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Northern Territory Electoral Commission annual report 2006-2007



Northern Territory Electoral Commission annual report 2006-2007


Northern Territory Electoral Commission reports; Reports; PublicationNT




Made available via the Publications (Legal Deposit) Act 2004 (NT).




Northern Territory Electoral Commission -- Periodicals; Elections -- Northern Territory -- Periodicals

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Northern Territory Electoral Commission

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FINANCIAL REPORT NORTHERN TERRITORY ELECTORAL COMMISSION NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2007 NTEC ANNUAL REPORT 2006-07 PAGE 38 OF 48 1. OBJECTIVES AND FUNDING The Northern Territory Electoral Commission was established in March 2004 to support government by providing a fair, impartial and professional electoral service and ensuring there is an opportunity for the people of the Northern Territory to participate in free and democratic elections. The Commission is responsible for conducting elections for the Legislative Assembly, local government, community government, and other organisations in an efficient and cost-effective manner, consistent with legislative requirements. The Commission is predominantly funded by, and is dependent on the receipt of, Parliamentary appropriations. The financial statements encompass all funds through which the Agency controls resources to carry on its functions and deliver outputs. 2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Accounting The financial statements have been prepared in accordance with the requirements of the Financial Management Act and related Treasurers Directions. The Financial Management Act requires the Northern Territory Electoral Commission to prepare financial statements for the year ended 30 June based on the form determined by the Treasurer. The form of Agency financial statements is to include: (i) a Certification of the Financial Statements; (ii) an Operating Statement; (iii) a Balance Sheet; (iv) a Statement of Changes in Equity; (v) a Cash Flow Statement; and (vi) applicable explanatory notes to the financial statements. The form of Agency financial statements is consistent with the accrual budget format and the requirements of Australian Accounting Standards, including AASB 101, AASB 107 and AAS 29. The format also requires additional disclosures specific to Territory Government entities. The financial statements have been prepared using the accrual basis of accounting, which recognises the effect of financial transactions and events when they occur, rather than when cash is paid out or received. As part of the preparation of the financial statements, all intra Agency transactions and balances have been eliminated. Except where stated, the financial statements have also been prepared in accordance with the historical cost convention. (b) Agency and Territory Items The financial statements of Northern Territory Electoral Commission include income, expenses, assets, liabilities and equity over which the Commission has control (Agency items). Certain items, while managed by the Agency, are controlled and recorded by the Territory rather than the Agency (Territory items). Territory items are recognised and recorded in the Central Holding Authority as discussed below. Central Holding Authority The Central Holding Authority is the parent body that represents the Governments ownership interest in Government controlled entities. The Central Holding Authority also records all Territory items, such as income, expenses, assets and liabilities controlled by the Government and managed by Agencies on behalf of the Government. The