Accounting Policy

Accounting policies for employee related expenses is contained in the People and Relationships section.

Accounting Policy

Short-term leases and leases of low-value assets

The Memorial has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have a lease term of 12 months or less and leases of low-value assets (less than $10,000). The Memorial recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Accounting Policy

Revenue from the sale of goods is recognised when control has been transferred to the buyer.

The following is a description of principal activities from which the Memorial generates its revenue: appropriation funding through the Department of Veterans’ Affairs; donations of goods/services/assets/funds from external parties or other government entities; sponsorships from external parties in exchange for promotional benefit; sales from a physical and online shop; commission from café sales; and, revenue from functions held on Memorial premises.

Donations and sponsorships while based on contracts do not contain sufficiently specific performance obligations to enable the Memorial to determine when they have been satisfied so are therefore accounted for under AASB 1058. Sales from the physical and online shop represent daily takings that are recognised at the close of business each day so are therefore accounted for under AASB 15.

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.

Accounting Policy

Interest revenue is recognised using the effective interest method.

Accounting Policy

Sponsorship

Sponsorship funding is recorded as revenue when the Memorial obtains control of the contribution or the right to receive the contribution, it is probable that the economic benefits comprising the contribution will flow to the Memorial, and the amount can be measured reliably.

Donated Heritage and Cultural items

Contributions of assets at no cost of acquisition or for nominal consideration are recognised as income at their fair value when the asset qualifies for recognition.

Accounting Policy

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.

Accounting Policy

On the initial recognition of volunteer services as an asset or an expense, the Memorial recognises any related amounts in accordance with the relevant standard. The Memorial recognises the excess of the fair value of the volunteer services over the recognised related amounts as income immediately in the income statement. Refer to ‘Note 1.2E: Other Revenue’ for further detail.

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 Memorial) is recognised as Revenue from Government by the Memorial unless the funding is in the nature of an equity injection or a loan.