Note 11: Contingent Assets and Liabilities

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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).

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