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Notes to the financial statements - 3.1 Financial Assets

Departmental Financial Position

This section analyses Geoscience Australia's assets used to conduct its operations and the operating liabilities incurred as a result.

Employee related information is disclosed in the People and Relationships section.

3.1 Financial Assets

2019

2018

$’000

$’000

3.1A: Trade and other receivables

Goods and services receivables

Goods and services

3,628

5,074

Total goods and services receivables

3,628

5,074

Appropriations receivable

Appropriation receivable

65,636

50,959

Total appropriations receivable

65,636

50,959

Other receivables

Statutory receivables

2,111

2,023

Other

1,800

513

Total other receivables

3,911

2,536

Total trade and other receivables (gross)

73,175

58,569

Less impairment allowance

0

0

Total trade and other receivables (net)

73,175

58,569

Credit terms for goods and services were within 30 days (2018: 30 days).

Accounting Policy

Financial assets

Trade receivables, loans and other receivables that are held for the purpose of collecting the contractual cash flows where the cash flows are solely payments of principal and interest, that are not provided at below‐market interest rates, are subsequently measured at amortised cost using the effective interest method adjusted for any loss allowance.