Annual report 2003-2004, Department of Corporate and Information Services
Department of Corporate and Information Services annual report 2003 - 2004
Northern Territory. Department of Corporate and Information Services
E-Publications; E-Books; PublicationNT; Department of Corporate and Information Services annual report; Annual report
2004-10-14
Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT).
English
Northern Territory. Department of Corporate and Information Services -- Periodical
Northern Territory Government
Darwin
Department of Corporate and Information Services annual report; Annual report
2003/2004
application/pdf
1835-2332
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
https://creativecommons.org/licenses/by/4.0
https://hdl.handle.net/10070/231111
https://hdl.handle.net/10070/669431
DCIS General Financial Statements 101 (c) Revenue recognition (Continued) 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, unless otherwise determined by Government, as revenue at the fair value of the asset received when the entity gains control of the asset or contribution. (d) Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred on a purchase of goods and services is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the Statement of Financial Position.