Notes to and Forming Part of the Financial Statements - Contingent Items
14. Contingent Assets and Liabilities
14A Contingent liabilities - guarantees
Balance at beginning of year
Net change during the year
Total contingent liabilities - guarantees
The Corporation has provided guarantees and an indemnity to the Reserve Bank of Australia in support of bank guarantees required in the day to day operations of the Corporation.
Recognition and measurement
Contingent assets and liabilities
Contingent assets and contingent liabilities are not recognised in the Statement of Financial Position. They may arise from uncertainty as to the existence of an asset or liability or represent an asset or liability in respect of which the amount cannot be reliably measured.
Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote. Contingencies are disclosed on a net basis.
Quantifiable and significant remote contingencies
The Corporation has neither material contingent assets nor remote contingent liabilities at 30 June 2020 (2019 nil).
Unquantifiable contingencies In the normal course of activities, claims for damages and other recoveries have been lodged at the date of this report against the Corporation and its staff. The
Corporation has disclaimed liability and is actively defending these actions. It is not possible to estimate the amounts of any eventual payments which may be required or amounts that may be received in relation to any of these claims.
Lease revenue and capital purchases commitments are disclosed in Note 4 and Note 6 respectively.