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; and
b) the probable economic benefits with the transaction will flow to the Group.
The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction.
Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed as at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Interest revenue is recognised using the effective interest method as set out in AASB 9 Financial Instruments.
Funding received or receivable from Government is recognised as Revenue from Government when the Group gains control of the appropriation, except for certain amounts that are reciprocal in nature, in which case revenue is recognised only when it is earned.
Appropriations receivable are recognised at their nominal amounts.