Notes - 4. Assets and Liabilities Administered on Behalf of Government
4. Assets and Liabilities Administered on Behalf of Government
4.1 Administered – Financial Assets
2020 | 2019 | ||
$'000 | $'000 | ||
Note 4.1A: Cash and Cash Equivalents | |||
Cash on hand or on deposit | 75 | 413 | |
Total cash and cash equivalents | 75 | 413 | |
Note 4.1B: Trade and Other Receivables | |||
Goods and services receivable1 | 982 | 1,321 | |
Fees1 | 48 | 119 | |
Fines | 728 | 806 | |
Statutory receivables – GST | 297 | 56 | |
Total trade and other receivables (gross) | 2,055 | 2,302 | |
Less impairment loss allowance | (214) | (91) | |
Total trade and other receivables (net) | 1,841 | 2,211 | |
1. Comparatives for Goods and services receivable and Fees were adjusted to correct the classification of accrued parking services revenue. Goods and services receivable increased by $420,000 and Fees decreased by $420,000, in 2019. | |||
Credit terms for goods and services were within 30 days (2019: 30 days). | |||
Accounting Policy Loans and Receivables Where loans and receivables are not subject to concessional treatment, they are carried at amortised cost using the effective interest method. Gains and losses due to impairment, derecognition and amortisation are recognised in the Administered Schedule of Comprehensive Income. Pay Parking Impairment Allowance Pay parking revenue includes ticketing fees and parking infringements. Infringements become a debt upon issuing the Parking Infringement Notice (PIN) and are accounted for as an administered receivable. The risk of non-payment of infringement debt is provided for by way of an impairment allowance accounted for under AASB 137 Provisions, Contingent Liabilities and Contingent Assets. AASB 137 requires that the amount recognised as a provision is a best estimate of the amount required to settle the obligation at the end of the reporting period. Where the provision being measured involves a large population of items, the obligation is estimated by weighting all possible outcomes by their associated probabilities. The NCA has developed a methodology that considers the amount of debt owing within a number of categories and applies a weighted probability of collection for each category. |
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