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  1. About the report
  2. About AMSA
  3. Plan on a Page
  4. Transmittal letter
  5. Reporting requirements and responsible minister
  6. Annual performance statements
  7. Chairman's review
  8. Organisational profile
  9. Financial summary
  10. Our governance
    1. Planning
    2. Risk management
    3. Performance reporting
    4. Related entity transactions
    5. Public interest disclosure
    6. Disability report
    7. Statement of significant non-compliance issues
    8. Advertising and market research
    9. Judicial decisions and reviews by outside bodies
    10. Workers' compensation premium
  11. Vessel and seafarer safety
    1. Seafarer certification
    2. Compliance and enforcement
    3. International shipping
    4. Domestic commercial vessels
  12. Search and rescue
    1. Search and rescue aircraft replacement
    2. National Search and Rescue Council
    3. Medium-altitude Earth Orbit Search and Rescue system
    4. Beacon registration system upgrade
    5. Torres Strait Marine Safety Program
  13. Marine environment
    1. The National Plan for Maritime Environmental Emergencies
    2. Cape Upstart marine pollution incident
    3. Working with other regulators
  14. Navigation safety
    1. Shipping management
    2. Aids to navigation management
  15. Working with our community
    1. Domestic engagement
    2. International engagement
    3. Regional engagement
  16. Appendix 1: Financial statements
    1. Statement of comprehensive income
    2. Statement of financial position
    3. Statement of changes in equity
    4. Cash flow statement
    5. Overview
    6. Note 1: Expenses
    7. Note 2: Own-source income
    8. Note 3: Fair value measurement
    9. Note 4: Financial assets
    10. Note 5: Non-financial assets
    11. Note 6: Payables
    12. Note 7: Interest bearing liabilities
    13. Note 8: Provisions
    14. Note 9: Cash flow reconciliation
    15. Note 10: Contingent liabilities and assets
    16. Note 11: Senior management personnel remuneration
    17. Note 12: Related party disclosures
    18. Note 13: Remuneration of auditors
    19. Note 14: Financial instruments
    20. Note 15: Financial assets reconciliation
    21. Note 16: Reporting of outcomes
    22. Note 17: Regulatory charging summary
    23. Note 18: Budgetary reports and explanations of major variances
  17. Appendix 2: Non-financial performance
    1. SC1: Ship and vessel safety
    2. SC1: Environment protection
    3. SC1: Regulatory
    4. SC1: Search and rescue
    5. SC1: Projects
    6. SC2: Preparing for the future
    7. SC3: Ensuring a competent and fairly treated maritime workforce
    8. SC4: Influencing international arrangements
    9. SC5: Engaging with the community
    10. SC6: Ensuring a progressive and vibrant organisation
  18. Appendix 3: AMSA Board members
  19. References
  20. Compliance Index
  1. About the report
  2. About AMSA
  3. Plan on a Page
  4. Transmittal letter
  5. Reporting requirements and responsible minister
  6. Annual performance statements
  7. Chairman's review
  8. Organisational profile
  9. Financial summary
  10. Our governance
    1. Planning
    2. Risk management
    3. Performance reporting
    4. Related entity transactions
    5. Public interest disclosure
    6. Disability report
    7. Statement of significant non-compliance issues
    8. Advertising and market research
    9. Judicial decisions and reviews by outside bodies
    10. Workers' compensation premium
  11. Vessel and seafarer safety
    1. Seafarer certification
    2. Compliance and enforcement
    3. International shipping
    4. Domestic commercial vessels
  12. Search and rescue
    1. Search and rescue aircraft replacement
    2. National Search and Rescue Council
    3. Medium-altitude Earth Orbit Search and Rescue system
    4. Beacon registration system upgrade
    5. Torres Strait Marine Safety Program
  13. Marine environment
    1. The National Plan for Maritime Environmental Emergencies
    2. Cape Upstart marine pollution incident
    3. Working with other regulators
  14. Navigation safety
    1. Shipping management
    2. Aids to navigation management
  15. Working with our community
    1. Domestic engagement
    2. International engagement
    3. Regional engagement
  16. Appendix 1: Financial statements
    1. Statement of comprehensive income
    2. Statement of financial position
    3. Statement of changes in equity
    4. Cash flow statement
    5. Overview
    6. Note 1: Expenses
    7. Note 2: Own-source income
    8. Note 3: Fair value measurement
    9. Note 4: Financial assets
    10. Note 5: Non-financial assets
    11. Note 6: Payables
    12. Note 7: Interest bearing liabilities
    13. Note 8: Provisions
    14. Note 9: Cash flow reconciliation
    15. Note 10: Contingent liabilities and assets
    16. Note 11: Senior management personnel remuneration
    17. Note 12: Related party disclosures
    18. Note 13: Remuneration of auditors
    19. Note 14: Financial instruments
    20. Note 15: Financial assets reconciliation
    21. Note 16: Reporting of outcomes
    22. Note 17: Regulatory charging summary
    23. Note 18: Budgetary reports and explanations of major variances
  17. Appendix 2: Non-financial performance
    1. SC1: Ship and vessel safety
    2. SC1: Environment protection
    3. SC1: Regulatory
    4. SC1: Search and rescue
    5. SC1: Projects
    6. SC2: Preparing for the future
    7. SC3: Ensuring a competent and fairly treated maritime workforce
    8. SC4: Influencing international arrangements
    9. SC5: Engaging with the community
    10. SC6: Ensuring a progressive and vibrant organisation
  18. Appendix 3: AMSA Board members
  19. References
  20. Compliance Index

