Note 11: Contingent Assets and Liabilities

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).