Sale of goods

Total sale of goods

Rendering of services

Total rendering of services

Sales were impacted heavily in the last quarter of FY20 due to the COVID-19 pandemic.

Revenues dropped to $2.7M behind budget.

Marketing revenue and commissions

Resources received free of charge - Defence facilities

Sundry income

Accounting Policy

Resources Received Free of Charge

Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined, and the services would have been purchased if they had not been donated. 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.

Revenue from the sale of goods is recognised when:

a) the risk and rewards of ownership have been transferred to the buyer;

b) the entity retains no managerial involvement or effective control over the goods;

c) the revenue and transaction costs incurred can be reliably measured; and

d) it is probable that the economic benefits associated with the transaction will flow to the

Army and Air Force Canteen Service.

Receivables for goods, which have 30-day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at end of the reporting period. Allowances are made when collectability of the debt is no longer probable.

Deposits

Accounting Policy

Interest revenue is recognised using the effective interest method.

Grant Funding

Accounting Policy

Revenue from Government

Revenue from Government is recognised when AAFCANS obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to AAFCANS and the amount of the grant can be reliably measured. If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant will be deferred until those conditions are satisfied.