Territory Stories

Annual Report 2021–2022, Museum and Art Gallery of the Northern Territory



Annual Report 2021–2022, Museum and Art Gallery of the Northern Territory

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Tabled Paper 809


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.




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Legislative Assembly of the Northern Territory

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Legislative Assembly of the Northern Territory



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100 e) Presentation and Rounding of Amounts Amounts in the financial statements and notes to the financial statements are presented in Australian dollars and have been rounded to the nearest thousand dollars, with amounts of $500 or less being rounded down to zero. Figures in the financial statements and notes may not equate due to rounding. f) Changes in Accounting Policies There have been no changes to accounting policies adopted in 2021-22 as a result of management decisions. g) Accounting Judgments and Estimates The preparation of the financial report requires the making of judgements and estimates that affect the recognised amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Judgments and estimates that have significant effects on the financial statements are disclosed in the relevant notes to the financial statements. h) Goods and Services Tax Income, expenses and assets are recognised net of the amount of Goods and Services Tax (GST), except where the amount of GST incurred on a purchase of goods and services is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the Balance Sheet. Cash flows are included in the Cash Flow Statement on a gross basis. The GST components of cash flows arising from investing and financing activities, which are recoverable from, or payable to, the ATO are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable or payable unless otherwise specified. i) Contributions by and Distributions to Government MAGNT may receive contributions from Government where the Government is acting as its owner. Conversely, MAGNT may make distributions to Government. In accordance with Treasurers Directions, certain types of contributions and distributions, including those relating to administrative restructures, have been designated as contributions by and distributions to Government. These designated contributions and distributions are treated by MAGNT as adjustments to equity. The Statement of Changes in Equity provides additional information in relation to contributions by and distributions to Government. j) Impact of COVID-19 The Territory Government modified its debt recovery process and postponed the payment date for a number of regulatory fees and charges to ease financial hardship faced by individuals and businesses as a result of COVID-19. Although MAGNT was not entitled to the job keeper scheme payments in relation to casual employees, it was decided to maintain the services of all casual employees by the creation of additional duties, for example back of house activities.