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
NT Fleet Financial Statements 166 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2004 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of accounting The financial statements are a general purpose financial report which has been prepared in accordance with Accounting Standards, Urgent Issues Group Consensus Views, other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Financial Management Act and Treasurers Directions. The financial statements have been prepared in accordance with the historical cost convention and, except where stated, does not take into account changing money values or fair values of non-current assets. These accounting policies have been consistently applied and, except where there is a change in accounting policy, are consistent with those of the previous year. The Treasurer has determined that NT Fleet (the entity) is a Government Business Division as defined in Section 3(1) of the Financial Management Act. In accordance with Section 10 of the Financial Management Act, the financial statements of the entity have been prepared on commercial accounting principles. 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 22. The following is a summary of the material accounting policies, which have been adopted in the preparation of the financial statements. (b) 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. 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.