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Notes to the financial statements - 1.2 Own-Source Revenue and Gains

2019

2018

$'000

$'000

Own-Source Revenue

1.2A: Sale of goods and rendering of services

Sale of goods

563

468

Rendering of services

27,595

40,680

Total sale of goods and rendering of services

28,158

41,148

Accounting Policy

Revenue from the sale of goods is recognised when:

a) the risks and rewards of ownership have been transferred to the buyer;

b) GA retains no managerial involvement or effective control over the goods;

c) the revenue and transactional costs incurred can be reliably measured; and

d) it is probable that the economic benefits associated with the transaction flow to GA.

Revenue from rendering of services 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 benefit associated with the transaction will flow to GA.

The stage of completion of contracts at the reporting date is determined by reference to:

a) surveys of work performed;

b) services performed to date as a percentage of total services to be performed; or

c) the proportion of costs incurred to date 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 allowance for impairment. Collectability of debts is reviewed at end of the reporting period. Loss allowance is an amount equal to lifetime expected credit losses (refer to Note 6.2).

1.2B: Rental income

Operating lease

Other

205

205

Total rental income

205

205

Subleasing rental income commitments

GA has subleased the childcare centre area at GA's Symonston office in Canberra. The underlease has a 10 year initial term expiring on 30 April 2027, with the option to extend for a further 5 years.

Commitments for sublease rental income receivables are as follows:

Within 1 year

214

237

Between 1 to 5 years

463

707

Total sublease rental income commitments

677

944

1.2C: Other revenue

Audit fees

94

90

Employee contributions (salary sacrifice arrangements)

526

493

Other

563

547

Total other revenue

1,183

1,130

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.

2019

2018

$'000

$'000

Gains

1.2D: Other gains

Resources received free of charge

Heritage and cultural

75

0

Total other gains

75

0

Accounting Policy

Resources Received Free of Charge

Contributions of assets at no cost of acquisition or for nominal consideration are recognised as gains at their fair value when the asset qualifies for recognition, unless received from another Government entity as a consequence of a restructuring of administrative arrangements.

Sale of Assets

Gains from disposal of assets are recognised when control of the asset has passed to the buyer.

1.2E: Revenue from Government

Appropriations

Departmental appropriations

184,381

151,108

Total revenue from Government

184.381

151,108

Accounting Policy

Revenue from Government

Amounts appropriated for departmental expenses for the year (adjusted for any formal additions and reductios) are recognised as Rvenue from Government when GA gains control of the appropriations, except for certain amounts that relate 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.