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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 47 OF 48 13. FINANCIAL INSTRUMENTS A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments held by the Commission include cash and deposits, receivables, payables and finance leases. The Commission has limited exposure to financial risks as discussed below. (a) Credit Risk The Agency has limited credit risk exposure (risk of default). In respect of any dealings with organisations external to Government, the Agency has adopted a policy of only dealing with creditworthy organisations and obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from defaults. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Agencys maximum exposure to credit risk without taking account of the value of any collateral or other security obtained. (b) Net Fair Value The carrying amount of financial assets and financial liabilities recorded in the financial statements approximates their respective net fair values. Where differences exist, these are not material. (c) Interest Rate Risk The Commission is not exposed to interest rate risk as Agency financial assets and financial liabilities are noninterest bearing. Finance lease arrangements are established on a fixed interest rate and as such do not expose the Commission to interest rate risk. 14. COMMITMENTS As at reporting date the Commission did not have any commitments under the following categories: Capital expenditure commitments Non - Cancellable Operating Lease Expense Commitments Finance lease payment commitments Other Non Cancellable Contract Commitments. 15. CONTINGENT LIABILITIES AND CONTINGENT ASSETS The Commission had no contingent liabilities or contingent assets as at 30 June 2006 or 30 June 2007. 16. EVENTS SUBSEQUENT TO BALANCE DATE No events have arisen between the end of the financial year and the date of this report that require adjustment to, or disclosure in these financial statements. 17. ACCOUNTABLE OFFICERS TRUST ACCOUNT In accordance with section 7 of the Financial Management Act, an Accountable Officers Trust Account has been established for the receipt of money to be held in trust. A summary of activity is shown below: Nature of Trust Money Opening Balance 1 July 2006 Receipts Payments Closing Balance 30 June 2007 Nomination money $5,000 $1,200 $200 $6,000