Statement of comprehensive income
for the period ended 30 June 2020
Notes | Actual 2020 $'000 | Actual 2019 $'000 | Original Budget¹ 2020 $'000 | |
---|---|---|---|---|
NET COST OF SERVICES | ||||
Expenses | ||||
Employee Benefits | 1 | 5,945 | 1,569 | 5,308 |
Suppliers Expenses | 2 | 3,507 | 816 | 3,482 |
Finance Costs | 7 | - | - | |
Depreciation and amortisation | 429 | - | 18 | |
Total Expenses | 9,888 | 2,385 | 8,808 | |
Own-Source Income | ||||
Own-Source Revenue | ||||
Other Revenue | 1 | - | - | |
Assets received free of charge | 825 | - | - | |
Services received free of charge | 140 | 2,366 | - | |
Total own-Source Revenue | 966 | 2,366 | - | |
Net cost of services | (8,922) | (19) | (8,808) | |
APPROPRIATION FUNDING | ||||
Revenue from Government | 19,147 | - | 8,790 | |
Total Appropriation Funding | 19,147 | - | 8,790 | |
Surplus (deficit) | 10,225 | (19) | (18) |
1. The Agency’s original Budgeted financial statement that was first presented to Parliament in respect of the reporting period was the 2019-20 Portfolio Budget Statements. The Budgeted financial statements have not been audited. Budgeted figures have been amended between Employee Benefits and Suppliers to align to the classification used for actuals.
The above statement should be read in conjunction with the accompanying notes.
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 Agency 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.
Resources Received Free of Charge
Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense.
Contributions of assets at no cost of acquisition or for nominal consideration are recognised as
income at their fair value when the asset qualifies for recognition, unless received from another
Government entity as a consequence of a restructuring of administrative arrangements.
Contributions of assets are outlined in Note 4 and comprise leasehold improvements ($0.6 million)
and plant and equipment ($0.2 million).
Visit
https://www.transparency.gov.au/annual-reports/national-drought-and-north-queensland-flood-response-and-recovery-agency/reporting-year/2019-20-15