHIEF MINISTER, NOTES TO FINANCIAL STATEMENTS - FOR THE YEAR ENDED 30 JUNE 2004


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