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

Services Tax (GST).Revenues, expenses, assets and liabilities are recognised net of GST: and except for receivables and payables.AITSL has insured for risks through the Government’s insurable risk managed fund, Comcover. Inaddition AITSL has taken out workers compensation cover through private providers.AITSL is dependent on the Department of Education, Employment and Workplace Relations(DEEWR) for the majority of its revenue used to carry out its ordinary activities. At the date ofthis report the Board of Directors has no reason to believe that DEEWR will not continue toconsiderations that are included in Note 1.2.1.16 Contingent Assets and LiabilitiesContingent liabilities and contingent assets are not recognised in the Statement of FinancialPosition but are reported in the relevant notes. They may arise from uncertainty as to the existenceof a liability or asset or represent an asset or liability in respect of which the amount cannot bereliably measured. Contingent assets are disclosed when settlement is probable but not virtuallycertain and contingent liabilities are disclosed when settlement is greater than remote.AITSL could not identify further assets or liabilities at reporting date that could be reliably measuredwith a probability of recognition greater than remote that have not already been included in theStatement of Financial Position.AITSL is not aware of any events occurring after the reporting date that warrant disclosure orAITSL Annual Report 2011–201269