Professional Services Review Annual Report 2004–05

• Contents
• Letter of Transmittal
• Director’s report
• 2004–05 Key events at a glance
• 1. Agency overview
• 2. Report on performance
• 3. Management and accountability
• Appendixes
  • Independent Audit Report
  • Statement by the Chief Executive Officer
  • Appendix 1: Financial statements
    • Statement of Financial Performance for the Year Ended 30 June 2005
    • Statement of Financial Position as at 30 June 2005
    • Statement of Cash Flows for the Year Ended 30 June 2005
    • Schedule of Commitments as at 30 June 2005
    • Schedule of Contingencies as at 30 June 2005
    • Notes to and Forming Part of the Financial Statements as at 30 June 2005
    • Note 1–Summary of Significant Accounting Policies
    • Note 2–Adoption of Australian Equivalents to International Financial Reporting Standards from 2005-2006
    • Note 3–Events Occurring after Reporting Date
    • Note 4–Operating Revenues
    • Note 5–Operating Expenses
    • Note 6–Financial Assets
    • Note 7–Non-Financial Assets
    • Note 8–Provisions
    • Note 9–Payables
    • Note 10–Equity
    • Note 11–Cash Flow Reconciliation
    • Note 12–Contingent Liabilities and Assets
    • Note 13–Executive Remuneration
    • Note 14–Remuneration of Auditors
    • Note 15–Average Staffing Levels
    • Note 16–Financial Instruments
    • Note 17–Appropriations
    • Note 18–Specific Payment Disclosures
    • Note 19–Reporting of Outcomes
  • Appendix 2: Freedom of information statement
  • Appendix 3: Legislative overview
• Glossary

Appendixes

Appendix 1: Financial statements

Note 12–Contingent Liabilities and Assets

Quantifiable Contingencies

As at 30 June 2005, Professional Services Review has identified a single contingency in relation to the potential for Professional Services Review to makegood at the end of the lease on the current office premises. Professional Services Review have estimated the cost of restoring the office premises to the original condition as $35,760.

Unquantifiable Contingencies

As at 30 June 2005, Professional Services Review has been awarded costs in a number of legal cases in respect to its successful investigations into inappropriate practice. The amounts owing are yet to be quantified by the Courts.

Remote Contingencies

As at 30 June 2005, Professional Services Review has no remote contingencies.