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fCashandcashequivalentsDuringthisperiodofestablishmenttheNSDRAhadnobankaccountsnorheldanycash.OneofitsparticipatorCouncilsMoretonBayRegionalCouncilpaidalldebtsontheNSDRAx19sbehalfwhichwerethenrechargedtotheNSDRAviaaninvoicetobepaidafter1July2010.AsNSDRAhasnocashholdingsatperiod-endaCashFlowStatementhasnotbeenprepared.gTaxationIncomeoftheNSDRAisexemptfromanytaxationliabilityexceptforFringeBenefitsTaxPayrollTaxandGST.ThenetamountofGSTrefundablefromtheAustralianTaxOfficeisshownasanassetinthesefinancialstatements.TheNSDRAwillbeaparticipantintheLocalGovernmentTaxEquivalentRegimefrom1July2010.Asaresultanx1cequivalentx1dx1dorx1cnotionalx1dx1dincometaxliabilityispayabletoMoretonBayandSunshineCoastRegionalCouncilsasparticipantsoftheNSDRA.Duringtheperiodended30June201013043Koftaxlosseswererecognisedasitisconsideredprobablethatfuturetaxableprofitswillbegeneratedagainstwhichthetaxlossescouldbeutilised.hPropertyplantandequipmentAssetsunderconstructionworkinprogressarecarriedatcostandnotdepreciateduntiltheyreachservicedelivery.iPayablesTradecreditorsarerecogniseduponreceiptofthegoodsorservicesorderedandaremeasuredattheagreedpurchasecontractpricegrossofapplicabletradeandotherdiscounts.Amountsowingareunsecuredandaregenerallysettledon30dayterms.jGoingconcernAlthoughthesefinancialstatementsdisclosealossandthereisnocashheldbytheNSDRAfortheperiodthesestatementshavebeenpreparedonagoingconcernbasis.Thisisbecausethesefinancialstatementsarereportingthecostsincurredinordertoestablishtheentityreadyforittooperationallycommenceon1July2010.TheparticipatingCouncilshavefundedtheestablishmentcostsandwillbereimbursedbytheNSDRAdrawingdownworkingcapitaldebtfromtheparticipatingCouncilsMoretonBayRegionalCouncilandSunshineCoastRegionalCouncilafter1July2010.kEmployeebenefitsUndertheRestructuringActx19sWorkforceFrameworkemployeeswilltransitionfromtheexistingCouncilsasat1July2010.At30June2010thereisnoliabilityforemployeebenefits.RefertoNote13fordetailsofpostbalancesheetevents.lContingentliabilitiesTherearenoknowncontingentliabilities.mNewandrevisedAccountingStandardsTheauthoritydidnotvoluntarilychangeanyofitsaccountingpoliciesduring2009-10.ThosenewandamendedAustralianaccountingstandardsthatwereapplicableforthefirsttimeinthe2009-10financialyearandthathadasignificantimpactonthedepartmentx19sfinancialstatementsareasfollows.RISKEXPOSURECreditRiskLiquidityriskInterestrateriskMEASUREMENTMETHODAgeinganalysisMaturityanalysisSensitivityanalysisFINANCIALSTATEMENTS3.FinancialriskmanagementOverviewTheNSDRAx19sactivitiesexposeittoavarietyoffinancialrisksincludingcreditriskliquidityriskmarketriskinterestrateriskandoperationalrisk.RiskmanagementframeworkTheBoardhasoverallresponsibilityfortheestablishmentandoversightoftheriskmanagementframework.TheBoardhasestablishedtheAuditandRiskCommitteewhichisresponsiblefordevelopingandmonitoringriskmanagementpolicies.ThecommitteereportsregularlytotheBoardonitsactivities.ExposuretofinancialrisksismanagedinaccordancewiththeNSDRAx19sapprovedpoliciesonfinancialriskmanagement.ThesepoliciesfocusonmanagingthevolatilityoffinancialmarketsandseektominimisepotentialadverseeffectsonthefinancialperformanceoftheNSDRA.TheNSDRAmeasuresriskexposureusingavarietyofmethodsonleft