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 16 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contd) Employee Provisions (Contd) The Councils obligations for long-term employee benefits are presented as non-current employee provisions in its statement of financial position, except where the Council does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are presented as current provisions. Financial Instruments (i) Initial recognition and measurement Financial assets are recognised when the Council becomes a party to the contractual provisions of the instrument. For financial assets this is the equivalent to the date that the Council commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted). Financial assets (except for trade receivables) are initially measured at fair value plus directly attributable transaction costs, except where the instrument is classified "at fair value through profit or loss", in which case transaction costs are expensed to profit or loss immediately. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Trade receivables are initially measured at the transaction price if the trade receivables do not contain significant financing component. (ii) Subsequent measurement Financial assets are subsequently measured at: amortised cost (Loans & receivables and investments); fair value through Statement of Comprehensive Income; or fair value through Other Comprehensive Income. Financial liabilities are subsequently measured at: amortised costs; or fair value through Statement of Comprehensive Income. The Council does not have any financial assets and liabilities at fair value through other comprehensive income. Trade receivables are subsequently measured at amortised cost using the effective interest rate method, net of any provision for expected credit losses. Whereas, trade payables are subsequently measured at amortised costs using the effective interest rate method.


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