Annual Report 2008-09 - Legal Services Commissioner

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Chapter EIGHT Financial Statements Notes to the financial statements for the financial year ended 30 June 2009 iii. Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Commissioner recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance sheet date are discounted to present value. iv. Employee benefits on-costs Employee benefits on-costs (payroll tax, workers compensation, superannuation, annual leave and LSL accrued while on LSL taken in service) are recognised separately from provision for employee benefits. m. Commitments Commitments include those operating, capital and other outsourcing commitments arising from noncancellable contractual or statutory sources and are disclosed at their nominal value, and inclusive of the GST payable. n. Contingent assets and contingent liabilities Contingent assets and contingent liabilities are not recognised in the balance sheet, but are disclosed by way of a note and, if quantifiable, are measured at nominal value. Contingent assets and liabilities are presented inclusive of GST receivables and payables respectively. o. Equity • Contributions by owners Additions to net assets which have been designated as contributions by owners are recognised as contributed capital. Other transfers that are in the nature of contributions or distributions have also been designated as contributions by owners. p. Functional and presentation currency The functional currency of the Commissioner is the Australian dollar, which has also been identified as the presentation currency of the Commissioner. q. Rounding of amounts Amounts in the financial report have been rounded to the nearest dollar, unless otherwise stated. 70 Legal Services COMMISSIONER 2009 Annual Report
Chapter EIGHT Financial Statements Notes to the financial statements for the financial year ended 30 June 2009 r. New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2009 reporting period. As at 30 June 2009, the following standards and interpretations had been issued but were not mandatory for the financial year ending 30 June 2009. The Commissioner has not, and does not intend to, adopt these standards early. Standard / Interpretation Summary Applicable for annual reporting periods beginning on Impact financial statements AASB 8 Operating Segments Supersedes AASB 114 Segment Reporting Beginning 1 Jan 2009 Not applicable. AASB 2007‐3 Amendments to Australian Accounting Standards arising from AASB 8 [AASB 5, AASB 6, AASB 102, AASB 107, AASB 119, AASB 127, AASB 134, AASB 136, AASB 1023 and AASB 1038]. An accompanying amending standard, also introduced consequential amendments into other Standards. Beginning 1 Jan 2009 AASB 8 does not apply to not-for-profit entities therefore amendments arising from AASB 8 will have an insignificant impact. AASB 123 Borrowing Costs Option to expense borrowing cost related to a qualifying asset had been removed. Entities are now required to capitalise borrowing costs relevant to qualifying assets. Beginning 1 Jan 2009 The Legal Services Commissioner continues to expense borrowing costs. AASB 2007‐6 Amendments to Australian Accounting Standards arising from AASB 123 [AASB 1, AASB 101, AASB 107, AASB 111, AASB 116 & AASB 138 and Interpretations 1 & 12] An accompanying amending standard, also introduced consequential amendments into other Standards. Beginning 1 Jan 2009 Standard will have no impact to not-forprofit public sector as departments have an exemption from capitalising borrowing costs. AASB 2008‐2 Amendments to Australian Accounting Standards ‐ Puttable Financial Instruments and Obligations arising on Liquidation [AASB 7, AASB 101, AASB 132, AASB 139 & Interpretation 2] This Amending Standard introduces an exception to the definition of financial liability, to classify as equity instruments certain puttable financial instruments and certain instruments that impose on an entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation of the entity. Beginning 1 Jan 2009 Not applicable to not‐for‐profit entities. AASB 2008‐5 Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASBs5, 7 101, 102, 107, 108, 110, 116, 118, 119, 120, 123, 127, 128, 129, 131, 132, 134, 136, 138, 139, 140, 141, 1023 & 1038] Some amendments result in accounting changes for presentation, recognition and measurement purposes, while some other amendments that relate to terminology and editorial changes are expected to have no or minimal effect on Department’s accounting. Beginning 1 Jan 2009 Impact is being evaluated. AASB 2008‐7 Amendments to Australian Accounting Standards ‐ Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate [AASB 1, AASB 118, AASB 121, AASB 127 & AASB 136] Changes mainly relate to treatment of dividends from subsidiaries, associates and jointly controlled entities. Beginning 1 Jan 2009 Impact is being evaluated. Legal Services COMMISSIONER 2009 Annual Report 71
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A N N UA L R E P O R T 2009
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Table of Contents Chapter 1 - About
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Our Mission: The Legal Services Com
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Chapter ONE About the Legal Service
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Chapter TWO Handling complaints Obj
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Chapter TWO Handling complaints A c
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Chapter TWO Handling complaints A m
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Chapter TWO Handling complaints Com
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Chapter TWO Handling complaints Our
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Chapter TWO Handling complaints Dis
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Page 25 and 26: Chapter THREE Educating the legal p
Page 31 and 32: Chapter FOUR Educating the communit
Page 37 and 38: Chapter FIVE Projects and research
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Page 53 and 54: Chapter seven Governance Objective:
Page 55 and 56: Chapter SEVEN Governance National C
Page 57 and 58: Chapter SEVEN Governance Office-Bas
Page 59 and 60: Chapter SEVEN Governance Indicator
Page 61 and 62: Chapter EIGHT FINANCIAL STATEMENTS
Page 63 and 64: Chapter EIGHT Financial Statements
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Page 104 and 105: APPENDICES Introduction to Complain
Page 106 and 107: APPENDICES Complaints under the Leg
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APPENDICES Complaints under the Leg
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APPENDICES Complaints and Disputes
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APPENDICES Delegations Date of Dele
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APPENDICES Delegations Date of Dele
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APPENDICES Delegations 4.2 Delegati
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APPENDICES Disclosure Index DISCLOS
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APPENDICES Disclosure Index Legisla
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Level 9, 330 Collins Street MELBOUR
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Annual Report 2008-09 - Legal Services Commissioner

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