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The method applies this rate to the principal outstanding to determine interest revenue or expense each period. This means interest is allocated at a constant rate of return over the expected life of the financial instrument based on the estimated cash flows. Interest revenue on financial assets classified as fair value through the operating balance is recognised as it accrues. The interest unwind on student loans reflects the increase in value of the loans as the period to repayment reduces. Student loans are classified as fair value through the operating balance and the interest unwind is calculated using the market discount rate at the beginning of the year.

Gains and losses may be reported in the Statement of Financial Performance when assets and liabilities are revalued in certain circumstances as described in the accounting policies for those assets and liabilities. For the purposes of reporting the operating balance before gains and losses OBEGAL these gains and losses are excluded from total revenue and total expenses; and presented elsewhere in the Statement of Financial Performance. Rental revenue is recognised in the statement of financial performance on a straight-line basis over the term of the lease.

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Lease incentives granted are recognised evenly over the term of the lease as a reduction in total rental revenue. Dividend revenue from investments is recognised when the Government's rights as a shareholder to receive payment have been established. Welfare benefits and entitlements, including New Zealand Superannuation, are recognised as an expense in the period when an application for a benefit has been received and the eligibility criteria have been met.

Employee entitlements to salaries and wages, annual leave, long service leave, retiring leave and other similar benefits are recognised as an expense in the statement of financial performance when they accrue to employees. Employee entitlements to be settled within 12 months are reported at the amount expected to be paid. The liability for long-term employee entitlements is reported as the present value of the estimated future cash outflows.

Obligations for contributions to defined contribution retirement plans are recognised in the statement of financial performance as they fall due. Obligations for defined benefit retirement plans are recorded at the latest actuarial value of the Crown liability. All movements in the liability, including actuarial gains and losses, are recognised in full in the statement of financial performance in the period in which they occur. Termination expenses are recognised in the statement of financial performance only when there is a demonstrable commitment to either terminate employment prior to normal retirement date or as the expense arises as a result of an offer to encourage voluntary redundancy.

Termination expenses settled within 12 months are reported at the amount expected to be paid, otherwise they are reported as the present value of the estimated future cash outflows.

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This reflects salaries, benefits and allowances. Key management personnel are the 27 Ministers of the Crown who are members of the Executive Council including the Prime Minister as at 30 June The Ministers' remuneration and other benefits are set out by the Remuneration Authority under the Members of Parliament Remuneration and Services Act Members of Parliament, including members of the Executive,have access to other non-cash entitlements as determined by the Speaker of the House of Representatives.

Details of these entitlements eg, travel discounts can be found on the New Zealand Parliament website www. Where grants and subsidies are at the Government's discretion until payment, the expense is recognised when the payment is made. Otherwise, the expense is recognised when the specified criteria for the grant or subsidy have been fulfilled and notice has been given to the government.

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Operating leases, where the lessor substantially retains the risks and rewards of ownership, are recognised in a systematic manner over the term of the lease. Leasehold improvements are capitalised and the cost is amortised over the unexpired period of the lease or the estimated useful life of the improvements, whichever is shorter.

Lease incentives received are recognised evenly over the term of the lease as a reduction in rental expense. Other operating expenses relate to those expenses incurred in the course of undertaking the functions and activities of entities included in the financial statements of the Government, excluding those expenses separately identified in the statement of financial performance and other notes.

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As the Controller and Auditor-General is part of the Government reporting entity, these fees are eliminated on consolidation. At 30 June and 30 June the total amount paid or payable for damage in relation to the Canterbury earthquakes was reassessed and is now expected to be lower than previously expected. This reduction is recognised as a credit in the claims expense for Southern Response. The future cost of outstanding insurance claims liabilities are valued based on the latest actuarial information. The liability includes estimated payments associated with claims reported and accepted, claims incurred but not reported, claims that may be re-opened, and the costs of managing these claims.

Movements of the claims liabilities are reflected in the statement of financial performance. Financial assets backing these liabilities are designated at fair value through the operating balance. Further information on these liabilities may also be found in the annual reports of each of these entities and on their respective websites.

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The objectives, policies and procedures for managing these risks are set out in the governing statutes and policy documents of each entity. All assets held by the three insurance entities are considered available to back present and future claims obligations. There are no deferred acquisition costs eg, marketing costs in respect of insurance obligations at the reporting date. In addition each of these entities is backed by a guarantee from the Crown.

