Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)
Tabled paper 1556
Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT
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Northern Territory Motor Accidents (Compensation) Commission Annual Report 2015 Notes to the Financial Statements - 30 June 2015 Page 24 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 11 AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 1 January 2018 30 June 2018 AASB 2015-1 Amendments to Australian Accounting Standards Annual improvements to Australian Accounting Standards 2012-2014 Cycle [AASB 1, AASB 2, AASB 3, AASB 5, AASB 7, AASB 11, AASB 110,, AASB 119, AASB 121, AASB 133, AASB 134, AASB 137, & AASB 140] 1 January 2016 30 June 2016 AASB 2015-2 Amendments to Australian Accounting Standards Disclosure Initiative: Amendments to AASB 101 [AASB 7, AASB 101, AASB 134 & AASB 1049] 1 January 2016 30 June 2016 2.3 Significant Accounting Policies In addition to MACCs primary operations of providing Insurance and Banking services for the first 6 months to the Northern Territory, MACC administered the MAC Fund pursuant to the former TIO Act. The results and balances are disclosed separately to fulfil the reporting obligations set out by both the former TIO Act (up to 31 December 2014) and the current regime of the MACC Act. All accounting policies are consistent with the previous year unless otherwise stated. a)! Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. The following specific recognition criteria are also used before revenue is recognised: Premium revenue Premium is comprised of amounts charged to policyholders or other insurers, but excludes stamp duties, GST and other amounts collected on behalf of third parties. The earned portion of premiums received and receivable, including unclosed business, is recognised as revenue. Premium is treated as earned from the date of attachment of risk. Premiums on unclosed business are estimated with reference to the previous year's premium processing delays and the impact of recent trends and events on the pattern of new business and renewals. The pattern of recognition of income over the policy or indemnity periods is in accordance with the pattern of the incidence of risk expected under the insurance contracts. In most cases, time approximates the pattern of risks underwritten. Unearned premium liability, which is the proportion of premium received or receivable not earned in the Statement of Profit or Loss and Other Comprehensive Income, is determined by apportioning the premiums written in the year over the periods of indemnity from the attachment of risk, and is treated as a liability on the Statement of Financial Position at the reporting date. Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 10 The provisions of the Motor Accidents (Compensation) Act 2014 do not detail the financial reporting requirements associated with the previous provisions of the TIO Act. In the interest of comparability and consistency, this document has been produced in a consistent manner. TIO previously addressed its obligations under the TIO Act by segregating the assets and liabilities of the MAC Fund and presenting in the financial statements the above information requirements using a 6 column approach. The disclosures for both TIO [Insurance and Banking] and the MAC Fund are their standalone results and balances and necessarily disclose all transactions that occur between the two business activities. Accounting policies applicable to both TIO and the MAC Fund are outlined throughout Note 2.3. 2.2 New and Revised Accounting Standards Standards and Interpretations affecting amounts, presentation and disclosure reported in the current period No accounting standard has been adopted earlier than the applicable dates as stated in the standard. New standards/revised standards/interpretations/amending standards issued prior to the sign off date applicable to the current reporting period did not have a financial impact on the MACC and are not expected to have future financial impact on the MACC. Standards and Interpretations in issue not yet adopted The following new and revised Standards and Interpretations have recently been issued or amended but are not yet effective. MACC will apply these standards if theres any relevance to its financial statements for the annual reporting periods beginning on or after the effective dates. Adoption of these standards are not expected to have a material impact on the MACC. Title Amendment Effective on or after Financial year expected to be applied AASB 9 Financial Instruments (December 2014) Financial Instruments December 2014 1 January 2018 30 June 2018 AASB 15 Revenue from Contracts with Customers (December 2014) Revenue from Contracts with Customers December 2014 (Principal) 1 January 2017 30 June 2017
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