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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 39 OF 48 main Territory item is Territory income, which includes taxation and royalty revenue, Commonwealth general purpose funding (such as GST revenue), fines, and statutory fees and charges. The Central Holding Authority also holds certain Territory assets not assigned to Agencies as well as certain Territory liabilities that are not practical or effective to assign to individual Agencies such as unfunded superannuation and long service leave. The Central Holding Authority recognises and records all Territory items, and as such, these items are not included in the Agencys financial statements. However, as the Agency is accountable for certain Territory items managed on behalf of Government, these items have been separately disclosed in Note 19 - Schedule of Territory Items. (c) Comparatives Where necessary, comparative information for the 2005-06 financial year has been reclassified to provide consistency with current year disclosures. (d) Presentation and Rounding of Amounts Amounts in the financial statements and notes to the financial statements are presented in Australian dollars and have been rounded to the nearest thousand dollars, with amounts of $500 or less being rounded down to zero. (e) Changes in Accounting Policies There have been no changes to accounting policies adopted in 2006-07 as a result of management decisions. (f) Goods and Services Tax Income, expenses and assets are recognised net of the amount of Goods and Services Tax (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 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 Balance Sheet. Cash flows are included in the Cash Flow Statement on a gross basis. The GST components of cash flows arising from investing and financing activities which are 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 or payable unless otherwise specified. (g) Income Recognition Income encompasses both revenue and gains. Income is recognised at the fair value of the consideration received, exclusive of the amount of goods and services tax (GST). Exchanges of goods or services of the same nature and value without any cash consideration being exchanged are not recognised as income. Output Revenue Output revenue represents Government funding for Agency operations and is calculated as the net cost of Agency outputs after taking into account funding from Agency income. The net cost of Agency outputs for Output Appropriation purposes does not include any allowance for major non-cash costs such as depreciation. Revenue in respect of this funding is recognised in the period in which the Agency gains control of the funds.