Territory Stories

Northern Territory Electoral Commission annual report 2006-2007

Details:

Title

Northern Territory Electoral Commission annual report 2006-2007

Collection

Northern Territory Electoral Commission reports; Reports; PublicationNT

Date

2007

Description

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

Language

English

Subject

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

Publisher name

Northern Territory Electoral Commission

Place of publication

Darwin

ISSN

1835-0356

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/231057

Citation address

https://hdl.handle.net/10070/669607

Page content

FINANCIAL REPORT NORTHERN TERRITORY ELECTORAL COMMISSION NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2007 NTEC ANNUAL REPORT 2006-07 PAGE 41 OF 48 (l) Receivables Receivables include accounts receivable and other receivables and are recognised at fair value less any allowance for uncollectible amounts. The collectibility of receivables is reviewed regularly, and part of this process is to assess, at reporting date, whether an allowance for doubtful debts is required. Accounts receivable are generally settled within 30 to 45 days. (m) Property, Plant and Equipment Acquisitions All items of property, plant and equipment with a cost, or other value, equal to or greater than $5,000 are recognised in the year of acquisition and depreciated as outlined below. Items of property, plant and equipment below the $5,000 threshold are expended in the year of acquisition. The construction cost of property, plant and equipment includes the cost of materials and direct labour, and an appropriate proportion of fixed and variable overheads. Complex Assets Major items of plant and equipment comprising a number of components that have different useful lives, are accounted for as separate assets. The components may be replaced during the useful life of the complex asset. Subsequent Additional Costs Costs incurred on property, plant and equipment subsequent to initial acquisition are capitalised when it is probable that future economic benefits in excess of the originally assessed performance of the asset will flow to the Agency in future years. Where these costs represent separate components of a complex asset, they are accounted for as separate assets and are separately depreciated over their expected useful lives. Construction (Work in Progress) As part of Financial Management Framework, the Department of Planning and Infrastructure is responsible for managing general government capital works projects on a whole of Government basis. Therefore appropriation for agency capital works is provided directly to the Department of Planning and Infrastructure and the cost of construction work in progress is recognised as an asset of that Department. Once completed, capital works assets are transferred to the Agency. Depreciation and Amortisation Items of property, plant and equipment, including buildings but excluding land, have limited useful lives and are depreciated or amortised using the straight-line method over their estimated useful lives. Amortisation applies in relation to intangible non-current assets with limited useful lives and is calculated and accounted for in a similar manner to depreciation. Assets Held for Sale Assets held for sale consist of those assets which management has determined are available for immediate sale in their present condition, and their sale is highly probably within the next twelve months. These assets are measured at the lower of the assets carrying amount and fair value less costs to sell. These assets are not depreciated. Non-current assets held for sale have been recognised on the face of the financial statements as current assets.


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