1.2 Own-Source Revenue and Gains
1.2A: Revenue from contracts with customers
Rendering of services
Total revenue from contracts with customers
Revenue from the sale of goods is recognised when control has been transferred to the buyer.
AASB 15 has been applied to all new and uncompleted contracts from the date of initial application.
The following is a description of principal activities from which the ATSB generates its revenue:
● Government appropriations
● International programmes of work
● Cost recovery rail investigations
The ATSB's revenue in relation to its international programmes and cost recovery activities are agreement based and within scope for AASB 15. There are separate agreements, with separate terms, based on performance over time obligations and point in time obligations.
The transaction price is the total amount of consideration to which the ATSB 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.
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 end of the reporting period. Allowances are made when collectability of the debt is no longer probable.
1.2B: Other revenue
Resources received free of charge
Remuneration of auditors 1
Total other revenue
1 The ANAO does not provide any other services other than an audit of the Financial Statements.
Resources Received Free of Charge
Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature.
1.2 Own-Source Revenue and gains (continued)
1.2C: Other gains
Total other gains
Sale of Assets
Gains from disposal of assets are recognised when control of the asset has passed to the buyer.
1.2D: Revenue from government
Total revenue from Government
Revenue from Government
Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the ATSB gains control of the appropriation, except for certain amounts relating to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts.