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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 2015
Note 11: Contingent Assets and Liabilities
Bank Guarantees | Total | |||
2015 $'000 |
2014 $'000 |
2015 $'000 |
2014 $'000 |
|
Contingent liabilities | ||||
Balance from previous period | 116 | - | 116 | - |
New contingent liabilities recognised | - | 116 | - | 116 |
Total contingent liabilities | 116 | 116 | 116 | 116 |
Quantifiable Contingencies
The schedule of contingencies reports no contingent assets (2013-14 : Nil).
There is a contingent liability as at 30 June 2015 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 2015 (2013-14 : $116,000).
Unquantiflable Contingencies
There are no unquantiflable contingencies as at 30 June 2015 (2013-14: Nil).
Significant Remote Contingencies
There are no significant remote contingencies as at 30 June 2015 (2013-14: Nil).