The outstanding claims liability is the present value of the central estimate of expected payments for claims incurred plus a risk margin. The unearned premium liability represents premiums received to provide insurance cover after 30 June The unearned premium liability deficiency is the extent that the unearned premium liability is insufficient to cover expected future claims ie, payments for future accidents within the period covered by the premiums received. The remainder of this note provides detailed analysis of the ACC insurance expense and liability.

ACC's insurance obligations arise primarily from the accident compensation scheme provision of no fault personal injury cover for all New Zealand citizens, residents and temporary visitors to New Zealand. Net claims incurred in the table below refers to the adjustment in the liability arising from claims incurred in the current financial year and reassessment of claims incurred in previous years. This reassessment results from new information on these claims including new claims relating to incidents incurred in previous years and changes in assumptions. An independent actuarial estimate by Taylor Fry, consulting actuaries, has been made of the future expenditure relating to accidents that occurred prior to balance date, whether or not the claims have been reported to or accepted by ACC.

The actuaries are satisfied with the nature, sufficiency and accuracy of the data used to determine the outstanding claims liability. The following table shows the development of ACC's undiscounted claims cost estimates for the seven most recent accident years. The key assumptions and the methodology applied in the valuation of the outstanding ACC claims obligation are as follows:. The projected cash flows were discounted using a series of forward discount rates at the balance date derived from the yield curve for New Zealand government bonds. The equivalent single effective discount rate taking into account ACC's projected future cash flow patterns is a short term discount rate of 2.

The outstanding claims liability includes a risk margin that relates to the inherent uncertainty in the central estimate of the present value of expected future payments. ACC claims and costs are subject to inflation. Some costs are assumed to increase faster than the general rate of inflation referred to as superimposed inflation due to factors such as innovation in medical treatment.

Assumptions for rehabilitation rate were set with reference to past observed experience with allowance for expectations of the future that is believed to be reasonable under the circumstances. An unearned premium liability deficiency is recognised when the amount of the present value of expected future claim cash outflows, plus a risk margin, exceeds the unearned premium liability.

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The present value of the ACC claims obligation is sensitive to underlying assumptions such as the discount rate, inflation rates and expected medical costs. These assumptions are closely linked. For example, a change to the discount rate may have implications on the inflation rate used.

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Therefore, when calculating the present value of claims it is unlikely that an assumption will change in isolation. If the assumptions described above were to change in isolation, this would impact the measurement of the ACC claims obligation as per the table below:.

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  • The following table represents the timing of future undiscounted cash flows for claims to 30 June These estimated cash flows include the effects of assumed future inflation. These receivables are subsequently adjusted for penalties and interest as they are charged, and as they are tested for impairment. Interest and penalties charged on tax receivables are presented as tax revenue in the statement of financial performance.

    Reinsurance receivables on paid claims and outstanding claims, are recognised as revenue in the statement of financial performance. Receivables from taxes, levies and fines and any penalties associated with these activities as well as social benefit receivables which do not arise out of a contract are collectively referred to as sovereign receivables.

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    In determining the recoverability of a tax or other sovereign receivables, the Government uses information about the extent to which the tax or levy payer is contesting the assessment and experience of the outcomes of such disputes, from lateness of payment, and other information obtained from credit collection actions taken.

    Due to the size of the tax base, the concentration of credit risk is limited and this is not a risk that is actively managed. Tax receivables, ACC levy receivables and social benefit receivables are considered to be short term, so their carrying value represents a reasonable approximation of their fair value. Other levies, fines and penalty receivables comprise debtor portfolios administered by Ministry of Justice ie, court fines and Inland Revenue ie, child support. These receivables are recorded at fair value, which on initial recognition represent the face value of the amount owed to the Crown, adjusted to reflect the amount expected to be recoverable.

    Social benefit receivables comprise benefit overpayments, advances on benefits and recoverable special needs grants primarily administered by the Ministry of Social Development. Their carrying amount provides a reasonable approximation of their fair value. The recoverable amount of the portfolio is calculated by forecasting the expected repayments based on analysis of historical debt data, deducting an estimate of service costs and then discounting at the current market rate of 5.

    If the recoverable amount of the portfolio is less than the carrying amount, the carrying amount is reduced to the recoverable amount.