Go to top of page

Note 2: Own-Source Revenue

2020

2019

$

$

Own-Source Revenue

Note 2A: Revenue from Contracts with Customers

Rendering of services1

168,138

351,016

Miscellanous receipts

20,109

33,393

Total revenue from contracts with customers

188,247

384,409

Disaggregation of revenue from contracts with customers

Type of customer:

Service delivery to Australian Government entities

168,138

351,016

Sales to non-Government entities

20,109

33,393

188,247

384,409

1. Rendering of services for the current financial year relates to revenue arising from the MOU with PM&C to maintain the grounds at Kirribilli House.

Accounting Policy

Revenue from the provision of services is recognised when control has been transferred to the buyer. Under the new income recognition model the Office shall first determine whether an enforceable agreement exists and whether the promises to transfer goods or services to the customer are ‘sufficiently specific’. If an enforceable agreement exists and the promises are ‘sufficiently specific’ (to a transaction or part of a transaction), the Office applies the general AASB 15 principles to determine the appropriate revenue recognition. If these criteria are not met, the Office shall consider whether AASB 1058 applies.

In relation to AASB 15, the Office elected to apply the new standard to all new and uncompleted contracts from the date of initial application. The Office is required to aggregate the effect of all of the contract modifications that occur before the date of initial application.

Note 2B: Other Revenue

Resources received free of charge

Audit services1

85,000

75,000

Secondment arrangements2

175,789

-

Other

-

196,000

Total resources received free of charge

260,789

271,000

Total other revenue

260,789

271,000

1. Financial statement audit services were provided free of charge to the Office by the Australian National Audit Office.

2. Secondment arrangement services received free of charge are accounted for as ‘volunteer services’ with the fair value being the quantum that the Office would otherwise have paid for the services if not provided voluntarily. In accordance with the requirements of AASB 1058, the value of these services has been recognised as resources received free of charge for the financial year.

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.

Gains

Note 2C: Other Gains

Proceeds from sale of non-financial assets

14,725

9,376

Total other gains

14,725

9,376