Territory Stories

Annual Report 2020-2021, Northern Territory Legal Aid Commission

Details:

Title

Annual Report 2020-2021, Northern Territory Legal Aid Commission

Other title

Tabled Paper 433

Collection

Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT

Date

2021-11-30

Notes

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.

Language

English

Subject

Tabled papers

Publisher name

Legislative Assembly of the Northern Territory

Place of publication

Darwin

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

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

Parent handle

https://hdl.handle.net/10070/851059

Citation address

https://hdl.handle.net/10070/851060

Page content

n o rt h e rn t e rr it o ry l e g a l a id c o m m is si o n a n n u a l re p o rt 2 0 2 0 /2 1 0 8 4 Notes to the Financial Statements For The Year Ended 30 June 2021 20. Fair Value Measurement The Commission measures and recognises the following assets at fair value on a recurring basis after initial recognition: - financial assets at fair value through profit or loss; - financial assets at fair value through other comprehensive income; and - freehold land and buildings. The Commission does not subsequently measure any liabilities at fair value on a recurring basis, or any assets or liabilities at fair value on a non-recurring basis. Fair value hierarchy AASB 13 Fair Value Measurement requires all assets and liabilities measured at fair value to be assigned to a level in the fair value hierarchy as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Unobservable inputs for the asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data. If all significant inputs required to measure fair value are observable, the asset or liability is included in Level 2. If one or more significant inputs are not based on observable market data, the asset or liability is included in Level 3.


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