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.
|Balance from previous period||-||-||-||-|
|New contingent liabilities recognised||116||-||116||-|
|Total contingent liabilities||116||-||116||-|
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).
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).