Annual report [1997-98] - Family Court of Australia

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The Family Court of Australia – annual report 1997-98 2.12 Inventories FAMILYCOURTOF AUSTRALIA NOTES TO AND FORMING PART OFTHE FINANCIALSTATEMENTS for the year ended 30 June 1998 Inventories mainly represent the stock of Court forms on hand at balance date. Costs have been assigned to inventory quantities using the first in first out basis. These stock items are carried at the lower of cost and net realisable value. 2.13 Commitments Commitments reflect agreements between the Family Court of Australia and third parties in which neither party has fulfilled any contractual obligations and agreements in which both parties have performed to an equal extent some of their obligations while other obligations have yet to be honoured. Commitments for future property operating payments that are not recognised as liabilities in the Statement of Assets and Liabilities have been disclosed in the Schedule of Commitments. These commitments are mainly for rental of buildings which are occupied by the Family Court’s registries and offices. Alarge proportion of the payments are for special purpose court buildings owned by the Commonwealth of Australia and there are no formal lease agreements executed which detail future payments. However, the projected rentals to be paid for the special purpose court buildings for the next six years have been reliably measured by the providers of property management service, KFPW Pty Ltd. These amounts have been disclosed as they are expected to be payable under the arrangement with the Commonwealth of Australia. Although it is expected that the special purpose buildings will be continuously utilised by the Court, the rental beyond six years cannot be reliably measured. The amounts to be paid for non-special purpose buildings have been disclosed according to the details specified in existing lease agreements. 2.14 Taxation The Family Court of Australia is exempt from all forms of taxation except Fringe Benefits Tax. 2.15 Insurance The Family Court of Australia pays an annual insurance premium to Comcare to cover its liability in respect of payments under the Safety Rehabilitation and Compensation Act 1988. In accordance with Commonwealth Government policy, other insurable risks and assets are not insured and any losses that may arise are expensed as they are incurred. 113
The Family Court of Australia – annual report 1997-98 2.16 Program statement As the Family Court of Australia constitutes a sub-program of the Attorney- General’s portfolio and there is no separate component recognised within the subprogram, program statements are not required to be prepared. 2.17 Comparative figures FAMILYCOURTOF AUSTRALIA NOTES TO AND FORMING PART OFTHE FINANCIALSTATEMENTS for the year ended 30 June 1998 Where necessary, the comparative figures have been adjusted to conform with changes in presentation in the current reporting period. NOTE 3 - EVENTS OCCURRING AFTER BALANCE DATE The Court is not aware of any events that have occurred since balance date that would impact these Financial Statements materially. 114
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Annual report [1997-98] - Family Court of Australia

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