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Annual Reports
TORRES STRAIT REGIONAL AUTHORITY
Notes to and forming part of the financial statements for the period ended 30 June 2014
Note 11: Contingent Assets and Liabilities
The movement is due to the change in accounting treatment which requires all non-reciprocal transfers to be recognised as income when control arises over the assets.
| Bank Guarantees | Total | |||
| 2014 $'000 |
2013 $'000 | 2014 $'000 |
2013 $'000 | |
| Contingent liabilities | ||||
| Balance from previous period | - | - | - | - |
| New contingent liabilities recognised | 116 | - | 116 | - |
| Total contingent liabilities | 116 | - | 116 | - |
Quantifiable Contingencies
The schedule of contingencies reports no contingent assets (2012-13 : Nil).
The schedule reports a contingent liability as at 30 June 2014 in respect of a bank guarantee in favour of the Torres Shire Council. As a result the TSRA has recognised the contingent liability of $116,000 as at 30 June 2014 (2012-13 : $Nil).
Unquantiflable Contingencies
There are no unquantiflable contingencies as at 30 June 2014 (2012-13: Nil).
Significant Remote Contingencies
There are no significant remote contingencies as at 30 June 2014 (2012-13: Nil).