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Note 2.3: Payables

2020

2019

$’000

$’000

Note 2.3A - Suppliers

Trade creditors and accruals

2,055

1,978

Total suppliers

2,055

1,978

All supplier payables are current and settlement is usually made net 30 days (2019: 30 days).

Note 2.3B - Grants

Private sector - individuals

-

-

Total other financial assets

-

-

All grants payables are current. The grant liability is recognised because grant recipients have met the conditions of the grants, but are yet to be paid.

Note 2.3C - Other payables

Salaries and wages

504

228

Superannuation

89

41

Separations and redundancies

168

76

Prepayments received / unearned income1

1,292

417

Total other payables

2,053

763

1. The NLA has applied AASB 15 / AASB 1058 using the modified retrospective approach and therefore the comparative information has not been restated. Refer to Overview for accounting policy on revenue recognition.

Accounting Policy
Supplier and other payables
Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that goods or services have been received and irrespective of having been invoiced. Supplier and other payables are derecognised on payment.

Unearned revenue
NLA recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the NLA expects to be entitled in exchange for those goods or services. Any other receipts are recognised as unearned revenue.