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Reg No. 8 of 1989
Other document - Other as made
This is a regulation of the previous Norfolk Island Legislative Assembly that was continued in force under s16 and 16A of the Norfolk Island Act 1979.
Administered by: Infrastructure and Regional Development
Registered 21 Dec 2015
Date of repeal 01 Jul 2016
Repealed by Norfolk Island Continued Laws Amendment Ordinance 2015

 

NORFOLK                            ISLAND

 

NORFOLK ISLAND HOSPITAL FINANCE REGULATIONS 1989

Regulations No. 8 of 1989

________

 

I,  Herbert Bruce Mac Donald,  Administrator of Norfolk Island, acting in accordance with the advice of the Executive Council of Norfolk Island, make the following Regulations under the Norfolk Island Hospital Act 1985.

Dated this third day of November 1989

                                                                                          H.B. Mac Donald

                                                                                          Administrator

By His Honour’s Command

N.C. Christian

Minister for Finance

________

 

Short title

      1.         These Regulations may be cited as the Norfolk Island Hospital Finance Regulations 1989.

Interpretation

      2.         In these Regulations, unless the contrary intention appears, “Act” means the Norfolk Island Hospital Act 1985.

Board to keep accounts and furnish reports

      3.         For the purposes of paragraph 24(2)(a) of the Act, the following particulars are prescribed —

(a)        the names of the Board members and Medical Superintendent holding office during the financial year;

(b)        a general review of the operations of the Board during the financial year;

(c)        comments on any circumstances that have arisen since the end of the financial year that have had a significant effect on the position disclosed in the financial statements prepared under these Regulations in respect of that financial year; and

(d)       financial statements prepared in accordance with these Regulations in respect of the financial year.

Financial statements

      4.         The financial statements are to include —

(a)        a profit and loss account; and

(b)        a balance sheet,

prepared in accordance with Regulations 5, 6 and 7.

Profit and loss account

      5.         In addition to any other matters required in order to present a true and fair view of the profit or loss of the Hospital, the profit and loss account must include separate entries (whether by note or otherwise) for —

(a)        particulars of income received, or due and receivable, in respect of —

(i)         inpatients’ charges;

(ii)        outpatients’ charges;

(iii)       dispensary charges;

(iv)       radiology charges;

(v)        laboratory charges;

(vi)       commissions;

(vii)      rentals of equipment;

(viii)     interest on moneys invested; and

(ix)       any other income;

(b)        particulars of profits or losses arising from the sale of assets;

(c)        particulars of profits or losses arising from the revaluation of assets;

(d)       particulars of profits or losses arising otherwise than in the ordinary course of business;

(e)        the amount of interest paid, or due and payable, on borrowings;

(f)        the amount of subsidy received from the Administration;

(g)        the amount charged for, or set aside as provision for, depreciation, diminution in value or amortisation of —

(i)         fixed assets;

(ii)        investments; and

(iii)       intangible assets;

(h)        the amount charged for, or set aside as provision for, the replacement of fixed assets;

(i)         the amount of bad debts written off in the profit and loss account;

(j)         the amount of bad debts written off against the provision for bad debts;

(k)        the amount set aside as provision for doubtful debts;

(l)         the amount paid, or due and payable, to the auditor appointed under section 25 of the Act for —

(i)         auditing the financial statements; and

(ii)        other services;

(m)       the amount of the accumulated fund at the beginning of the financial year;

(n)        amounts set aside or withdrawn from reserves; and

(o)        amounts set aside or withdrawn from a provision other than a provision expressly referred to in this Regulation.


