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Belyuen Community Government Council annual report 2018-19



Belyuen Community Government Council annual report 2018-19


Belyuen Community Government Council


E-Publications; E-Books; PublicationNT; Belyuen Community Government Council annual report; Annual Report




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




Belyuen Community Government Council; Local government; Periodical

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Belyuen Community Government Council

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Belyuen Community Government Council annual report; Annual Report



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Belyuen Community Government Council



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BELYUEN COMMUNITY GOVERNMENT COUNCIL 9 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements and notes represent those of Belyuen Community Government Council (the Council) and the community store by which the Council controls resources to carry on its functions. A summary of contributions to the operating result and net assets by function is provided at Note 2(a). The financial statements were authorised for issue on the same date by which CEO signed the CEOs Certificate. Basis of Preparation These general purpose financial statements have been prepared in accordance with the Local Government Act (NT), Local Government (Accounting) Regulations (NT) and the Australian Accounting Standards and Interpretations of the Australian Accounting Standards Board. The Council is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. The financial statements, except for cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement of fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar and are presented in Australian dollars. Adoption of new and revised accounting standards The Council has adopted new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to their operations and effective for the current annual reporting period. This include the following: AASB 9 Financial Instruments The Council applied AASB 9 Financial Instruments for the first time which became effective for annual periods beginning 1 July 2018. The standard replaces all previous versions of AASB 9 and completes the project to replace AASB 139 Financial Instruments: Recognition and Measurement. AASB 9 introduces new classification and measurement models for financial assets and liabilities. A financial asset shall be measured at amortised cost, if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows, which arise on specified dates and solely principal and interest. All other financial instrument assets are to be classified and measured at fair value through profit or loss unless the entity makes an irrevocable election on initial recognition to present gains and losses on equity instruments (that are not held-for trading) in other comprehensive income (FVOCI). For financial liabilities, the standard requires the portion of the change in fair value that relates to the entitys own credit risk to be presented in FVOCI (unless it would create an accounting mismatch).