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Note 2: Own-Source Revenue
Note 2A: Revenue from Contracts with Customers
Rendering of services1
Total revenue from contracts with customers
Disaggregation of revenue from contracts with customers
Type of customer:
Service delivery to Australian Government entities
Sales to non-Government entities
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.
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
Total resources received free of charge
Total other revenue
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.
Note 2C: Other Gains
Proceeds from sale of non-financial assets
Total other gains