a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity’s own equity instruments. FINANCIAL STATEMENTS A complete set of financial statements comprises: a balance sheet as at the end of the period a comprehensive operating statement for the period a statement of changes in equity for the period a cash flow statement for the period notes, comprising a summary of significant accounting policies and other explanatory information comparative information in respect of the preceding period as specified in paragraphs 38 of AASB 101 Presentation of Financial Statements and a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance with paragraphs 41 of AASB 101. GENERAL GOVERNMENT SECTOR The general government sector comprises all government departments, offices and bodies engaged in providing services free of charge, or at prices significantly below their cost of production. General government services include those which are mainly non-market in nature, those that are largely for collective consumption by the community and those that involve the transfer or redistribution of income. These services are financed mainly through taxes, or other compulsory levies and user charges. INTANGIBLE PRODUCED ASSETS to produced asset in this glossary. INTEREST EXPENSE Costs incurred in connection with the borrowing of funds include the interest component of finance lease repayments. NET RESULT Net result is a measure of financial performance of the operations for the period. It is the net result of items of income, gains and expenses (including losses) recognised for the period, excluding those that are classified as economic flows - other comprehensive income’. ‘other NET WORTH Assets less liabilities, is an economic measure of wealth. OTHER ECONOMIC FLOWS INCLUDED IN NET RESULT Other economic flows included in net result are changes in the volume or value of an asset or liability that do not result from transactions. It includes gains and losses from disposals, revaluations and impairments of non-financial physical and intangible assets and fair value changes of financial instruments.
a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity’s own equity instruments. FINANCIAL STATEMENTS A complete set of financial statements comprises: a balance sheet as at the end of the period a comprehensive operating statement for the period a statement of changes in equity for the period a cash flow statement for the period notes, comprising a summary of significant accounting policies and other explanatory information comparative information in respect of the preceding period as specified in paragraphs 38 of AASB 101 Presentation of Financial Statements and a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance with paragraphs 41 of AASB 101. GENERAL GOVERNMENT SECTOR The general government sector comprises all government departments, offices and bodies engaged in providing services free of charge, or at prices significantly below their cost of production. General government services include those which are mainly non-market in nature, those that are largely for collective consumption by the community and those that involve the transfer or redistribution of income. These services are financed mainly through taxes, or other compulsory levies and user charges. INTANGIBLE PRODUCED ASSETS to produced asset in this glossary. INTEREST EXPENSE Costs incurred in connection with the borrowing of funds include the interest component of finance lease repayments. NET RESULT Net result is a measure of financial performance of the operations for the period. It is the net result of items of income, gains and expenses (including losses) recognised for the period, excluding those that are classified as ‘other economic flows - other comprehensive income’. NET WORTH Assets less liabilities, is an economic measure of wealth. OTHER ECONOMIC FLOWS INCLUDED IN NET RESULT Other economic flows included in net result are changes in the volume or value of an asset or liability that do not result from transactions. It includes gains and losses from disposals, revaluations and impairments of non-financial physical and intangible assets and fair value changes of financial instruments.
AR-2017-Full.docx