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 31 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 17 Depreciation is charged so as to write off the cost or valuation of assets, over their estimated useful lives, using either the straight-line method or diminishing value method. Leasehold assets are depreciated over the life of the assets or term of the lease, whichever is shorter. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Profit or Loss and Other Comprehensive Income. The expected useful lives for plant and equipment, other than owner-occupied property, range from 2.5 to 13 years (2014: 2.5 to 13 years). l) Financial instruments not held to back insurance liabilities Financial assets not held to back insurance liabilities include financial instruments used in the provision of banking services and assets not included in note 2.3(g). Financial assets and financial liabilities are recognised on MACCs Statement of Financial Position when MACC becomes a party to the contractual provisions of the instrument. All financial instruments not held to back insurance liabilities that are owned by TIO Insurance and Banking businesses were transferred to owners effective 1 January 2015. Trade receivables (excluding premium receivables) Trade receivables and other debtors are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Statement of Profit or Loss and Other Comprehensive Income when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. Loans - TIO Insurance & Banking All loans are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. The effective interest rate calculation includes the contractual terms of loans together with fees and transaction costs. All loans are kept under continuous management review to assess whether there is any objective evidence that any loan or group of loans is impaired. A specific provision is made for all identified impaired loans when there is reasonable doubt over the collectability of principal and interest in accordance with the loan agreement. All bad debts are written off against the specific provision in the period in which they are classified as not recoverable. An appropriate collective impairment provision is determined by estimation of expected losses in relation to
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