Rental Bond Board Annual Report 2006 – 2007 - NSW Fair Trading ...
Rental Bond Board Annual Report 2006 – 2007 - NSW Fair Trading ... Rental Bond Board Annual Report 2006 – 2007 - NSW Fair Trading ...
28 RENTAL BOND BOARD FOR THE YEAR ENDED 30 JUNE 2007 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (c) Statement of Compliance The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (AEIFRS). At the reporting date, a number of Accounting Standards adopted by the AASB had been issued but are not yet operative. NSW Treasury has mandated not to early adopt any of the new Standards / Interpretations, as per Treasury Circular TC 07/07. Therefore, these new Standards / Interpretations have not been adopted by the Rental Bond Board for the 2006/07 accounts. The following is a list of these standards: • AASB 7 & AASB 2005-10 regarding financial instrument disclosures; • AASB 8 & AASB 2007-3 regarding operating segments; • AASB 101 (Oct 2006) regarding presentation of financial statements; • AASB 123 (June 2007) and AASB 2007-6 regarding borrowing costs; • AASB 1049 regarding the general government sector and GFS/GAAP convergence; • AASB 2007-4 regarding Australian additions to and deletions from IFRSs; • AASB 2007-5 regarding inventories held for distribution by not-for-profit- entities; • Interpretation 4 (Feb 2007) regarding determining whether an arrangement contains a lease; • Interpretation 10 regarding interim financial reporting; • Interpretation 11 & AASB 2007-1 regarding group and Treasury share transactions; • Interpretation 12 & AASB 2007-2 regarding service concession arrangements; • Interpretation 129 (Feb 2007) regarding service concession disclosures. It is considered that the implementation of these Standards will not have any impact on the Rental Bond Board’s financial results. (d) Income Recognition Interest revenue is recognised to the extent that it is probable that the economic benefits will flow to the Board and the revenue can be reliably measured, and control of a right to receive consideration for the provision of, or investment in, assets has been attained. (e) Insurance A full comprehensive range of insurances covering areas such as Workers Compensation, Motor Vehicles, Fidelity Guarantee, Public Liability, and Industrial Special Risk is carried by the Office of Fair Trading with the Treasury Managed Fund. This coverage extends to the operations of the Rental Bond Board. These insurance covers are reviewed periodically to ensure they are adequate.
RENTAL BOND BOARD FOR THE YEAR ENDED 30 JUNE 2007 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (f) Accounting for the Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except: the amount of GST incurred by the agency as a purchaser that is not recoverable from the Australian Taxation Office is recognised as part of the cost of acquisition of an asset or as part of an item of expense. receivables and payables are stated with the amount of GST included. (g) Presentation All amounts are rounded to the nearest one thousand dollars and are expressed in Australian currency. (h) Interest Received on Investments and Interest Paid on Rental Bonds Interest received on investments is deposited into the Rental Bond Interest Account. This account is used to fund the Board’s operations, half of the operating costs of the tenancy functions of the Consumer Trader and Tenancy Tribunal and certain tenancy support programs. The Board pays interest on rental bonds at the time the bond is refunded. The interest rate paid is linked to the rate paid on a Streamline Account balance of $1,000 by the Commonwealth Bank of Australia. The rate is cumulative six monthly and paid from the Rental Bond Interest Account in accordance with Section 11A and Section 20(2D) of the Landlord and Tenant (Rental Bonds) Act 1977. (i) Financial Instruments Financial Instruments give rise to positions that are a financial asset of either the Rental Bond Board or its counterparty and a financial liability (or equity instrument) of the other party. For the Rental Bond Board these include cash, receivables, investments and payables. The specific accounting policy in respect of each class of such financial instrument is stated hereunder. Classes of instruments recorded at cost comprise: . cash . receivables . payables Classes of instruments recorded at market value comprise: . investments All financial instruments including revenue, expenses or other cash flows arising from instruments are recorded on an accrual basis. 29
- Page 1 and 2: 2006-2007 2005-2007 Rental Bond Boa
- Page 3 and 4: Contents Rental Bond Board - Annual
- Page 5 and 6: Highlights • Record number and va
- Page 7 and 8: Planning Framework Rental Bond Boar
- Page 9 and 10: Performance measures Rental Bond Bo
- Page 11 and 12: Daily average rental bond lodgement
- Page 13 and 14: Length of tenancy for refunded bond
- Page 15 and 16: RBIS average daily visits in 2003-2
- Page 17 and 18: Funded programs Rental Bond Board -
- Page 19 and 20: Property, Stock and Business Agents
- Page 21 and 22: Median rentals Rental Bond Board -
- Page 23 and 24: Rental Bond Board - Annual Report 2
- Page 25 and 26: RENTAL BOND BOARD INCOME STATEMENT
- Page 27 and 28: RENTAL BOND BOARD BALANCE SHEET AS
- Page 29: RENTAL BOND BOARD FOR THE YEAR ENDE
- Page 33 and 34: RENTAL BOND BOARD FOR THE YEAR ENDE
- Page 35 and 36: RENTAL BOND BOARD FOR THE YEAR ENDE
- Page 37 and 38: RENTAL BOND BOARD FOR THE YEAR ENDE
- Page 39 and 40: Compliance Rental Bond Board - Annu
- Page 41 and 42: © State of New South Wales through
RENTAL BOND BOARD<br />
FOR THE YEAR ENDED 30 JUNE <strong>2007</strong><br />
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS<br />
(f) Accounting for the Goods and Services Tax (GST)<br />
Revenues, expenses and assets are recognised net of the amount of GST, except:<br />
the amount of GST incurred by the agency as a purchaser that is not recoverable<br />
from the Australian Taxation Office is recognised as part of the cost of acquisition<br />
of an asset or as part of an item of expense.<br />
receivables and payables are stated with the amount of GST included.<br />
(g) Presentation<br />
All amounts are rounded to the nearest one thousand dollars and are expressed in Australian<br />
currency.<br />
(h) Interest Received on Investments and Interest Paid on <strong>Rental</strong> <strong>Bond</strong>s<br />
Interest received on investments is deposited into the <strong>Rental</strong> <strong>Bond</strong> Interest Account. This<br />
account is used to fund the <strong>Board</strong>’s operations, half of the operating costs of the tenancy<br />
functions of the Consumer Trader and Tenancy Tribunal and certain tenancy support<br />
programs. The <strong>Board</strong> pays interest on rental bonds at the time the bond is refunded. The<br />
interest rate paid is linked to the rate paid on a Streamline Account balance of $1,000 by the<br />
Commonwealth Bank of Australia. The rate is cumulative six monthly and paid from the<br />
<strong>Rental</strong> <strong>Bond</strong> Interest Account in accordance with Section 11A and Section 20(2D) of the<br />
Landlord and Tenant (<strong>Rental</strong> <strong>Bond</strong>s) Act 1977.<br />
(i) Financial Instruments<br />
Financial Instruments give rise to positions that are a financial asset of either the <strong>Rental</strong><br />
<strong>Bond</strong> <strong>Board</strong> or its counterparty and a financial liability (or equity instrument) of the other<br />
party. For the <strong>Rental</strong> <strong>Bond</strong> <strong>Board</strong> these include cash, receivables, investments and<br />
payables. The specific accounting policy in respect of each class of such financial<br />
instrument is stated hereunder.<br />
Classes of instruments recorded at cost comprise:<br />
. cash<br />
. receivables<br />
. payables<br />
Classes of instruments recorded at market value comprise:<br />
. investments<br />
All financial instruments including revenue, expenses or other cash flows arising from<br />
instruments are recorded on an accrual basis.<br />
29
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