2002 - 2003 Annual Report - Tourism Australia

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Notes to and forming part of the Financial Statements For the year ended 30 June 2003 Australian Tourist Commission Depreciation/amortisation rates (useful lives) and methods are reviewed at each balance date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate. Residual values are re-estimated for a change in prices only when assets are revalued. Depreciation and amortisation rates applying to each class of depreciable asset are based on the following useful lives: 2003 2002 Leasehold Improvements Lease term Lease term Furniture and Fittings 3 to 10 years 3 to 10 years Computer Equipment 3 to 5 years 3 to 5 years Motor Vehicles and Other Equipment 3 to 10 years 3 to 10 years The aggregate amount of depreciation allocated for each class of asset during the reporting period is disclosed in Note 7. 1.11 Intangible assets The Commission’s intangibles comprise internally developed software and purchase of licensed software for internal use.These assets are carried at cost. From 1 July 2002, Schedule 1 no longer requires the application of the recoverable amount test in AAS 10 Recoverable Amount of Non-current Assets to the assets of the Commission when the primary purpose of the asset is not the generation of net cash inflows. However Schedule 1 now requires such assets, if carried on the cost basis, to be assessed for indications of impairment.The carrying amount of impaired assets must be written down to the higher of its net market selling price or depreciated replacement cost. All software assets were assessed for impairment as at 1 July 2002. None were found to be impaired. Intangible assets are amortised on a straight-line basis over their anticipated useful lives. Useful lives are: 2003 2002 Software 2 to 5 years 3 to 5 years Trade Marks 10 years 10 years 1.12 Taxation The Commission is exempt from all forms of taxation except Fringe Benefits Tax and the Goods and Services Tax (GST). Revenues, expenses and assets are recognised net of GST: • except where the amount of GST incurred is not recoverable from the Australian Taxation Office; and • except for receivables and payables. The Commission is not subject to exemption from any foreign taxation laws relative to its overseas operations. 78 1.13 Foreign currency Transactions denominated in a foreign currency are converted at the exchange rate at the date of the transaction. Foreign currency receivables and payables are translated at the exchange rate current as at balance date and any exchange differences are brought to account in the Statement of Financial Performance. 1.14 Insurance The Commission has insured for risks through the Government’s insurable risk managed fund, called ‘Comcover’. Workers compensation is insured through the Government’s Comcare Australia. 1.15 Comparative figures Comparative figures have been adjusted to conform with changes in presentation in these financial statements where required.
Notes to and forming part of the Financial Statements For the year ended 30 June 2003 Australian Tourist Commission 1.16 Rounding Amounts are rounded to the nearest $1,000 except in relation to the following: • remuneration of directors; • remuneration of officers (other than directors); and • remuneration of auditors. Note 2. Reporting of Outcomes The Commission operates in Australia and overseas to promote tourism to Australia. Its revenues are sourced primarily within Australia via Parliamentary appropriations and industry revenues.The Commission’s activities to promote Australia as an international tourist destination are primarily focused overseas (the majority of expenditures are made via the Commission’s international offices in Europe, Asia, America and New Zealand). 2a Outcomes of the Commission The Commission is structured to meet one outcome: Outcome 1: To promote Australia as a destination for visitors from all around the world and to win a greater share of the global tourism market.The Commission’s statutory objectives are: • to increase the number of visitors to Australia from overseas; • to maximise the benefits to Australia from overseas visitors; and • to promote the principles of ecologically sustainable development and to raise awareness of the social and cultural impacts of international tourism in Australia. Two Output Groups are identified for this outcome: Output Group 1: Consumer Marketing – The ATC promotes Australia in a number of innovative ways: television, cinema, print and outdoor advertising, the internet, media relations, public relations and by hosting international journalists in Australia.The ATC also provides information for travellers in both printed and electronic form. Output Group 2: Trade Marketing – The ATC facilitates the communication of timely, relevant international trade market intelligence to the inbound industry; provides effective opportunities for industry participation in trade events; and undertakes product and segment development in conjunction with ATC regions, State and Territory tourism organisations and all sectors of the industry. 2b Net Cost of Outcome Delivery Outcome 1 2003 2002 $000 $000 Total Departmental expenses 117,706 120,532 Cost recovered from provision of goods and services to the non-government sector 271 391 Total Department costs recovered 271 391 Other external revenues Advertising 11,793 12,443 Industry contribution 7,886 9,239 Interest 1,330 1,101 Net foreign exchange gains 115 - Other 534 1,171 Total Departmental 21,658 23,954 Total other external revenues 21,658 23,954 Net cost of outcome 95,777 96,187 79
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Australian Tourist Commission ANNUA
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Contents 2 Principles 4 Highlights
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OUR OBJECTIVES The Australian Touri
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australia.com australia.com deliver
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OUTCOMES • There were 4,655,800 v
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$1.4 billion.The state tourism orga
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Eastern Hemisphere Overview The Eas
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South East Asia Overview Offices in
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Indonesia Australia received a tota
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Singapore Australia received a tota
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North and North East Asia Overview
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China Australia received a total of
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Korea Korea continued to show growt
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WESTERN HEMISPHERE Overview The Wes
Page 30 and 31: United Kingdom Overview The UK demo
Page 32 and 33: Italy The ATC resumed its presence
Page 34 and 35: The Netherlands and Switzerland Bot
Page 36: New Zealand Overview New Zealand re
Page 40 and 41: Hemispheres The Hemispheres divisio
Page 42 and 43: Advertising and Design The Advertis
Page 44 and 45: International Media International M
Page 46 and 47: Food and Wine • Cooperative marke
Page 48 and 49: Trade Events The Trade Events depar
Page 50 and 51: Business Tourism The role of the AT
Page 52 and 53: Organisational Development The role
Page 54 and 55: Public Affairs The Public Affairs d
Page 56 and 57: Highlights and activities • An ed
Page 58 and 59: Conflicts of interest The Board has
Page 60 and 61: Directors of the Australian Tourist
Page 62 and 63: Management and Organisation Structu
Page 64 and 65: International visitor arrivals Visi
Page 67 and 68: Financial Reports 65
Page 69 and 70: Statement by Directors For the year
Page 71 and 72: Statement of Financial Position As
Page 73 and 74: Schedule of Commitments As at 30 Ju
Page 75 and 76: Notes to and forming part of the Fi
Page 79: Notes to and forming part of the Fi
Page 93 and 94: Financial Instruments (cont.) 15b I
Page 95 and 96: Glossary of Terms AACB Association
Page 97: ATC Offices - worldwide Sydney (hea
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2002 - 2003 Annual Report - Tourism Australia

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