Note 3 Assets and liabilities administered on behalf of the Government
This section analyses assets used to conduct operations and the operating liabilities incurred as a result AFMA does not control but administers on behalf of the Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.
Note 3.1 Financial Assets | ||
2020 | 2019 | |
$'000 | $'000 | |
Note 3.1A: Cash and Cash Equivalents | ||
Cash on hand or on deposit | 0 | 0 |
Total cash and cash equivalents | 0 | 0 |
Note 3.1B: Trade and Other Receivables | ||
Fees and charges | ||
Fees and charges receivable - external parties | 282 | 314 |
Total fees and charges receivable | 282 | 314 |
Other receivables | ||
Accrued Revenue | 2 | 371 |
GST receivable from Australian Taxation Office | 1 | 38 |
Total other receivables | 3 | 409 |
Total trade and other receivables (gross) | 285 | 723 |
Less impairment allowance | ||
Fees and charges | (251) | (290) |
Total impairment allowance account | (251) | (290) |
Total trade and other receivables (net) | 34 | 433 |
Receivables are expected to be recovered within 12 months. | ||
Receivables were aged as follows | ||
Not overdue | 3 | 400 |
Overdue by: | ||
61 to 90 days | 0 | 2 |
More than 90 days | 282 | 321 |
Total receivables (gross) | 285 | 723 |
Impairment allowance aged as follows | ||
Overdue by: | ||
More than 90 days | -251 | -290 |
Total impairment allowance | -251 | -290 |
Credit terms for goods and services were within 30 days (2019: 30 days). | ||
Reconciliation of the Impairment Allowance | 2020 | 2019 |
Fees and charges | Fees and charges | |
$'000 | $'000 | |
Opening balance | -290 | -275 |
Amounts written off | 44 | 209 |
Movement recognised in net surplus | -5 | -224 |
Closing balance | -251 | -290 |
Note 3.2A: Suppliers | ||
Trade creditors and accruals | 2 | 410 |
GST payable | 1 | 1 |
Total suppliers | 3 | 411 |
Suppliers expected to be settled | ||
No more than 12 months | 3 | 411 |
Total suppliers | 3 | 411 |
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https://www.transparency.gov.au/annual-reports/australian-fisheries-management-authority/reporting-year/2019-20-42