Territory Stories

Annual report 2003-2004, Department of Corporate and Information Services

Details:

Title

Annual report 2003-2004, Department of Corporate and Information Services

Other title

Department of Corporate and Information Services annual report 2003 - 2004

Creator

Northern Territory. Department of Corporate and Information Services

Collection

E-Publications; E-Books; PublicationNT; Department of Corporate and Information Services annual report; Annual report

Date

2004-10-14

Notes

Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Northern Territory. Department of Corporate and Information Services -- Periodical

Publisher name

Northern Territory Government

Place of publication

Darwin

Series

Department of Corporate and Information Services annual report; Annual report

Volume

2003/2004

File type

application/pdf

ISSN

1835-2332

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0

Parent handle

https://hdl.handle.net/10070/231111

Citation address

https://hdl.handle.net/10070/669431

Page content

DCIS General Financial Statements 100 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (a) Objectives and funding The Department of Corporate and Information Services mission is to add value to our customers business by providing responsive, quality, cost effective services throughout the Northern Territory. 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) 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 18. The following is a summary of the material accounting policies, which have been adopted in the preparation of the financial statements. (c) Revenue recognition Revenue is recognised at the 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 Agency operations and is calculated as the net cost of Agency outputs after taking into account funding from Agency revenue. The net cost of Agency 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 Agency gains control of the funds.


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