Annual Report 2021–2022, Museum and Art Gallery of the Northern Territory
Tabled Paper 809
Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT
2023-03-21
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.
English
Tabled papers
Legislative Assembly of the Northern Territory
Darwin
application/pdf
Copyright
Legislative Assembly of the Northern Territory
https://www.legislation.gov.au/Details/C2019C00042
https://hdl.handle.net/10070/902391
https://hdl.handle.net/10070/902392
101 3. COMPREHENSIVE OPERATING STATEMENT Income Income encompasses both revenue and gains. Income is recognised at the fair value of the consideration received, exclusive of the amount of GST. Exchanges of goods or services of the same nature and value without any cash consideration being exchanged are not recognised as income. Grants and Other Contributions Grants, donations, gifts and other non-reciprocal contributions are recognised as revenue when MAGNT obtains control over the assets comprising the contributions. Control is normally obtained upon receipt. Contributions are recognised at their fair value. Contributions of services are only recognised when a fair value can be reliably determined and the services would be purchased if not donated. Sale of Goods Revenue from the sale of goods is recognised (net of returns, discounts and allowances) when: a) the significant risks and rewards of ownership of the goods have transferred to the buyer; b) MAGNT retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; c) the amount of revenue can be reliably measured; d) it is probable that the economic benefits associated with the transaction will flow to MAGNT; and e) the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of Services Revenue from rendering services is recognised by reference to the stage of completion of the contract. The revenue is recognised when: a) the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and b) it is probable that the economic benefits associated with the transaction will flow to the entity. 4. GRANTS AND SUBSIDIES REVENUE 2022 $000 2021 $000 INCOME Grants from Northern Territory Government 9,384 7,933 Commonwealth Government 260 151 Other agencies, philanthropic groups and sponsors 37 383 9,681 8,467