Northern Territory Electoral Commission annual report 2006-2007
Northern Territory Electoral Commission reports; Reports; PublicationNT
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Northern Territory Electoral Commission -- Periodicals; Elections -- Northern Territory -- Periodicals
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 42 OF 48 Impairment of Assets An asset is said to be impaired when the assets carrying amount exceeds its recoverable amount. Non-current physical and intangible Agency assets are assessed for indicators of impairment on an annual basis. If an indicator of impairment exists, the Agency determines the assets recoverable amount. The assets recoverable amount is determined as the higher of the assets depreciated replacement cost and fair value less costs to sell. Any amount by which the assets carrying amount exceeds the recoverable amount is recorded as an impairment loss. Impairment losses are recognised in the Operating Statement unless the asset is carried at a revalued amount. Where the asset is measured at a revalued amount, the impairment loss is offset against the Asset Revaluation Reserve for that class of asset to the extent that an available balance exists in the Asset Revaluation Reserve. In certain situations, an impairment loss may subsequently be reversed. Where an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount. A reversal of an impairment loss is recognised in the Operating Statement as income, unless the asset is carried at a revalued amount, in which case the impairment reversal results in an increase in the Asset Revaluation Reserve. Note 9 provides additional information in relation to the Asset Revaluation Reserve. (n) Leased Assets Leases under which the Agency assumes substantially all the risks and rewards of ownership of an asset are classified as finance leases. Other leases are classified as operating leases. Finance Leases Finance leases are capitalised. A leased asset and a lease liability equal to the present value of the minimum lease payments are recognised at the inception of the lease. Lease payments are allocated between the principal component of the lease liability and the interest expense. Operating Leases Operating lease payments made at regular intervals throughout the term are expended when the payments are due, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased property. Lease incentives under an operating lease of a building or office space is recognised as an integral part of the consideration for the use of the leased asset. Lease incentives are to be recognised as a deduction of the lease expenses over the term of the lease. However as the lease expenses are generally paid by the Department of Corporate and Information Services on behalf of Agencies the lease incentive is recognised as a lease incentive benefit (revenue) over the term of the lease. Payables Liabilities for accounts payable and other amounts payable are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Agency. Accounts payable are normally settled within 30 days.
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