Overview

- AMSA 2015-16 Annual Report

Objective of the Australian Maritime Safety Authority

The Australian Maritime Safety Authority (AMSA) is an Australian Government controlled, not for profit, entity. The objective of AMSA is to:

  • promote maritime safety and protection of the marine environment
  • prevent and combat ship-sourced pollution in the marine environment
  • provide infrastructure to support safety of navigation in Australian waters
  • provide a national search and rescue service to the maritime and aviation sectors
  • provide, on request, services to the maritime industry on a commercial basis
  • provide, on request, services of a maritime nature on a commercial basis to the Commonwealth and/or states and territories.

AMSA's vision is safe and clean seas, saving lives.

AMSA's Outcome Statement is to minimise the risk of shipping incidents and pollution in Australian waters through ship safety and environment protection regulation and services and maximise people saved from maritime and aviation incidents through search and rescue coordination.

The continued existence of AMSA in its present form and with its present programs is dependent on Government policy and on continuing funding by Parliament for AMSA's administration and programs.

The Basis of Preparation

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:

  • Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) for reporting periods ending on or after 1 July 2015; and
  • Australian Accounting Standards and Interpretations 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 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 and values are rounded to the nearest thousand dollars unless otherwise specified.

The accounting policies are consistent with the previous year except where otherwise disclosed.

New Australian Accounting Standards

Adoption of New Australian Accounting Standard Requirements

No new standards, revised standards, interpretations or amending standards that were issued by the Australian Accounting Standards Board prior to the signing of the statement by the Chairman, Chief Executive Officer and Chief Financial Officer are applicable to the current reporting period.

No accounting standard has been adopted earlier than the application date as stated in the standard.

Future Australian Accounting Standard Requirements

AASB 2015-6 Amendments to Australian Accounting Standards - Extending Related Party Disclosures to Not-for-Profit Public Sector Entities (effective 1 July 2016)

The amendment extends the scope of AASB 124 Related Party Disclosures to not-for-profit sector entities, but provides relief for transactions between related entities controlled by the same government. The amendment will require disclosure of significant transactions with other Australian Government entities, the extent of collectively significant transactions with other Australian Government entities and any transactions with key management personnel.

