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 85 FIN A N C IA L STA TEM EN TS 23 EVENTS SUBSEQUENT TO BALANCE DATE On 29 July 2004, the Territory sold $10 million in equity investment in the railway project held within the Departments Statement of Financial Position. $5 million of this is payable to the Commonwealth to extinguish part of their equity advance. 24 DISCLOSING THE IMPACT OF ADOPTING AASB TO ISAB PRONOUNCEMENTS AASB 1047 requires entities to disclose within their 30 June 2004 general purpose Financial Statements the impact of adopting the AASB equivalents to International Accounting Standards. At this point in time the Department is managing the transition through attendances at workshops and seminars. Treasury, through its accounting policy branch, will identify and communicate changes required to Treasurers Directions and future reporting requirements. At this stage the likely key differences in accounting policy are anticipated to be: Impairment Testing Under AASB 136 Impairment of Assets, the recoverable amount of an asset is determined as the higher of net selling price and value in use. This will result in a change in the Departments current accounting policy as currently under AAS 10 the recoverable amounts test does not apply to not-for profit entities. Revenue Rules governing grants provided to entities to be altered from a reciprocal/ non-reciprocal approach to encompass in substance agreements whereby income in certain circumstances can be matched over the period the service is provided rather than treated as revenue in the year of receipt. The future financial effects of the above changes in accounting policy cannot be reliably estimated at this stage. DEPARTMENT OF THE CHIEF MINISTER, NOTES TO FINANCIAL STATEMENTS - FOR THE YEAR ENDED 30 JUNE 2004