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

ANNUAL REPORT 2003 - 2004 75 FIN A N C IA L STA TEM EN TS (m) Payables Liabilities for trade creditors and other amounts payable are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Agency. Trade creditors are normally settled within 30 days. (n) Employee Benefits Provision is made for employee benefits accumulated as a result of employees rendering services up to the reporting date. These benefits include wages and salaries and annual leave. Liabilities arising in respect of wages and salaries and annual leave expected to be settled within twelve months of the reporting date are measured at their nominal amounts based on remuneration rates which are expected to be paid when the liability is settled. No provision has been made for sick leave, which is non-vesting, as the anticipated pattern of future sick leave to be taken indicates that accumulated sick leave will never be paid. Employee benefits expenses are recognised in respect of the following categories: wages and salaries, non-monetary benefits, annual leave, sick leave and other leave entitlements; and other types of employee benefits are recognised against profits on a net basis in their respective categories. As part of the introduction of Working for Outcomes, the Central Holding Authority assumed the long service leave liabilities of Government Agencies, including the Department of the Chief Minister. The actual liability was transferred from the Departments ledger during 2002-03. (o) Superannuation Employees Superannuation entitlements are provided through the NT Government and Public Authorities Superannuation Scheme (NTGPASS), Commonwealth Superannuation Scheme (CSS) and non-government employee nominated schemes for those employees commencing on or after 10 August 1999.The Agency makes superannuation contributions on behalf of its employees to the Central Holding Authority or the non-government employee nominated schemes. Any liability for government superannuation is met directly by the Central Holding Authority and the Department of the Chief Minister has and will continue to have no direct superannuation liability. (p) Rounding of Amounts Amounts in the Financial Statements and notes to the Financial Statements have been rounded to the nearest thousand dollars. (q) Comparatives Where necessary, comparatives have been reclassified and repositioned for consistency with current year disclosures. DEPARTMENT OF THE CHIEF MINISTER, NOTES TO FINANCIAL STATEMENTS - FOR THE YEAR ENDED 30 JUNE 2004


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