Territory Stories

Barkly Regional Council annual report 2018-2019

Details:

Title

Barkly Regional Council annual report 2018-2019

Other title

Annual report 2018-2019

Creator

Barkly Regional Council

Collection

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

Date

2019

Notes

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

Language

English

Subject

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

Publisher name

Barkly Regional Council

Place of publication

Tennant Creek

Series

Barkly Regional Council annual report; Annual Report

Volume

2018 - 2019

Previously known as

Barkly Shire Council annual report

File type

application/pdf

Use

Copyright

Copyright owner

Barkly Regional Council

License

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

Parent handle

https://hdl.handle.net/10070/806845

Citation address

https://hdl.handle.net/10070/806848

Page content

Barkly Regional Council Notes to and forming part of the Financial Statements for the year ended 30 June 2019 Note 1 - SIGNIFICANT ACCOUNTING POLICIES (cont) -7- In recent years the payment of untied financial assistance grants has varied from the annual allocation as shown in the table below: Cash Payment Received Annual Allocation Difference 2016/17 $3,315,490 $2,202,409 + $1,113,081 2017/18 $2,288,545 $2,252,384 + $36,161 2018/19 $2,103,438 $2,176,127 - $72,689 Because these grants are untied, the Australian Accounting Standards require that payments be recognised as income upon receipt. Accordingly, the operating results of these periods have been distorted compared to those that would have been reported had the grants been paid in the year to which they were allocated. The actual amounts of untied grants received during the reporting periods (including the advance allocations) are disclosed in Note 2. 3.1 Essential Services Contracts For works undertaken on a fixed price contract basis, revenues and expenses are recognised on a percentage of completion basis. Costs incurred in advance of a future claimed entitlement are classified as work in progress in inventory. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. 4 Cash, Cash Equivalents and other Financial Instruments Cash Assets include all amounts readily convertible to cash on hand at Councils option with an insignificant risk of changes in value with a maturity of three months or less from the date of acquisition. Receivables for rates and annual charges are secured over the subject land, and bear interest at rates determined in accordance with the Local Government Act 1999. Other receivables are generally unsecured and do not bear interest. All receivables are reviewed as at the reporting date and adequate allowance made for amounts the receipt of which is considered doubtful. AASB 7 Financial Instruments Disclosures and AASB 9 Financial Instruments commenced from 1 July 2018 and have the effect that noncontractual receivables (e.g. rates & charges) are now treated as financial instruments. Although the disclosures made in Note 13 Financial Instruments have changed, there are no changes to the amounts disclosed. All financial instruments are recognised at fair value at the date of recognition. A detailed statement of the accounting policies applied to financial instruments also form part of Note 13. 5 Inventories Inventories held in respect of stores have been valued by using the weighted average cost on a continual basis, after adjustment for loss of service potential. Inventories held in respect of business undertakings have been valued at the lower of cost and net realisable value. 62 2018 - 2019 Annual Report


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