NDT Annual Report 2012/13 - Department of Tourism

Department of Tourism – Vote: 35
ACCOUNTING POLICIES
for the year ended 31 March 2013
2.2 Departmental revenue
All departmental revenue is recognised in the
Statement of Financial Performance when received
and is subsequently paid into the National Revenue
Fund, unless stated otherwise. Any amount owing to
the National Revenue Fund at the end of the financial
year is recognised as a payable in the Statement of
Financial Position.
No accrual is made for amounts receivable from the
last receipt date to the end of the reporting period.
These amounts are however disclosed in the
disclosure notes to the Annual Financial Statements.
payment is effected on the system (by no later than 31
March of each year).
Other employee benefits that give rise to a present
legal or constructive obligation are disclosed in the
disclosure notes to the Financial Statements at face
value and are not recognised in the Statement of
Financial Performance or Position.
Employee costs are capitalised to the cost of a capital
project when an employee spends more than 50% of
his/her time on the project. These payments form part
of expenditure for capital assets in the Statement of
Financial Performance.
2.3 Direct Exchequer Receipts
All Direct Exchequer Receipts are recognised in the
Statement of Financial Performance when the cash is
received and is subsequently paid into the National
Revenue Fund, unless stated otherwise.
3.1.2 Social contributions
Employer contributions to post-employment benefit
plans in respect of current employees are expensed
in the Statement of Financial Performance when the
final authorisation for payment is effected on the
system (by no later than 31 March of each year).
Any amount owing to the National Revenue Funds at
the end of the financial year is recognised as a
payable in the Statement of Financial Position.
2.4 Direct Exchequer Payments
No provision is made for retirement benefits in the
Financial Statements of the department. Any potential
liabilities are disclosed in the Financial Statements of
the National Revenue Fund and not in the Financial
Statements of the employer department.
All Direct Exchequer Payments are recognised in the
Statement of Financial Performance when final
authorisation for payment is effected on the system
(by no later than 31 March of each year).
Employer contributions made by the department for
certain of its ex-employees (such as medical benefits)
are classified as transfers to households in the
Statement of Financial Performance.
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3. Expenditure
3.1 Compensation of employees
3.1.1 Salaries and wages
Salaries and wages are expensed in the Statement of
Financial Performance when the final authorisation for
3.2 Goods and services
Payments made during the year for goods and/or
services are recognised as an expense in the
Statement of Financial Performance when the final
authorisation for payment is effected on the system
(by no later than 31 March of each year).
Annual Report 2012 / 2013