 

Balance sheet

      6.         The balance sheet must include separate entries (whether by note or otherwise) for —

(a)        the amount of each reserve of any description;

(b)        the balance of the accumulation account;

(c)        the amount of each provision for depreciation, diminution in value or amortisation of assets, shown as a deduction from the amount of the relevant asset;

(d)       the amount of each provision for doubtful debts, shown as a deduction from the amount of the debts to which the provision relates;

(e)        the amount and purpose of any other provision, shown, if appropriate, as a deduction from the amount of the asset to which the provision relates;

(f)        the amounts and descriptions of all current liabilities and non-current liabilities, including separate amounts for each —

(i)         bank loan; and

(ii)        overdraft;

(g)        the amounts due to trade creditors and in respect of bills payable;

(h)        the aggregate amount, or estimated aggregate amount, and particulars of, capital expenditure contracted for, so far as such an amount has not been otherwise provided for;

(i)         the aggregate amount, or estimated aggregate amount, and particulars of, lease or hire expenditure contracted for, so far as such an amount has not been otherwise provided for, and the amount of that expenditure which is likely to become payable within 12 months after the end of the financial year;

(j)         the amounts and descriptions of other liabilities, and particulars of their nature;

(k)        the amount of contingent liabilities, so far as such an amount has not been otherwise provided for, and particulars of —

(i)         the general nature of those liabilities; and

(ii)        so far as is practicable, the maximum amount, or an estimate of the maximum amount, for which the Board could become liable in respect of those liabilities;

(l)         the amounts and descriptions of fixed assets, intangible assets, current assets, investments and any other kinds of assets, under headings appropriate to the operations of the Board and arranged in classes under those headings according to their nature or function, the following being shown separately —

(i)         cash at bank and in hand;

(ii)        stock on hand, divided, as appropriate, into raw materials, finished goods, work in progress and other stock;


 

(iii)       government, municipal and other public debentures, stocks or bonds; and

(iv)       the amount due from debtors and on bills receivable;

(m)       in respect of each liability or contingent liability shown in the financial statements, being a liability or contingent liability the payment of which is secured by a charge (whether registered or unregistered) on the assets of the Board - a statement that the liability or contingent liability is so secured, in such a way as to distinguish between secured and unsecured liabilities or contingent liabilities;

(n)        the amount of current liabilities and current assets, stated in such a way as to distinguish them from other liabilities and assets;

(o)        in respect of all fixed assets, investments and stock on hand shown in the balance sheet - a statement of the method of arriving at the respective amounts of the assets, investments and stock, and, if more than one method is used, a separate total in respect of each of the methods used;

(p)        in respect of each class of fixed assets or investments referred to in the financial statements —

(i)         the cost of the assets or investments of the class, or, where they have been valued, the amount of the assets or investments of that class as so valued, and, where the valuation applies only to part of such a class, separate totals for such of the assets as have been valued and for the rest of the assets of that class;

(ii)        the aggregate amount written off in respect of each such class or part of a class since the date of acquisition or valuation, as the case may be; and

(iii)       the difference between the amounts shown in accordance with subparagraph (i) and (ii);

(q)        in respect of each amount stated in the balance sheet (including any notes to the balance sheet) - the corresponding amount as at the end of the preceding financial year;

(r)        in respect of each amount stated in the profit and loss account (including any notes to the profit and loss account) - the corresponding amount in respect of the corresponding period of the preceding financial year;

(s)        in respect of each item stated in the balance sheet (including any notes to the balance sheet) for the preceding financial year, and as to which there is no corresponding item for the current financial year - the nature and amount of the item; and

(t)        in respect of each item stated in the profit and loss account (including any notes to the profit and loss account) for the preceding financial year, and as to which there is no corresponding item for the current financial year - the nature and amount of the item.


 

Accounting standards, etc

      7.         Without limiting Regulations 5 and 6, the financial statements — 

(a)        must comply with accounting standards issued by the Institute of Chartered Accountants in Australia and the Australian Society of Accountants; and

(b)        must specify —

(i)         the person who was responsible for the preparation of the statements; and

(ii)        the opinion of that person as to the truth and fairness of the statements.

_______________________________________________________________________

Notified Gazette No. 48, 9 November 1989.

Commenced on notification (9 November 1989).

Printed on the authority of the Administrator.

© Norfolk Island Government 2006

The Copyright Act 1968 of the Commonwealth of Australia permits certain reproduction and publication of this legislation. For reproduction or publication beyond that permitted by the Act, written permission must be sought from the Legislative Counsel, Administration of Norfolk Island, Norfolk Island, South Pacific 2899.