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 181 22 DISCLOSING THE IMPACT OF ADOPTING AASB EQUIVALENTS TO IASB PRONOUNCEMENTS At this point in time NT Fleet is managing the transition through the Dept of Corporate and Information Services which has established a project and will take an active part in liaising with NT Treasury for Whole of Government. 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 NT Fleet current accounting policy as currently under AAS10 the recoverable amounts test does not apply to not-for profit entities. Revenue Rules governing grants provided to entities to be altered from a reciprocal/nonreciprocal approach to encompass in substance agreements whereby income in certain circumstances can be matched over the period the service is provided rather than treated as revenue in the year of receipt. The future financial effects of the above changes in accounting policy cannot be reliably estimated at this stage.