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

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1.5 Leasestransfer from the lessor to the lessee substantially all the risks and rewards incidental tolease. In operating leases, the lessor effectively retains substantially all such risks andOperating lease payments are expensed on a straight line basis which is representative of theAll lease incentives for the agreement of a new or renewed operating lease shall be recognisedas an integral part of the net consideration agreed for the use of the lease asset, irrespective ofCash and cash equivalents include cash on hand and any deposits with a maturity of 3 months orAll debtors are recognised at the nominal amounts receivable as they are due for settlement notmore than 30 days from the date of recognition.investments. Held-to-maturity investments are recorded at amortised cost using the effectiveinterest method less impairment, with revenue recognised on an effective yield basis.loss has been incurred, the amount of the impairment loss is the difference between the carryingcurrent market rate for similar assets.be low.66 AITSL Annual Report 2011–2012
1.8 LiabilitiesTrade creditors and accruals are recognised at their nominal amounts, being the amounts at whichthe liabilities will be settled. Liabilities are recognised to the extent that the goods or services havebeen received. Trade accounts are normally settled within 30 days.Provisionsrecognised as a provision is the best estimate of the consideration required to settle the presentobligation at reporting date, taking into account the risks and uncertainties surrounding theobligation.Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includesthe fair value of assets transferred in exchange and liabilities undertaken. Financial assets areinitially measured at their fair value plus transaction costs where appropriate. Assets acquired at nocost, or for nominal consideration, are initially recognised as assets and revenues at their fair valueat the date of acquisition.Purchases of plant and equipment are recognised in the Statement of Financial Position, exceptfor purchases costing less than $1,000, which are expensed in the year of acquisition, other thanThe initial cost of an asset includes an estimate of the cost of dismantling and removing the itemand restoring the site on which it is located. AITSL holds a lease agreement to occupy premisesat 71 Leichhardt Street, Canberra. The lease agreement contains a clause to make-good on thecompany vacating the premises. These costs include the costs of dismantling and removing anasset and restoring the site on which the asset was created, together with recognition of a provisionat present value in accordance with AASB 137 Provisions, Contingent Liabilities and ContingentAssets.Carrying amountEach class of plant and equipment is carried at cost or fair values as indicated, less, whereapplicable, accumulated depreciation and impairment losses.Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equityunder the heading reserves except to the extent that it reverses a previous revaluation decrementdecrements for a class of assets are recognised directly through other comprehensive incomeexcept to the extent that they reverse a previous revaluation increment for that class.Any accumulated depreciation as at the revaluation date is eliminated against the gross carryingamount of the asset and the asset restated to the revalued amount.AITSL Annual Report 2011–201267
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AITSL is funded by the Australian G
Page 8:
From the ChairI am delighted to pre
Page 14 and 15:
Directors’ ReportThe Directors of
Page 17 and 18: Richard Bolt - nominated by the Vic
Page 19 and 20: Angelo Gavrielatos - nominated by t
Page 21 and 22: Jeff Rosewarne - Nominated by the V
Page 23 and 24: ChairAnthony Mackay - nominated by
Page 25 and 26: CEOMargery EvansShe has had a long
Page 27 and 28: General ManagerKeren CapleKeren Cap
Page 29 and 30: The number of meetings attended by
Page 31 and 32: commissioned supporting research an
Page 33 and 34: AITSL has established controls to s
Page 35 and 36: Professional Learning ConventionA m
Page 37 and 38: Teacher Feature was the result of a
Page 39 and 40: In October 2011, MCEECDYA endorsed
Page 41 and 42: FrameworkIn October 2011, the Minis
Page 43 and 44: Initial Teacher Education - Profess
Page 45 and 46: National Professional Standard for
Page 47 and 48: The School Leadership Clearinghouse
Page 49 and 50: projects and committed to using and
Page 51 and 52: In 2011, AITSL managed the inaugura
Page 53 and 54: Consistent with the intent of the A
Page 55 and 56: Assessment for MigrationMigration R
Page 57 and 58: AITSL Annual Report 2011-201255
Page 59 and 60: Auditor’s independence declaratio
Page 63 and 64: AssetsCurrent assetsCash and cash e
Page 65 and 66: Government funding 18,900,909 13,80
Page 67: AITSL receives revenue through a fu
Page 71 and 72: Services Tax (GST).Revenues, expens
Page 73 and 74: AITSL initially recognises debt sec
Page 75 and 76: financiald simplifies rclassificati
Page 77 and 78: Note 3 - Current assets Total hel
Page 79 and 80: Gross book value 28,000 324,146 N
Page 81 and 82: 251,356 251,356Additional provision
Page 83 and 84: Note 10 - Senior executive remunera
Page 85 and 86: Note 12 - Financial risk management
Page 87 and 88: than a contingent asset for the rec
Page 89 and 90: Note 15 - Member’s guaranteeAustr
Page 91 and 92: AppendicesAppendix 1: Letter of Exp
Page 101: GlossaryAAREACARAACDEACEACECQAACELA
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