This section analyses the financial performance of the Food Standards Australia New Zealand for the period ended 30 June 2020.
Note 1.1A: Employee Benefits
Wages and salaries
Defined contribution plans
Defined benefit plans
Leave and other entitlements
Separation and redundancies
Other employee expenses
Total employee benefits
Accounting policies for employee related expenses is contained in Note 3: People and relationships.
Note 1.1B: Suppliers
Goods and services supplied or rendered
Consultants and contractors
Technical food analysis
Building running costs
Office running costs
ISFR Project Officer
External and internal audit fees
Other operating costs
Total goods and services supplied or rendered
Operating lease rentals1
Workers compensation expenses
Total other suppliers
FSANZ 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).
Note 1.1C: Finance Costs
Interest on lease liabilities
Unwinding of discount
Total finance costs
Note 1.1D: Foreign Exchange Losses
Total foreign exchange losses
Note 1.2A: Revenue From Contracts with Customers
New Zealand Government funding
Fee for service
Project Revenue from Government
Total revenue from contracts with customers
Disaggregation of revenue from contracts with customers
Major product / service line:
Type of customer:
Australian Government entities (related parties)
Timing of transfer of goods and services:
The prior year Project Revenue from Government was reduced by an adjustment relating to an application of AASB 15 accounting standard that affected the 2018-19 opening balance of Retained earnings.
Revenue from the sale of goods and rendering of services is recognised when control has been transferred to the buyer.
Revenues from projects undertaken on behalf of other Commonwealth agencies is recognised progressively during the term of the project when performance obligations are satisfied and can be measured. The measurement of performance obligations at a point in time is made by judgements made by Project Managers by reference to the percentage of work completed at reporting date.
Revenues from projects undertaken on behalf of other Commonwealth agencies that do not have performance obligations are recognised in the year that the revenues are received.
Revenue from fee for service is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when:
a) the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and
b) the probable economic benefits associated with the transaction will flow to FSANZ.
The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction.
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.
Note 1.2B: Interest
Interest revenue is recognised using the effective interest method. FSANZ only invests in term deposits or bank accounts with Authorised Deposit-taking Institutions (ADIs).
Note 1.2C: Revenue from Government
Department of Health
Total revenue from Government
Funding received from non-corporate Commonwealth entities (appropriate to the non-corporate Commonwealth entity as a corporate Commonwealth entity payment item for payment to FSANZ) is recognised as Revenue from Government by the corporate Commonwealth entity.