Financial Assets

Cash and cash equivalents

Loans and receivables

Total financial assets

Financial Liabilities

Trade creditors and accruals

Total financial liabilities

AASB 139 classification

AASB 9 new classification

AASB 139 carrying amount at 1 July 2018

There were no changes to the carrying amounts of financial assets on the initial application of AASB 9.

Financial Assets

With the implementation of AASB 9 Financial Instruments for the first time in 2019, the AMFRTF classifies its financial assets in the following categories:
a) financial assets at fair value through profit or loss;
b) financial assets at fair value through other comprehensive income; and
c) financial assets measured at amortised cost.
The classification depends on both the entity's business model for managing the financial assets and contractual cash flow characteristics at the time of initial recognition. Financial assets are recognised when the entity becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash and derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred upon trade date.
Comparatives have not been restated on initial application.

Financial Assets at Amortised Cost
Financial assets are measured at amortised cost when the financial asset is held in order to collect the contractual cash flows and the cash flows are solely payments of principal and interest (SPPI) on the principal outstanding amount.

Effective Interest Method

Financial assets are assessed for impairment at the end of each reporting period. Financial assets are assessed for impairment at the end of each reporting period based on Expected Credit Losses, using the general approach which measures the loss allowance based on an amount equal to lifetime expected credit losses where risk has significantly increased, or an amount equal to 12‐month expected credit losses if risk has not increased.

Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities. Financial liabilities are recognised and derecognised upon ‘trade date’.

Financial Liabilities at Fair Value Through Profit or Loss

Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability.

Financial Liabilities at Amortised Cost

4.1B: Net Gains and Losses from Financial Assets

Loans and receivables

Bank interest revenue

Members contributions on loans

Loan interest revenue

Loss on initial recognition of loans on receivables

at fair value

Net gain on financial assets

The AMFRTF has no contingencies in either the current or the immediately preceding reporting periods therefore a Schedule for such items has not been included in the financial statements.