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

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AITSL initially recognises loans and receivables and deposits on the date that they originated.recognised initially on the trade date at which AITSL becomes a party to the contractual provisionsof the instrument.recognised as a separate asset or liability.position when, and only when, AITSL has a legal right to offset the amounts and intends either tosettle on a net basis or to realise the asset and settle the liability simultaneously.Loans and receivablesquoted in an active market. Such assets are recognised initially at fair value plus any directlyattributable transaction costs. Subsequent to initial recognition loans and receivables are measuredat amortised cost using the effective interest method, less any impairment losses. Loans andreceivables comprise trade and other receivables.Cash and cash equivalents comprise cash balances and call deposits with original maturities ofthree months or less.measured at amortised cost.70 AITSL Annual Report 2011–2012
AITSL initially recognises debt securities issued and subordinated liabilities on the date that theyor loss) are recognised initially on the trade date at which AITSL becomes a party to the contractualare discharged or cancelled or expire. Financial assets and liabilities are offset and the net amountpresented in the Statement of Financial Position when, and only when, AITSL has a legal right tooffset the amounts and intends either to settle on a net basis or to realise the asset and settle theliability simultaneously.using the effective interest rate method.1.19 Use of estimates and judgmentsjudgments, estimates and assumptions that affect the application of accounting policies and thereported amounts of assets, liabilities, income and expenses. Actual results may differ from theseestimates.Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimates are revised in any future periodsaffected.1.20 CommitmentsCommitments include those operating, capital and other outsourcing commitments arising fromnon-cancellable contractual or statutory sources and are disclosed at their nominal value inclusiveof GST payable or receivable.AITSL Annual Report 2011–201271
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AITSL is funded by the Australian G
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From the ChairI am delighted to pre
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Directors’ ReportThe Directors of
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Richard Bolt - nominated by the Vic
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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 and 68: AITSL receives revenue through a fu
Page 69 and 70: 1.8 LiabilitiesTrade creditors and
Page 71: Services Tax (GST).Revenues, expens
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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