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
Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT).
Northern Territory. Department of Corporate and Information Services -- Periodical
Northern Territory Government
Department of Corporate and Information Services annual report; Annual report
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
Government Printing Office Financial Statements 133 16 FINANCIAL INSTRUMENTS (continued) (b) Credit risk The entity principally deals with Government Agencies. In respect of any dealings with organisations external to Government, the entity has adopted the policy of only dealing with credit worthy organisations and obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from defaults. The carrying amount of financial assets recorded in the financial statements, net of any provisions for losses, represents the entitys maximum exposure to credit risk without taking account of the value of any collateral or other security obtained. (c) Net fair value The carrying amount of financial assets and financial liabilities recorded in the financial statements represents their respective net fair values. 2004 $'000 2003 $'000 17 COMMITMENTS Non-cancellable operating lease expense commitments Future operating lease commitments not provided for in the financial statements and payable: Within one year 67 85 One year and no later than five years 101 168 85 The entity leases property under non-cancellable operating leases expiring from 2006 to 2007 years. 18 DISCLOSING THE IMPACT OF ADOPTING AASB EQUIVALENTS TO IASB PRONOUNCEMENTS At this point in time the Government Printing Office is managing the transition through a project team formed within the Department of Corporate and Information Services. 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 the Australian equivalent of IAS 36 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 Government Printing Offices current accounting policy as currently under AAS10 the recoverable amounts test does not apply to not-for profit entities. The future financial effects of the above changes in accounting policy cannot be reliably estimated at this stage.
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