EXPENSES Employee expenses 7 (861) (847) Administrative expenses Purchases of and services 6 (3,313) (3,174) Repairs and maintenance - - and services received free of charge (237) (223) TOTAL EXPENSES 3 (4,411) (4,244) NET SURPLUS / (DEFICIT) 90 70 COMPREHENSIVE RESULT 90 70 The Comprehensive Operating Statement is to be read in conjunction with the notes to the financial statements NORTHERN TERRITORY AUDITOR-GENERAL’S OFFICE Balance As at 30 June 2015 2015 2014 Note Actual Actual $000 $000 ASSETS Current Assets Cash and deposits 8 357 291 Receivables 9 41 89 Prepayments 1 - assets - - Total Current Assets 399 380 LIABILITIES Current Liabilities Payables 10 48 49 Provisions 11 73 103 Current Liabilities 121 152 Non-Current Liabilities Provisions 11 8 48 Total Non-Current Liabilities 8 48 TOTAL LIABILITIES 129 200 NET ASSETS 270 180
EQUITY Current year surplus/(deficit) 90 70 Capital 370 370 Accumulated funds (190) (260) TOTAL EQUITY 270 180 The Balance is to be read in conjunction with the notes to the financial statements NORTHERN TERRITORY AUDITOR-GENERAL’S OFFICE Statement of Changes in Equity For the year ended 30 June 2015 2014-15 Actual Note Equity 1 July Comprehensive Result Transactions with owners in their capacity as owners Equity 30 June Accumulated funds (190) 90 (100) Capital - Transactions with Owners Equity injections Capital appropriation 26 - - 26 Equity transfers in 53 - - 53 Other equity injections 601 - - 601 Equity withdrawals Capital withdrawals (310) - - (310) Capital - Transactions with Owners 370 - - 370 equity at end of financial year 180 90 - 270 2013-14 Actual Note Equity 1 July Comprehensive Result Transactions with owners in their capacity as owners Equity 30 June Accumulated (260) 70 (190) Capital - Transactions with Owners Equity injections Capital appropriation 26 - - 26 Equity transfers in 53 - - 53 Other equity injections 601 - - 601 Equity withdrawals Capital withdrawals (310) - - (310) Capital - Transactions with Owners 370 - - 370
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
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