Territory Stories

Annual Report 2018-2019 Essential Services Commission of South Australia

Details:

Title

Annual Report 2018-2019 Essential Services Commission of South Australia

Other title

Tabled paper 1481

Collection

Tabled papers for 13th Assembly 2016 - 2020; Tabled papers; ParliamentNT

Date

2019-11-27

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Department of the Legislative Assembly

Place of publication

Darwin

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/755171

Citation address

https://hdl.handle.net/10070/768714

Page content

Essential Services Commission Notes to and forming part of the financial statements for the year ended 30 June 2019 24 The estimated impact on 2019-20 Statement of Comprehensive Income is set out below. 2020 $000 Depreciation and amortisation 462 Supplies and services (lease expense) ( 371) Borrowing costs 67 Net impact on net cost of providing services 158 The amounts disclosed are current estimates only. The Commission is continuing to refine its calculations of lease assets and liabilities for 2019-20 financial reporting purposes and expects that these figures will change. This includes accounting for non-lease components and clarifying lease terms and treatment of contractual rent increases. Related accounting policies The Treasurers Instructions (Accounting Policy Statements) 2019 sets out key requirements that the Commission must adopt for the transition from AASB 117 Leases to AASB 16 Leases. These requirements include that the Commission will: Apply AASB 16 retrospectively. The cumulative effect of initially applying the Standard will be recognised at 1 July 2019. Comparatives will not be restated. Only apply AASB 16 to contracts that were previously identified as containing a lease applying AASB 117 and related interpretations. Not transition operating leases for which the lease term ends before 30 June 2020. The Treasurers Instructions (Accounting Policy Statements) 2019 also sets out requirements for ongoing application. These requirements include that the Commission will: Not apply AASB 16 to leases of intangible assets. Adopt $15 000 as the threshold to determine whether an underlying asset is a low value asset and apply the low value asset recognition exemption to all low value assets. Apply the short-term leases recognition exemption for all classes of underlying asset. Separate non-lease components from lease components. Adopt the revaluation model, where permitted. Where required, apply the relevant lessees incremental borrowing rate published by the Department of Treasury and Finance. On initial recognition not record at fair-value leases that have significantly below-market terms and conditions principally to enable the Commission to further its objectives, unless they have already been recorded at fair value prior to 1 July 2019. 9.4. Events after the reporting period Adjustments are made to amounts recognised in the financial statements, where an event occurs after 30 June 2019 and before the date the financial statements are authorised for issue, where those events provide information about conditions that existed at 30 June 2019. Note disclosure is made about events between 30 June 2019 and the date the financial statements are authorised for issue where the events relate to a condition which arose after 30 June 2019 and which may have a material impact on the results of subsequent years. There were no events occurring after the end of the reporting period that had a material financial implication on these financial statements.


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