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Administered schedule of assets and liabilities

as at 30 June 2020

Administered schedule of assets and liabilities

2020

2019

Original budget

Notes

$’000

$’000

$’000

ASSETS

Financial assets

Cash and cash equivalents

4.1A

7,519

8,861

7,210

Taxation receivables

4.1B

499

825

2,115

Trade and other receivables

4.1C

10

1,626

-

Total financial assets

8,028

11,312

9,325

Non-financial assets

Other non-financial assets

4.2

26

54

34

Total non-financial assets

26

54

34

Total assets administered on behalf of Government

8,054

11,366

9,359

LIABILITIES

Payables

Suppliers

4.3A

1,830

2,645

2,396

Other payables

4.3B

7,914

900

1,403

Total payables

9,744

3,545

3,799

Provisions

Employee provisions

6.1B

345

153

209

Total provisions

345

153

209

Total liabilities administered on behalf of Government

10,089

3,698

4,008

Net assets/(liabilities)

(2,035)

7,668

5,351

The above schedule should be read in conjunction with the accompanying notes.

Budget variances commentary

All variances above 10% of the relevant category are considered significant and explained below.

Taxation receivables

This reflects GST receivable from the Australian Taxation Office based on estimates of expenditure made during budget development. It is not unusual for this amount to change from time to time in the normal course of business.

Trade and other receivables

The budget assumes that revenues will be received before year end. In this instance the closing balance reflects minor receivables outstanding at year end.

Other non-financial assets

ACIAR recognises prepayments at the end of the year for goods and services paid for but not yet consumed, this amount changes from time to time in the normal course of business.

Payables - suppliers

ACIAR recognises payables and accrued expenditure at the end of the year for work performed but not yet paid (including salaries), this amount changes from time to time in the normal course of business.

Payables - other payables

ACIAR recognised a 'performance obligation' liability following the application of AASB 15 on contracts between ACIAR and external parties for the provision of research programs for the first time in 2019–20. Refer to the Overview section for accounting policy on AASB 15.

Employee provisions

The increase in employee provisions reflects changes in the long-term bond rate, changes in exchange rates, and the impact of COVID-19 with employees taking less leave than budgeted.