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Note 1.2 Revenue and Gains

2020

2019

$

$

1.2A: Revenue from contracts with customers

Rendering of services

1,284,218

1,351,349

Total revenue from contracts with customers

1,284,218

1,351,349

Disaggregation of revenue from contracts with customers

Type of customer:

Australian Government entities (related parties)

1,164,218

1,321,349

State and Territory Governments

120,000

30,000

1,284,218

1,351,349

Timing of transfer of goods and services:

Over time

1,284,218

1,351,349

1,284,218

1,351,349

Accounting Policy

Revenue from the rendering of services is recognised when control has been transferred to the buyer. The Commission has determined that enforceable contracts exist and has recognised revenue progressively over the period of the schedule due to the specific activities required, milestone, budget management and reciprocal benefit to the customer. As the performance obligations are satisfied over time, revenue is recognised on a straight-line basis in the reporting period in which the services are rendered.

The transaction price is the total amount of consideration to which the Commission expects to be entitled in exchange for transferring promised goods or services to the customer. The consideration promised in a contract with a customer includes only fixed amounts.

1.2B: Other Revenue

Interest income

-

13

Resources received free of charge:

Remuneration of external auditors

33,000

33,000

Total other revenue

33,000

33,013

Accounting Policy

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. Resources received free of charge are recorded as either revenue or gains depending on their nature.

1.2C: Revenue from Government

Appropriations

Departmental appropriations

8,176,000

5,693,000

Total Revenue from Government

8,176,000

5,693,000

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 entity 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.