Objectives of Australian Institute of Aboriginal and Torres Strait Islander Studies
The Australian Institute of Aboriginal and Torres Strait Islander Studies (AIATSIS) is an Australian Government controlled not-for-profit entity. The objectives of AIATSIS is to serve the public by:
- building and preserving a national collection of Aboriginal and Torres Strait Islander culture and heritage and making it accessible;
- promoting better understanding of Indigenous peoples, cultures and heritage;
- leading and influencing on Aboriginal and Torres Strait Islander research, ethics and protocols and collections;
- partnering and collaborating with our communities, partners and governments; and
- advising on Aboriginal and Torres Strait Islander cultures and heritage.
The continued existence of AIATSIS in its present form and with its present programs is dependent on Government policy and on continued funding by Parliament for AIATSIS’s administration and programs.
The basis of preparation of the financial statements
The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
The financial statements have been prepared in accordance with:
a) Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
b) Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars.
New Australian accounting standards
No accounting standard has been adopted earlier than the application date as stated in the standard.
Australian Accounting Standard AASB 1059 Service Concession Arrangements: Grantors became effective from 1 July 2020. The new standard addresses accounting for a service concession arrangement by a grantor that is a public sector entity by prescribing the accounting arrangement from a grantor’s perspective.
Adoption of this standard is not applicable to the transactions and balances recognised in the financial statements.
AIATSIS is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).
Events after the reporting period
There are no known events that occurred after 30 June 2021 that have a material impact on the 2020-21 financial statements.
Contingent assets or liabilities
There are no known contingent assets or liabilities.