Administered reconciliation schedule
2020 | 2019 | |
|---|---|---|
$’000 | $’000 | |
Opening assets less liabilities as at 1 July | 7,668 | 11,322 |
Adjustment on initial application of AASB 15 / AASB 1058 | (10,082) | - |
Adjusted opening assets less liabilities | (2,414) | 11,322 |
Net (cost of)/contribution by services | ||
Income | 12,941 | 11,951 |
Expenses | (104,187) | (113,217) |
Transfers (to)/from the Australian Government | ||
Appropriation transfers from Official Public Account | ||
Annual appropriations | ||
Payments to entities other than corporate Commonwealth entities | 92,596 | 97,946 |
Appropriation transfers to OPA | ||
Transfers to OPA | (971) | (334) |
Closing assets less liabilities as at 30 June | (2,035) | 7,668 |
The above schedule should be read in conjunction with the accompanying notes.
Accounting policy
Administered Cash Transfers to and from the Official Public Account
Revenue collected by ACIAR for use by the Government, rather than ACIAR, is Administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the Administered cash held by the entity on behalf of the Government and reported as such in the Schedule of Administered Cash Flows and in the Administered Reconciliation Schedule.
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