Note 1.2A: Revenue from contracts with customers1
Sale of publications
Total revenue from contracts with customers
1. AMSA has applied AASB 15 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 118.
Revenue from contracts with customers is recognised when control has been transferred to the buyer.
AMSA identifies that a contract is within the scope of AASB 15 when an enforceable agreement exists, including where enforceable rights and obligations arise through statutory requirements, where the performance obligations are sufficiently specific to enable AMSA to determine when they have been satisfied and where it is probable that AMSA will collect payment in exchange for the goods or services.
Where these criteria are not met and the consideration to acquire the asset is significantly less than fair value principally to enable AMSA to further its objectives it will be within the scope of AASB 1058 and revenue is recognised when AMSA has a right to receive payment.
AMSA principally generates its revenue from contracts with customers through the delivery of regulatory services, where the performance obligations are satisfied at a point in time when the regulatory process is finalised and the outcome is provided to the customer.
The transaction price is the total amount of consideration to which AMSA expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Consideration for regulatory services is primarily received up front and recognised as a contract liability until the performance obligations are satisfied by AMSA.
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.
Note 1.2B: Rental income
Subleasing right-of-use assets
Total rental income
1. AMSA has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117.
AMSA leases its residential properties to employees in remote regions and to external parties when not required by employees. AMSA subleases a small part of its warehouse and office space to its contractors and subleases car parking spaces to employees. AMSA manages the risks associated with any rights it retains in the underlying asset through the use of commercial arrangements to manage the lease and appropriate insurance coverage.
Maturity analysis of operating lease receivables:
Within 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
More than 5 years
Total undiscounted lease payments receivable
Operating lease receivables are GST inclusive where relevant.
The above lease disclosures should be read in conjunction with the accompanying notes 1.1A, 1.1B, 2.2A, 2.4A.
Note 1.2C: Other revenue1
Funding from other Commonwealth entities for the delivery of programs2
Total other revenue
1. AMSA has applied AASB 15 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 118 and AASB 1004.
2. The comparative amount was disclosed under Note 1.2D Revenue from Government in the prior year.
Note 1.2D Revenue from Government
Department of Infrastructure, Transport, Regional Development and Communications
Corporate Commonwealth entity payment item
Levy revenue: Section 48, Australian Maritime Safety Authority Act 1990
Marine Navigation Levy
Marine Navigation (Regulatory Functions) Levy
Protection of the Sea Levy
Services provided on behalf of the Government
Total revenue from Government
1. Funding from other Commonwealth entities for the delivery of programs is disclosed under Note 1.2C Other Revenue this year.
Funding received or receivable from non-corporate Commonwealth entities (appropriated to the Department of Infrastructure, Transport, Regional Development and Communications as a corporate Commonwealth entity payment item for payment to AMSA) is recognised as revenue from government by AMSA unless the funding is in the nature of an equity injection or a loan.