Territory Stories

Belyuen Community Government Council annual report 2018-19

Details:

Title

Belyuen Community Government Council annual report 2018-19

Creator

Belyuen Community Government Council

Collection

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

Date

2019

Notes

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

Language

English

Subject

Belyuen Community Government Council; Local government; Periodical

Publisher name

Belyuen Community Government Council

Place of publication

Belyuen

Series

Belyuen Community Government Council annual report; Annual Report

Volume

2018/2019

File type

application/pdf

Use

Copyright

Copyright owner

Belyuen Community Government Council

License

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

Parent handle

https://hdl.handle.net/10070/306358

Citation address

https://hdl.handle.net/10070/817196

Page content

BELYUEN COMMUNITY GOVERNMENT COUNCIL 15 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contd) Impairment of non-financial assets At the end of each reporting period, the Council reviews the carrying amount of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the assets fair value less costs to sell and value in use, is compared to the assets carrying amount. Any excess of the assets carrying amount over its recoverable amount is recognised in profit or loss. Trade and Other Payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the Council during the reporting period that remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. Provisions Provisions are recognised when the Council has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. Employee Provisions Short-term employee provisions Provision is made for the Councils obligation for short-term employee benefits. Short-term benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including salaries and wages. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the obligation is settled. Long-term employee provisions Provision is made for employees annual leave and long service leave entitlements not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Long-term employee benefits are measured at the present value of the expected future payments to be made to the employees. Expected future payments incorporate anticipated future wages and salary levels, durations of service and employee departures, and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. Upon the re-measurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in the profit or loss as a part of employee benefits expense.


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