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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 10 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contd) Basis of Preparation (Contd) There has been no material impact upon adoption of this standard as the classification and recognition of the Councils financial assets and liabilities has not changed. New impairment requirements use an expected credit loss (ECL) model to recognise an allowance. Impairment will be measured under a 12-month ECL method unless the credit risk on a financial instrument has increased significantly since initial recognition in which case the lifetime ECL method is adopted. The standard introduces additional new disclosures. There have been no changes to impairment losses following the adoption of AASB 9. Other than the new disclosure requirements, the application had no material impact on the Councils financial report. Other new, revised, interpretations or amending standards issued prior to the sign-off date applicable to the current reporting period did not have a financial impact and are not expected to have any future financial implications on the Council. New Accounting Standards for Application in Future Periods The following new standards, amendments to standards or interpretations have been issued by the Australian Accounting Standards Board but are effective for future reporting periods. The financial statements impact of these pronouncements once effective is not yet determine by the Councils financial statements. None of these pronouncements stated below have been adopted prior to the application date. Future Australian Accounting Standard Requirements The following new standards/revised standards/Interpretations/amending standards were issued by the Australian Accounting Standards Board prior to the sign-off date are as follows: Effective on or after Financial year expected to be applied AASB 1058 Income for not-for-profit entities and AASB 15 Revenue from contracts with customers Under the new AASB 1058 Income for Not-for-Profit Entities, revenue from grants and donations will be recognised when any associated performance obligation to provide goods or services is satisfied, and not immediately upon receipt as currently occurs. Consequently, more liabilities will be recognised in the balance sheet after adoption of this standard. 1 January 2019 30 June 2020