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5. Managing Uncertainties
This section describes how AUSTRAC manages financial risks within its operating environment.
5.1 Contingent Assets and Liabilities
There are no departmental or administered quantifiable contingencies as at 30 June 2021 (2020: Nil).
There are no departmental or administered unquantifiable contingencies as at 30 June 2021 (2020: Nil Departmental, 2 Administered).
Contingent liabilities and contingent assets are not recognised in the statement of financial position but are reported in this note. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.
Significant accounting judgements and estimates
No accounting assumptions or estimates relating to contingencies have been identified that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next reporting period.