Annual Report 2016-2017
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- Bu səhifədəki naviqasiya:
- Total interest 13,802
- Note 1.2C: Other revenue
- Total other revenue 1,379
- Total gains 477,495
- Key judgements and estimates
- Note 2.1A: Cash and cash equivalents
- Total cash and cash equivalents 1,328,287
- Note 2.1B: Trade and other receivables
- Total goods and services receivables 198,210
- Total other receivables 7,531
- Less impairment allowance
- Total impairment allowance account 879
- Total trade and other receivables (net) 204,862
- Trade and other receivables expected to be recovered
- Trade and other receivables aged as follows
- Total trade and other receivables (gross) 205,741
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Accounting Policy Rendering of services – contributions from Commonwealth, state and territory governments Revenue from rendering of services is recognised by reference to the stage of completion of contracts at the reporting date and is recognised when: a) the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and b) the probable economic benefits associated with the transaction will flow to the Agency. The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction. Cash contributions to the Agency from state and territory governments are recognised as revenue when they become payable to the Agency under a signed agreement with the Commonwealth. These include cash contributions outlined in the bilateral agreements for the funding of the National Disability Insurance Scheme. Unearned revenue Amounts invoiced in advance are recognised as unearned income in the Statement of Financial Position until the relevant revenue recognition criteria are met.
Accounting Policy Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and Measurement.
1 The Victorian Government contributed a total of $25 million between 2014-15 and 2015-16 for establishment costs of the Agency’s National Office. The funding agreement between Victoria and the Commonwealth ended on 30 June 2016. Compensation The Agency has powers set out in the NDIS Act and the NDIS Compensation Rules to recover amounts of compensation that have been paid to or given up by participants in certain circumstances. The Agency recognises compensation revenue when, and only when both the amount of the compensation can be reliably determined, and the receipt of the compensation is probable.
Accounting Policy In-kind contributions Prior to the commencement of the Scheme, the Commonwealth and each state and territory government had committed to provide (directly or by engaging service providers) items such as disability services, health, family support, education, employment, transport and/or housing to people with a disability. The provision of these services on behalf of the Agency is regarded as an in-kind contribution under Australian Accounting Standards and is accounted for as income from the contribution of services at the date when the services are provided. The fair value of these contributions is the unit cost provided by the jurisdiction which is based on what the jurisdiction has paid under its funding arrangements with the provider. Resources received free of charge (Contributions in-kind from Commonwealth, state and territory governments) Resources received free of charge are recognised as own-source income when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been contributed. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature. Contributions of assets at no cost of acquisition or for nominal consideration are recognised as gains at their fair value when the asset qualifies for recognition, unless received from another Government entity as a consequence of a restructuring of administrative arrangements.
Gains and losses from the disposal of assets are recognised when control of the asset has passed to the buyer. Key judgements and estimates In-kind contributions The Agency records income in relation to non-cash or in-kind contributions from Commonwealth, state and territory governments at the time when the services are provided to participants. In some cases, the Agency may not have been formally notified that the Commonwealth or a state or territory government has provided or funded a contribution to a participant and in this case the Agency makes an estimate of the amount of in-kind contributions provided to participants during the period but not yet notified to the Agency based on available evidence. Accounting Policy Revenue from Government Funding received from the Department of Social Services (received by the Agency as a Corporate Commonwealth entity payment item) is recognised as Revenue from Government unless the funding is in the nature of an equity injection or a loan. Funding received from Government up to 30 June 2017: $1,598.47M (2016: $581.07M)
This section analyses the Agency’s assets used to conduct its operations and the operating liabilities incurred as a result. Employee related information is disclosed in the Governance, Employees and Relationships section.
Accounting Policy Cash is recognised at its nominal amount and recorded in the Statement of Financial Position. Cash and cash equivalents include cash on hand and term deposits in bank accounts with an original maturity of three months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Term deposits with maturity greater than three months are classified as other financial assets. As at reporting date, the agency did not hold any term deposits with a maturity date of greater than three month (refer to note 2.1C).
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