This section analyses the financial performance of Infrastructure and Project Financing Agency for the year ended 30 June 2020.

Note 1.1 Expenses

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

Note 1.2 Own-Source Revenue and Gains

Accounting Policy
Revenue from rendering of services is recognised as the services are performed and invoiced on a periodic basis. 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.

Revenue from Government

Accounting Policy
Revenue from Government
Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the entity gains control of the appropriation, 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. 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 this entity) is recognised as Revenue from Government by the corporate Commonwealth entity unless the funding is in the nature of an equity injection or a loan.