Statement of financial position
as at 30 June 2020 | |||||
2020 | 2019 | Original Budget | |||
Notes | $’000 | $’000 | $’000 | ||
ASSETS | |||||
Financial assets | |||||
Cash and cash equivalents | 50 | 50 | 50 | ||
Appropriation receivable 1 | 5,000 | 4,171 | 4,073 | ||
Trade and other receivables | 193 | 217 | - | ||
Total financial assets | 5,243 | 4,438 | 4,123 | ||
Non-financial assets | |||||
Prepayments | 2 | 8 | 28 | ||
Total non-financial assets | 2 | 8 | 28 | ||
Total assets | 5,245 | 4,446 | 4,151 | ||
LIABILITIES | |||||
Payables | |||||
Trade creditors and accruals | 251 | 215 | 198 | ||
Other payables 2 | 349 | 62 | 60 | ||
Total payables | 600 | 277 | 258 | ||
Provisions | |||||
Employee provisions 3 | 2,214 | 2,252 | 2,009 | ||
Total provisions | 2,214 | 2,252 | 2,009 | ||
Total liabilities | 2,814 | 2,529 | 2,267 | ||
Net assets | 2,431 | 1,917 | 1,884 | ||
EQUITY | |||||
Contributed equity | 557 | 557 | 557 | ||
Retained surplus | 1,874 | 1,360 | 1,327 | ||
Total equity | 2,431 | 1,917 | 1,884 | ||
The above statement should be read in conjunction with the accompanying notes. | |||||
Budget Variances Commentary
The following commentary provides a comparison of the original budget as presented in the 2019-20 Portfolio Budget Statements (PBS) to the 2019-20 actuals.
Statement of Financial Position
1. Appropriation receivables are higher than budget due to lower levels of expenditure in 2019-20 resulting in carryover of unspent appropriation.
2. Other payables are higher than budget due to higher accrued salaries and wages and unearned revenue.
3. Employee provisions are higher than budget due to leave balances being transferred to IPEA on the commencement of staff from other government agencies.
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https://www.transparency.gov.au/annual-reports/independent-parliamentary-expenses-authority/reporting-year/2019-20-16