Annual Report 2011 - TIO

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Territory Insurance OfficeNotes to the Financial Statements30 June 20111. Corporate InformationThe Territory Insurance Office [TIO] was established in 1979 by virtue of section 4 of theTerritory Insurance Office Act [TIO Act]. TIO is domiciled in the Northern Territory. Theprincipal activities of the office are the operation of the following businesses; Insurance,Banking and administration of the MAC Scheme.TIO is only authorised to transact business and carry out functions as provided in theTIO Act or as approved or directed by the Minister. Its policies and contracts of insuranceor indemnity and deposits placed with it are fully guaranteed by the Northern TerritoryGovernment under section 30 of the TIO Act.TIO Head Office & Principal Place of Business24 Mitchell StreetDARWIN2. Summary of significant accounting policies2.1 Basis of PreparationThe financial statements are general purpose financial statements which have beenprepared in accordance with the requirements of TIO Act, Australian AccountingStandards and other authoritative pronouncements of the Australian AccountingStandards Board (AASB). The principal accounting policies adopted are consistent withthose of the previous year, except where otherwise stated. The financial statementscomply with Australian Accounting Standards and International Financial ReportingStandards (IFRS) as issued by the International Accounting Standards Board.These general purpose financial statements were authorised by the Board for issue on 16September 2011.The financial statements have been prepared in accordance with the fair value basis ofaccounting with certain exceptions as described in the accounting policies set below atNote 2.3. Balances among TIO Insurance & Banking and the MAC Fund are gross ofinter-business transactions and in the TIO balance (which is the combined total of TIOInsurance & Banking and the MAC Fund as a whole) the inter-business transactions areeliminated.Fiduciary Responsibilities in respect of the Motor AccidentsCompensation FundTIO administers the MAC Scheme pursuant to section 5(c) of the TIO Act. The MACscheme is created by the Motor Accidents (Compensation) Act. TIO Act has establishedthe Motor Accidents Compensation Fund [MAC Fund] and other requirements around theoperation of the fund. The establishment of the MAC Fund on 1 July 2006 did not createa trust and TIO, and the Board members are not trustees in relation of the MAC Fund.TIO Annual Report 2010/2011 42
Territory Insurance OfficeNotes to the Financial Statements30 June 2011Pursuant to Section 22C of the TIO Act, the assets of the fund must be solely applied forthe following purposes• Operating the MAC scheme;• The promotion of road safety;• The acquisition of assets for the MAC Fund;• The discharge of liabilities in relation to the MAC businessUnder the TIO Act, the Annual report of TIO must consist of:a) a report for the Territory Insurance Office as a whole; andb) a separate report for the commercial business andc) a separate report for the MAC business.TIO has addressed its obligations under the TIO Act by segregating the assets andliabilities of the MAC Fund and presenting in the financial statements the aboveinformation requirements using a 6 column approach.The disclosures for both TIO [Insurance and Banking] and the MAC Fund are their standalone results and balances and necessarily disclose all transactions that occur betweenthe two business activities.Accounting policies applicable to both TIO and the MAC Fund are outlined throughoutNote 2.3.2.2 New and Revised Accounting StandardsThe following new and revised Standards and Interpretations have not resulted insignificant changes to the financial statements.AmendmentsAASB 2009-5AASB 2009-8AASB 2009-9AASB 2009-10Interpretation 19AASB 2009-13AASB 2010-1AASB 2010-3TitleAmendments to Australian Accounting Standards - AnnualImprovements ProcessAmendments to Australian Accounting Standards - Group Cash-Settled Share-based Payment TransactionsAmendments to Australian Accounting Standards – AdditionalExemptions for First-time AdoptersAmendments to Australian Accounting Standards - Classificationof Rights IssuesAmendment to Australian Accounting Standards - ExtinguishingFinancial Liabilities with Equity InstrumentsLimited Exemption from Comparative AASB 7 Disclosures forFirst-time Adopters - Amendment to AASB 1Amendments to Australian Accounting Standards arising fromthe Annual Improvements ProjectTIO Annual Report 2010/2011 43
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