Territory Stories

Barkly Regional Council annual report 2018-2019



Barkly Regional Council annual report 2018-2019

Other title

Annual report 2018-2019


Barkly Regional Council


E-Publications; E-Books; PublicationNT; Barkly Regional Council annual report; Annual Report




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




Barkly Regional Council; Periodicals; Local government; Northern Territory; Barkly; Annual report

Publisher name

Barkly Regional Council

Place of publication

Tennant Creek


Barkly Regional Council annual report; Annual Report


2018 - 2019

Previously known as

Barkly Shire Council annual report

File type




Copyright owner

Barkly Regional Council



Parent handle


Citation address


Page content

-6- Barkly Regional Council Notes to and forming part of the Financial Statements for the year ended 30 June 2019 Note 1 - SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 1 Basis of Preparation 1.1 Compliance with Australian Accounting Standards This general purpose financial report has been prepared on a going concern basis, in accordance with Australian Accounting Standards as they apply to not-for-profit entities, other authoritative pronouncements of the Australian Accounting Standards Board, and relevant Northern Territory legislation. The financial report was authorised for issue by certificate under clause 16 of the Local Government (Accounting) Regulations dated 28 October 2019. 1.2 Historical Cost Convention Except as stated below, these financial statements have been prepared in accordance with the historical cost convention. 1.3 Critical Accounting Estimates The preparation of financial statements in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates, and requires management to exercise its judgement in applying Councils accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are specifically referred to in the relevant sections of this Note. 1.4 Rounding All amounts in the financial statements have been rounded to the nearest thousand dollars ($000). 2 The Local Government Reporting Entity Barkly Regional Council is incorporated under the NT Local Government Act and has its principal place of business at 41 Peko Road, Tennant Creek. These financial statements include the Councils direct operations and all entities through which Council controls resources to carry on its functions. In the process of reporting on the Council as a single unit, all transactions and balances between activity areas and controlled entities have been eliminated. Trust monies and property held by Council but subject to the control of other persons have been excluded from these reports. A separate statement of moneys held in the Trust Fund is available for inspection at the Council Office by any person free of charge. 3 Income recognition Income is measured at the fair value of the consideration received or receivable. Income is recognised when the Council obtains control over the assets comprising the income, or when the amount due constitutes an enforceable debt, whichever first occurs. Where grants, contributions and donations recognised as incomes during the reporting period were obtained on the condition that they be expended in a particular manner or used over a particular period, and those conditions were undischarged as at the reporting date, the amounts subject to those undischarged conditions are disclosed in these notes. Also disclosed is the amount of grants, contributions and receivables recognised as incomes in a previous reporting period which were obtained in respect of the Council's operations for the current reporting period. 61Barkly Regional Council