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Barkly Regional Council annual report 2018-2019



Barkly Regional Council annual report 2018-2019

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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



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Citation address


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) -9- 6.6 Impairment Assets that have an indefinite useful life are not subject to depreciation and are reviewed annually for impairment. Assets carried at fair value whose future economic benefits are not dependent on the ability to generate cash flows, and where the future economic benefits would be replaced if Council were deprived thereof, are not assessed for impairment. Other assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount (which is the higher of the present value of future cash outflows or value in use). Where an asset that has been revalued is subsequently impaired, the impairment is first offset against such amount as stands to the credit of that class of assets in Asset Revaluation Reserve, any excess being recognised as an expense. 7 Payables 7.1 Goods & Services Creditors are amounts due to external parties for the supply of goods and services and are recognised as liabilities when the goods and services are received. Creditors are normally paid 30 days after the month of invoice. No interest is payable on these amounts. 7.2 Payments Received in Advance & Deposits Amounts (other than grants) received from external parties in advance of service delivery, and security deposits held against possible damage to Council assets, are recognised as liabilities until the service is delivered or damage reinstated, or the amount is refunded as the case may be. 8 Employee Benefits 8.1 Salaries, Wages & Compensated Absences Liabilities for employees entitlements to salaries, wages and compensated absences expected to be paid or settled within 12 months of reporting date are accrued at nominal amounts (including payroll based on costs) measured in accordance with AASB 119. Liabilities for employee benefits not expected to be paid or settled within 12 months are measured as the present value of the estimated future cash outflows (including payroll based on costs) to be made in respect of services provided by employees up to the reporting date. Present values are calculated using government guaranteed securities rates with similar maturity terms. No accrual is made for sick leave as Council experience indicates that, on average, sick leave taken in each reporting period is less than the entitlement accruing in that period, and this experience is expected to recur in future reporting periods. Council does not make payment for untaken sick leave. Superannuation The Council makes employer superannuation contributions in respect of its employees to a number of complying Superannuation Funds in accordance with the Superannuation Choice legislation. No changes in accounting policy have occurred during either the current or previous reporting periods. Details of the accounting policies applied and Councils involvement with the schemes are reported in Note 17. 64 2018 - 2019 Annual Report