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Notes - 3. Departmental Financial Position

3. Departmental Financial Position

3.1 Financial Assets

2020

2019

$'000

$'000

Note 3.1A: Cash and Cash Equivalents

Cash on hand or on deposit

191

112

Total cash and cash equivalents

191

112

Accounting Policy

Cash is recognised at its nominal amount. Cash and cash equivalents includes:

a) cash on hand; and

b) demand deposits in bank accounts with an original maturity of 3 months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value.

Note 3.1B: Trade and Other Receivables

Goods and services receivables

Goods and services

61

387

Total goods and services receivables

61

387

Appropriations receivables

Appropriations receivable

6,931

7,521

Total appropriations receivables

6,931

7,521

Other receivables

Statutory receivables - GST

48

147

Other

-

67

Total other receivables

48

214

Total trade and other receivables (gross)

7,040

8,122

Less impairment loss allowance

-

-

Total trade and other receivables (net)

7,040

8,122

Credit terms for goods and services were within 30 days (2019: 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.