Annual Report 2020-2021, Northern Territory Legal Aid Commission
Tabled Paper 433
Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
Legislative Assembly of the Northern Territory
0 6 9 n o rth e rn te rrito ry le g a l a id c o m m issio n a n n u a l re p o rt 2 0 2 0 /2 1 j) Contract liabilities Contract liabilities represent the Commissions obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the Commission recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the Commission has transferred the goods or services to the customer. k) Lease liability At the commencement date of the lease where the Commission is the lessee, the Commission recognises lease liabilities measured at the present value of lease payments to be made over the lease term. Lease payments may include fixed payments (including in substance fixed payments) less any lease incentives receivable and payments of penalties for terminating the lease, if the lease term reflects the entity exercising the option to terminate. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for the Commissions leases, the Northern Territory Treasury Commissions institutional bond rate is used as the incremental borrowing rate. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (such as changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. l) Employee benefits Provision is made for employee benefits accumulated as a result of employees rendering services up to the reporting date. These benefits include wages and salaries and recreation leave. Liabilities arising in respect of wages and salaries, recreation leave and other employee benefit liabilities that fall due within twelve months of reporting date are classified as current liabilities and are measured at amounts expected to be paid. Non current employee benefit liabilities that fall due after twelve months of the reporting date are measured at present value, calculated using the Northern Territory Government long term bond rate. No provision is made for sick leave, which is non vesting, as the anticipated pattern of future sick leave to be taken is less than the entitlement accruing in each reporting period. Employee benefit expenses are recognised on a net basis in respect of the following categories: wages and salaries, non monetary benefits recreation leave and other leave entitlements and other types of employee benefits. Provision for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to anticipated future wage and salary levels, related on costs, experience of employee departures, and periods of service. Expected future payments are discounted using the Northern Territory Government long term bond rate.
Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.
We use temporary cookies on this site to provide functionality.
You are welcome to provide further information or feedback about this item by emailing TerritoryStories@nt.gov.au