Australian Institute of Aboriginal and Torres Strait Islander Studies

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

for the period ended 30 June 2019

_{Accounting Policy}

_{The accounting policy for employee related expenses is contained in the People and Relationships section.}

_{Accounting Policy}

_{The accounting policy for employee related expenses is contained in the People and Relationships section.}

Leasing Commitments

In its capacity as lessee, the Institute holds a lease at 14 Childers Street, Canberra City, which expires on 30 June 2020. The lease does not contain an option for renewal on expiry.

Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:

_{Accounting Policy}

_{Operating lease payments are expensed on a monthly rent charged basis which is representative of the pattern of benefits derived from the leased assets.}

_{Accounting Policy}

_{Revenue from the sale of goods is recognised when:}

_{a) the risks and rewards of ownership have been transferred to the buyer;}

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

_{The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction.}

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

_{Accounting Policy}

_{Grant revenue is recognised on a systematic basis over the period in which the Institute recognises as expense the related costs for which the grants are intended, the revenue is recognised as unearned until this time. The exception to this policy is for grants received for non-reciprocal purposes which are recognised when the Institute gains control over the assets comprising the contributions.}

_{Accounting Policy}

_{Revenue from Government}

_{Funding received or receivable from non-corporate Commonwealth entities (appropriated to the non-corporate Commonwealth entity as a corporate Commonwealth entity payment item for payment to the Institute) is recognised as Revenue from Government unless the funding is in the nature of an equity injection or a loan.}