Agency and Territory Items The financial statements of the Office include income, expenses, assets, liabilities and equity over the Office has control (Agency items). Certain items, while managed by the agency, are controlled and recorded by the Territory rather than the agency (Territory items). Territory items are recognised and recorded in the Central Holding Authority as discussed below. Central Holding Authority The Central Holding Authority is the body’ that represents the Government’s ‘parent ownership interest in Government-controlled entities. The Central Holding Authority also records all Territory such as income, expenses, assets and liabilities controlled by the Government and managed by agencies on behalf of the Government. The main Territory item is Territory income, which includes taxation and royalty revenue, Commonwealth general purpose funding (such as Goods and Services Tax (GST) revenue), fines, and statutory fees and charges. The Central Holding Authority also holds certain Territory assets not assigned to agencies as well as certain Territory liabilities that are not practical or effective to assign to individual agencies such as unfunded superannuation and long service leave. The Central Holding Authority recognises and records all Territory items, and as such, these items are not included in the agency’s financial statements. Comparatives Where necessary, comparative information for the 2013-14 financial year has been reclassified to provide consistency with current year disclosures. 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. Changes in Accounting Policies There have been no changes to accounting policies adopted in 2014-15 as a result of management decisions. Accounting Judgments and Estimates The preparation of the financial report requires the making of judgments 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
Agency and Territory Items The financial statements of the Office include income, expenses, assets, liabilities and equity over the Office has control (Agency items). Certain items, while managed by the agency, are controlled and recorded by the Territory rather than the agency (Territory items). Territory items are recognised and recorded in the Central Holding Authority as discussed below. Central Holding Authority The Central Holding Authority is the ‘parent body’ that represents the Government’s ownership interest in Government-controlled entities. The Central Holding Authority also records all Territory such as income, expenses, assets and liabilities controlled by the Government and managed by agencies on behalf of the Government. The main Territory item is Territory income, which includes taxation and royalty revenue, Commonwealth general purpose funding (such as Goods and Services Tax (GST) revenue), fines, and statutory fees and charges. The Central Holding Authority also holds certain Territory assets not assigned to agencies as well as certain Territory liabilities that are not practical or effective to assign to individual agencies such as unfunded superannuation and long service leave. The Central Holding Authority recognises and records all Territory items, and as such, these items are not included in the agency’s financial statements. Comparatives Where necessary, comparative information for the 2013-14 financial year has been reclassified to provide consistency with current year disclosures. 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. Changes in Accounting Policies There have been no changes to accounting policies adopted in 2014-15 as a result of management decisions. Accounting Judgments and Estimates The preparation of the financial report requires the making of judgments 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
Annual_Report_2014-15.docx