AASB 9 Financial Instruments (effective 1 January 2018)

The new standard includes changes to the measurement, recognition and classification of financial instruments and new requirements for the impairment of financial assets. The new standard may impact on the measurement, classification and impairment of loans and receivables reported by the AMSA.

AASB 15 Revenue from Contracts with Customers (effective 1 January 2018)

The new standard will replace AASB 118 Revenue and AASB 111 Construction Contracts along with existing revenue recognition Interpretations. The new standard requires revenue to be recognised as performance obligations are satisfied and will also apply to contracts of not-for-profit entities that are exchange transactions.

AASB 16 Leases (effective 1 January 2019)

The new standard requires that most leases be recognised as lease liabilities and right-of-use assets on the Statement of Financial Position. The new standard will have a material impact on the recognition of the AMSA's operating leases for properties and motor vehicles.

Significant Accounting Judgements and Estimates

In the process of applying the accounting policies listed in this note, AMSA has made the following judgements that have the most significant impact on the amounts recorded in the financial statements:

  • estimates relating to "certain on cost factors" applied in calculating long service leave entitlements, Note 8A: Employee Provisions
  • estimates relating to asbestos and lead paint removal, Note 8B: Other Provisions
  • any liabilities in relation to pollution incident costs, see below

No accounting assumptions or estimates have been identified that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next accounting period unless noted.

Transactions with the Government as Owner

in 2015-16, AMSA had no transactions with the Government as owner (2014-15: nil).

Pollution incident costs

Under Australia's National Plan for Maritime Environmental Emergencies, AMSA is responsible for reimbursing the direct clean up costs arising from an oil pollution incident that cannot be recovered from the polluter. AMSA makes these reimbursements on the basis of polluter (or potential polluter) pays, either from the Pollution Reserve or by adjusting the Protection of the Sea Levy accordingly to recover any reimbursements made or due to be made.

Where AMSA has such a reimbursement obligation, AMSA determines an estimate of that obligation in accordance with Australian Accounting Standard AASB 137 Provisions, Contingent Liabilities and Contingent Assets by determining a range of possible outcomes from which a sufficiently reliable estimate of the obligation can be made.

In determining an estimate of the obligation AMSA considers reliable available information, advice from independent experts, experience with similar incidents and AMSA's reasonable expectation of the probability of occurence.

Pollution reserve

AMSA has established a Pollution Reserve to enable it to fund responses to pollution incidents while claims are being settled and as a contingency in the event that future pollution claims exceed the limited liability of any ship owner.

AMSA has also established an unsecured commercial line of credit of $40 million, bringing AMSA's total pollution response financial capability to $50 million.

Insurance

AMSA has insured for risks through the Government insurable risk fund, Comcover. Workers compensation is insured through Comcare.

AMSA Levy Collection

The Marine Nagivation Levy, the Marine Navigation (Regulatory Functions) Levy and the Protection of the Sea Levy are collected on behalf of the Government by the Department of Immigration and Border Protection and designated AMSA staff. Collected levies are transferred to the Department of Infrastructure and Regional Development for deposit to the Official Public Account.

AMSA collected $115,470,809 of levies (gross collection) on behalf of the government during 2015-16 (2014-15: $113,078,014).

Taxation / Competitive Neutrality

AMSA is exempt from all forms of taxation except Fringe Benefits Tax (FBT), Goods and Services Tax (GST) and Customs Duties. Revenues, expenses and assets are recognised net of GST except where the amount of GST incurred is not recoverable from the Australian Taxation Office, and for receivables and payables.

AMSA applies competitive neutrality principles when determining cost recovery charges.

Events After the Reporting Period

On the 19th September 2016, AMSA reached a settlement agreement with the owners of the Shen Neng 1 for $4.300 million for full and final settlement of AMSA's claim for pollution clean-up costs associated with the grounding of Shen Neng 1 on Douglas Shoal, in the Great Barrier Reef Marine Park. This is reflected in the financial statements.