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Financial Performance

Expenses

Financial Performance table showing expenses and suppliers
Accounting Policy

Short-term leases and leases of low-value assets

The NFSA has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have a lease term of 12 months or less and leases of low-value asses (less than $10,000). The NFSA recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Own-Source Revenue and Gains

Table showing Own-Source Revenue and Gains
Accounting Policy

Revenue from sale of goods

Revenue from the sale of goods is recognised when:
a) the risks and rewards of ownership have been transferred to the buyer
b) the NFSA retains no managerial involvement or effective control over the goods.

Revenue from rendering of services

Revenue from rendering of services is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when:
a) the amount of revenue, stage of completion and transaction costs incurred can be reliably measured
b) the probable economic benefits associated with the transaction will flow to the NFSA.

Interest revenue

Interest revenue is recognised using the effective interest method.

Revenue from Government

Funding received or receivable from non-corporate Commonwealth entities (appropriated to the non-corporate Commonwealth entitiy as a non-corporate Commonwealth entity payment item for payment to the NFSA) is recognised as Revenue from Government by the NFSA unless the funding is in the nature of an equity injection or a loan.