Territory Stories

Northern Territory Treasury annual report 2005-2006

Details:

Title

Northern Territory Treasury annual report 2005-2006

Collection

Department of Treasury and Finance reports; Reports; PublicationNT

Date

2006

Description

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

Language

English

Subject

Northern Territory. Dept. of the Treasury -- Periodicals; Finance, Public -- Northern Territory -- Periodicals; Northern Territory -- Appropriations and expenditures -- Periodicals

Publisher name

Northern Territory Treasury

Place of publication

Darwin

ISSN

0729-1442

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/230906

Citation address

https://hdl.handle.net/10070/669993

Page content

114 Annual Report 2005-06 Notes to the Financial Statements For the year ended 30 June 2006 1. Objectives and Funding 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. Territory items are revenues, expenses, assets and liabilities controlled by the Government and managed by agencies on behalf of the Government. The main Territory item is Territory revenue, which includes taxation and royalty revenue, Australian Government 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. Territory Items The Central Holding Authority recognises all Territory items, therefore the Territory items managed by an agency on behalf of the Government are not recorded in their own financial statements. However, as agencies are accountable for the Territory items they manage on behalf of Government, these items have been separately disclosed in the notes of agency financial statements. 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 Central Holding Authority to prepare financial statements for the year ended 30 June 2006 based on the form determined by the Treasurer. The form of the Central Holding Authoritys 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 the Central Holding Authoritys 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.


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