Annual Report 2008-2009 - Department of Transport
Annual Report 2008-2009 - Department of Transport
Annual Report 2008-2009 - Department of Transport
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104<br />
16 Income from State Government (continued)<br />
Assets transferred<br />
The following assets have been assumed from/(transferred to) other<br />
state government agencies during the financial year<br />
<strong>2009</strong> <strong>2008</strong><br />
$ 000 $ 000<br />
Property, plant, equipment, vehicles and vessels assumed 330 -<br />
Property, plant, equipment, vehicles and vessels transferred (7 513) (500)<br />
Total assets transferred (7 183) (500)<br />
Where the Treasurer or other entity has assumed a liability, the <strong>Department</strong> recognises revenues equivalent to the amount <strong>of</strong> the<br />
liability assumed and an expense relating to the nature <strong>of</strong> the event or events that initially gave rise to the liability. From 1 July 2002<br />
non-discretionary non-reciprocal transfers <strong>of</strong> net assets (i.e. restructuring <strong>of</strong> administrative arrangements) have been classified as<br />
Contributions by Owners (CBO’s) under TI 955 Contributions by Owners Made to Wholly Owned Public Sector Entities and are taken<br />
directly to equity. Discretionary transfers <strong>of</strong> assets between State Government agencies are reported as Assets assumed/(transferred)<br />
under Income from State Government.<br />
Resources received free <strong>of</strong> charge<br />
Determined on the basis <strong>of</strong> the following estimates provided by agencies:<br />
State Solicitor’s Office 994 1 176<br />
<strong>Department</strong> <strong>of</strong> Housing and Works 93 81<br />
Western Australian Land Information Authority 5 328 4 202<br />
<strong>Department</strong> <strong>of</strong> Treasury and Finance 348 293<br />
Commissioner <strong>of</strong> Main Roads 472 572<br />
7 235 6 324<br />
Where assets or services have been received free <strong>of</strong> charge or for nominal consideration, the <strong>Department</strong> recognises revenues (except<br />
where the contributions <strong>of</strong> assets or services are in the nature <strong>of</strong> contributions by owners in which case the <strong>Department</strong> shall make<br />
a direct adjustment to equity) equivalent to the fair value <strong>of</strong> the assets and/or the fair value <strong>of</strong> those services that can be reliably<br />
determined and which would have been purchased if not donated, and those fair values shall be recognised as assets or expenses, as<br />
applicable.<br />
Royalties for Regions<br />
Royalties for Regions Fund 460 -<br />
The recurrent funds are committed to projects and programs in WA regional areas.
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