NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria
NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria
NGV Annual Report 2003/04 Report 1371. Summary of significant accounting policies CONTINUEDf. Revenue recognitionIn accordance with AAS15, Revenue, revenues are measured at the fair value of the consideration or contributionreceived or receivable.Sale of goods and disposal of other assetsRevenue arising from the sale of goods or the disposal of other assets is recognised when the following conditionshave been satisfied:(a) control of the goods or other assets has passed to the buyer; and(b) it is probable that the economic benefits comprising the consideration will be realised.Revenue for servicesRevenue arising from a contract for the provision of services is recognised by reference to the stage of completionof the contract when the following conditions have been satisfied:(a) control of a right to be compensated for the services rendered exists;(b) it is probable that the economic benefits comprising the compensation will be realised, and(c) the stage of completion of the transaction can be reliably measured.Contra sponsorshipThe National Gallery of Victoria enters into contra sponsorship contracts to receive sponsorship in various formsin exchange for promoting the provider as a corporate supporter. These contracts are treated as contracts for theprovision of services.Contribution of assetsRevenue arising from the contribution of assets is recognised when the following conditions have been satisfied:(a) control of the contribution or right to receive the contribution exists; and(b) it is probable that the economic benefits comprising the contribution will be realised.State Government contributionsState Government contributions are recognised on receipt.InterestInterest revenue is recognised when receivable.DividendsDividend revenue is recognised when the right to recieve payment is established.MembershipsMemberships are recognised as income in the same period covered by the subscriptions and when paid.GiftsBequests and donations are recognised on receipt. Donated cultural assets are recognised when the gift isaccepted by the Council of Trustees and are recorded at fair value at the time of the donation. Fair value isdetermined by either an average of independent valuations for works donated under the Taxation Incentives for theArts Scheme or by a curatorial assessment by the National Gallery of Victoria.g. InvestmentsInvestments are brought to account at market value. Investment income is recognised in the Statement of FinancialPerformance when received.h. InventoriesInventories on hand are valued at the lower of cost and net realisable value. Full provision is made for slow movingand obsolete stock. Cost is determined on a first in first out basis.
138 Report NGV Annual Report 2003/041. Summary of significant accounting policies CONTINUEDi. Employee benefits(i) Wages, salaries and annual leaveLiabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled withintwelve months of the reporting date are recognised in respect of employees’ services up to the reporting date andare measured as the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulatingsick leave are recognised when the leave is taken and measured at the rates paid or payable.(i) Long service leaveThe liability for long service leave expected to be settled within twelve months of the reporting date is recognised inthe provision for employee benefits and is measured in accordance with (i) above. The liability for long service leaveexpected to be settled more than twelve months from the reporting date is recognised in the provision for employeebenefits and measured as the present value of expected future payments to be made in respect of servicesprovided by employees up to the reporting date. Consideration is given to expected future wage and salary levels,experience of employee departures and periods of service. Expected future payments are discounted using interestrates on national government guaranteed securities with terms to maturity that match, as closely as possible, theestimated future cash outflows.(iii) SuperannuationThe amount charged to the Statement of Financial Performance in respect of superannuation represents thecontribution made by the National Gallery of Victoria to the superannuation funds of employees.(iv) Employee on–costsRelated employee on-costs have been included in the calculation of liabilities or employee benefits.j. Goods and services taxRevenues, expenses and assets are recognised net of GST except where the amount of the GST incurred isnot recoverable, in which case it is recognised as part of the cost of acquisition of an asset or part of an item ofexpense. The net amount of GST recoverable from, or payable to, the Australian Taxation Office (ATO) is includedas part of receivables or payables in the Statement of Financial Position. The GST component of a receipt orpayment is recognised on a gross basis in the Statement of Cash Flows in accordance with Accounting StandardAAS 28, Statement of Cash Flows.k. Contributed capitalConsistent with Urgent Issues Group Abstract 38, Contributions by Owners Made to Wholly-Owned Public SectorEntities, appropriations for additions to net assets have been designated as contributed capital. Other transfers thatare in the nature of contributions or distributions have also been designated as contributed capital.l. Contingent assets and contingent liabilitiesThe National Gallery of Victoria discloses both contingent assets and contingent liabilities when they arise. Allcontingencies are discounted to their present value using the pre-tax rate that reflects current market assessmentsof the time value of money and risks specific to the contingencies.m. Resources provided and received free of charge or for nominal considerationContributions of resources and resources provided free of charge or for nominal consideration are recognisedat their fair value. Contributions in the form of services are only recognised when a fair value can be reliablydetermined and the services would have been purchased if not donated.n. Rounding of amountsAmounts shown in the financial statements are rounded to the nearest thousand dollars except whereindicated otherwise.
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<strong>NGV</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2003</strong>/<strong>04</strong> <strong>Report</strong> 1371. Summary <strong>of</strong> significant accounting policies CONTINUEDf. Revenue recognitionIn accordance with AAS15, Revenue, revenues are measured at the fair value <strong>of</strong> the consideration or contributionreceived or receivable.Sale <strong>of</strong> goods and disposal <strong>of</strong> other assetsRevenue arising from the sale <strong>of</strong> goods or the disposal <strong>of</strong> other assets is recognised when the following conditionshave been satisfied:(a) control <strong>of</strong> the goods or other assets has passed to the buyer; and(b) it is probable that the economic benefits comprising the consideration will be realised.Revenue for servicesRevenue arising from a contract for the provision <strong>of</strong> services is recognised by reference to the stage <strong>of</strong> completion<strong>of</strong> the contract when the following conditions have been satisfied:(a) control <strong>of</strong> a right to be compensated for the services rendered exists;(b) it is probable that the economic benefits comprising the compensation will be realised, and(c) the stage <strong>of</strong> completion <strong>of</strong> the transaction can be reliably measured.Contra sponsorshipThe <strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Victoria</strong> enters into contra sponsorship contracts to receive sponsorship in various formsin exchange for promoting the provider as a corporate supporter. These contracts are treated as contracts for theprovision <strong>of</strong> services.Contribution <strong>of</strong> assetsRevenue arising from the contribution <strong>of</strong> assets is recognised when the following conditions have been satisfied:(a) control <strong>of</strong> the contribution or right to receive the contribution exists; and(b) it is probable that the economic benefits comprising the contribution will be realised.State Government contributionsState Government contributions are recognised on receipt.InterestInterest revenue is recognised when receivable.DividendsDividend revenue is recognised when the right to recieve payment is established.MembershipsMemberships are recognised as income in the same period covered by the subscriptions and when paid.GiftsBequests and donations are recognised on receipt. Donated cultural assets are recognised when the gift isaccepted by the Council <strong>of</strong> Trustees and are recorded at fair value at the time <strong>of</strong> the donation. Fair value isdetermined by either an average <strong>of</strong> independent valuations for works donated under the Taxation Incentives for theArts Scheme or by a curatorial assessment by the <strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Victoria</strong>.g. InvestmentsInvestments are brought to account at market value. Investment income is recognised in the Statement <strong>of</strong> FinancialPerformance when received.h. InventoriesInventories on hand are valued at the lower <strong>of</strong> cost and net realisable value. Full provision is made for slow movingand obsolete stock. Cost is determined on a first in first out basis.
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