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
Government Printing Office Financial Statements 123 (b) Revenue recognition (continued) 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 gross proceeds of non-current asset sales are 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 contribution (c) Goods and services tax Revenues, expenses and assets are recognised net of the amount of 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. Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of cash flows arising from investing and financing activities which is recoverable from, or payable to, the ATO are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the ATO. (d) Taxation The entity is required to pay income tax on its accounting profit, excluding extraordinary items, at the company tax rate of 30% in accordance with the requirements of the Treasurers Directions and the NT Tax Equivalents Regime. As a consequence and in accordance with the Australian Accounting Standard AASB1020 Accounting for Income Tax, the future income tax benefit that was recognised in the June 2003 financial report was reversed, as the Government Printing Office did not satisfy the virtual certainty test outlined in the standard. The value of the reversal was $166250.60