AITSL Annual Report 2011-12 - Australian Institute for Teaching and ...

The objective of the company is to provide national leadership for the Commonwealth, state andterritory governments in promoting excellence in the profession of teaching and school leadership.AITSL is a company limited by Guarantee.accordance with Australian Accounting Standards (including the Australian AccountingInterpretations) and the Corporations Act 2001.Australian Accounting Standards set out accounting policies that the AASB has concluded wouldevents and conditions to which they apply. Material accounting policies adopted in the preparationstated.historical cost convention, except for certain assets, which as noted, are valued at fair value.The current funding agreement with the Department of Education, Employment and Workplacethe company may be unable to realise its assets and discharge its liabilities in the ordinary coursedue to the following considerations.The assets of AITSL are predominately current assets held in cash, investments and receivables.The noncurrent assets that may be impacted by future funding issues are a minor percentage ofthe total assets.Total assets exceed total liabilities by $8.7 million at year end. This surplus should enable ATISLto mitigate the going concern impact of any future funding issues. The company has been inopinion that the company will continue to receive funding support past the current agreement.company.Revenue from the rendering of services is recognised by reference to the stage of completion ofcontracts at the reporting date. Revenue is recognised when: the amount of revenue, stage of completion and transaction costs incurred can be reliablymeasured; and 64 AITSL Annual Report 2011–2012