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 Notes to the Financial Statements - 30 June 2015Annual Report 2015 Page 25 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.