Website
costs
Costs in relation to websites controlled by the PTA are charged
as expenses in the period in which they are incurred.
n)
Payables
Payables, including accruals not yet billed, are recognised
when the PTA becomes obliged to make future payments as a
result of a purchase of assets or services. Payables are generally
settled within 30 days.
o)
Interest-bearing liabilities
Loans are recorded at an amount equal to the net proceeds
received. Borrowing costs expense is recognised
on an accrual basis.
p)
Employee benefits
Annual leave
This benefit is recognised at the reporting date in respect
to employees’ services up to that date and is measured
at the nominal amounts expected to be paid when the liabilities
are settled.
Long
service leave
The
liability for long service leave expected to be settled within
12 months of the reporting date is recognised in the provisions
for employee benefits, and is measured at the nominal amounts
expected to be paid when the liability is settled. The liability
for long service leave expected to be settled more than 12
months from the reporting date is recognised in the provisions
for employee benefits and is measured at the present value
of expected future payments to be made in respect of services
provided by employees up to the reporting date. Consideration
is given, when assessing expected future payments, to expected
future wage and salary levels including relevant on-costs,
experience of employee departures and periods of service.
Expected future payments are discounted using market yields
at the reporting date on national government bonds with terms
to maturity and currency that match, as closely as possible,
the estimated future cash outflows.
Superannuation
Staff may contribute to the Pension Scheme, a defined benefits
pension scheme now closed to new members, or to the Gold State
Superannuation Scheme, a defined benefit lump sum scheme now
also closed to new members. All staff who do not contribute
to either of these schemes become noncontributory members
of the West State Superannuation Scheme, an accumulation fund
complying with the Commonwealth Government’s Superannuation
Guarantee (Administration) Act 1992. All of these schemes
are administered by the Government Employees Superannuation
Board (GESB).
The liability
for superannuation charges incurred under the Pension Scheme,
together with the pretransfer service liability for employees
who transferred to the Gold State Superannuation Scheme, has
been assumed by the Treasurer.
The liabilities
for superannuation charges under the Gold State Superannuation
Scheme and West State Superannuation Scheme are extinguished
by payment of employer contributions to the GESB.
Employee
benefit on-costs
Employee benefit on-costs, including payroll tax, are recognised
and included in employee benefit liabilities and costs when
the employee benefits to which they relate are recognised
as liabilities and expenses.
q)
Accrued salaries
Accrued salaries represent the amount due to staff but unpaid
at the end of the financial year, as the end of the last pay
period for that financial year did not coincide with the end
of the financial year. The PTA considers the carrying amount
approximates net fair value.
r)
Resources received free of charge or for nominal value
Resources received free of charge or for nominal value which
can be reliably measured are recognised as revenues and as
assets or expenses as appropriate at fair value.
s)
Foreign currency translation and hedges
Transactions denominated in a foreign currency are translated
at the rates in existence at the dates of the transactions.
Foreign currency monetary items that are outstanding at reporting
date are translated at exchange rates current at reporting
date. Except as stated in the following paragraph, resulting
exchange gains and losses are brought to account in determining
the result for the year.
Forward
foreign exchange contracts are entered into as hedges to avoid
or minimise possible adverse financial effects of movements
in exchange rates. Exchange gains and losses and costs arising
from these contracts are deferred and included in the determination
of the amounts at which the transactions are brought to account.
t)
Comparative figures
The PTA was established on 1 July 2003 and consequently comparative
figures are not available.
u)
Rounding of amounts
Amounts in the financial statements have been rounded to the
nearest thousand dollars.
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