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 17 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contd) Financial Instruments (Contd) (iii) Derecognition Financial assets are derecognised when the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the Council no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised when the related obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in the Statement of Profit and Loss and Other Comprehensive Income. (iv) Impairment - Refer to Trade and Other Receivables. Comparatives When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. Economic Dependence The Council is funded predominantly by funding provided by the Australian and Northern Territory Governments to meet operational and capital expenditure needs. The Council, with support from the Australian and Northern Territory Governments, will continue to upgrade community infrastructure to better the delivery of services to the community. The Council also aims to work with funding bodies to help create commercial opportunities that give residents jobs and bring economic gains to support all activities of the Council and the Community. The performance of the Store and Workshop will also play a key role in ensuring sustainability of the Council while keeping the costs of managing these revenue streams as low as possible. The Council will also look to participate in the development of Cox Peninsula through partnering employment opportunities with other stakeholders and continue to negotiate improved terms and conditions on its funding arrangements. Accordingly, the general purpose financial statements have been prepared on a going concern basis which contemplates continuity of normal business activities, in the expectation that such funding and support from the Australian and Northern Territory Governments will continue to be provided in future financial years. Critical Accounting Estimates and Judgments The financial statements do not contain any significant accounting estimates or judgments that may result in a material adjustment to the carrying amounts of assets and liabilities within the subsequent financial year.


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