NORTHERN TERRITORY AUDITOR-GENERAL’S OFFICE to the Financial Statements For the year ended 30 June 2015 Interpretations issued by the Australian Accounting Standards Board (AASB) that are effective for the current annual reporting period have been evaluated. The Standards and Interpretations and their impacts are: AASB 1055 Budgetary Reporting AASB 1055 sets out budgetary reporting requirements for not-for-profit entities within the Government Sector. The required disclosures comprise a separate note accompanying the financial statements. The budgeted amounts are drawn from the original budgeted financial statements presented to Parliament (Northern Territory Government Budget Papers were presented to Parliament on 13 May 2014 during Budget Cabinet) in respect of the reporting period. Subsequent amendments to the original budget are not reflected in the budget amounts (October 2014 Budget Cabinet). Major variances between the original budgeted amounts and the actual amounts disclosed in the financial statements are explained in Note 20. Australian Accounting Standards and Interpretations Issued but not yet Effective At the date of authorisation of the financial statements, the Standards and Interpretations listed below were in issue but not yet effective:- NORTHERN TERRITORY AUDITOR-GENERAL’S OFFICE Notes to the Financial Statements For the year ended 30 June 2015 Effective for annual reporting periods Impact on beginning on financial Standard/Interpretation Summary or after statements
NORTHERN TERRITORY AUDITOR-GENERAL’S OFFICE to the Financial Statements For the year ended 30 June 2015 Interpretations issued by the Australian Accounting Standards Board (AASB) that are effective for the current annual reporting period have been evaluated. The Standards and Interpretations and their impacts are: AASB 1055 Budgetary Reporting AASB 1055 sets out budgetary reporting requirements for not-for-profit entities within the Government Sector. The required disclosures comprise a separate note accompanying the financial statements. The budgeted amounts are drawn from the original budgeted financial statements presented to Parliament (Northern Territory Government Budget Papers were presented to Parliament on 13 May 2014 during Budget Cabinet) in respect of the reporting period. Subsequent amendments to the original budget are not reflected in the budget amounts (October 2014 Budget Cabinet). Major variances between the original budgeted amounts and the actual amounts disclosed in the financial statements are explained in Note 20. Australian Accounting Standards and Interpretations Issued but not yet Effective At the date of authorisation of the financial statements, the Standards and Interpretations listed below were in issue but not yet effective:- NORTHERN TERRITORY AUDITOR-GENERAL’S OFFICE Notes to the Financial Statements For the year ended 30 June 2015 Standard/Interpretation Summary Effective for annual reporting periods beginning on or after Impact on financial statements
Annual_Report_2014-15.docx