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Statement of Financial Position

Statement of Financial Position

Notes

2020

2019

Original

Budget1

$'000

$'000

$'000

ASSETS

Financial Assets

Cash and Cash Equivalents

3.1A

207

289

160

Trade and Other Receivables

3.1B

8,402

9,913

9,762

Total financial assets

8,609

10,202

9,922

Non-financial assets2

Buildings

3.2A

2,588

618

557

Plant and Equipment

3.2A

303

425

255

Intangibles - Computer Software

3.2A

1,299

998

1,515

Other Non-Financial Assets

3.2B

158

302

174

Total non-financial assets

4,348

2,343

2,501

Total assets

12,957

12,545

12,423

LIABILITIES

Payables

Suppliers

3.3A

622

628

314

Other Payables

3.3B

167

1,164

861

Total payables

789

1,792

1,175

Interest bearing liabilities

Leases

3.3C

2,231

-

-

Total interest bearing liabilities

2,231

-

-

Provisions

Employee Provisions

6.1

2,484

2,060

3,481

Other Provisions

3.4A

538

825

712

Total provisions

3,022

2,885

4,193

Total liabilities

6,042

4,677

5,368

Net assets

6,915

7,868

7,055

EQUITY

Contributed equity

13,287

13,060

13,906

Reserves

16

16

-

Retained surplus/(Accumulated deficit)

(6,388)

(5,208)

(6,851)

Total equity

6,915

7,868

7,055

The above statement should be read in conjunction with the accompanying notes.

1Original Budget reflects the figures in the 2019-20 Portfolio Budget Statements (PBS).

2Right-of-use assets are included in "Buildings" line item.

Budget Variances Commentary - Statement of Financial Position

Affected line items

Explanations of major variances

Trade and Other Receivables

Trade and other receivables is lower than budget due to the decrease in appropriation receivables balance, reflecting a higher than budgeted spending on regulatory activities.

Buildings

Buildings include right-of-use assets which was not captured in the original budget preparation.

Plant and Equipment

The net book value of plant and equipment has exceeded budget due to additional purchase of IT and office equipment.

Intangibles - Computer Software

The net book value of intangible assets is below budget due to the timing and progress of the CRM re-development and ICT cloud infrastructure projects and lower depreciation during the year.

Suppliers

Supplier payables has exceeded budget due to a higher than expected trade creditors and accruals from timing of payments to vendors.

Other Payables

Other payables is below budget due to the adjustment of TEQSA's lease incentive and straightlining balances at transition to AASB 16 Leases. These amounts have been adjusted against retained earnings.

Leases

The lease liability represents the future payments associated with TEQSA's leased right of use assets. This was not captured in the original budget preparation.

Employee Provisions

Employee provisions is below budget due to a revision of the assumptions used in calculating the provision at year-end.

Other Provisions

Other payables is below budget due to the adjustment of TEQSA's onerous lease provision at transition to AASB 16 against the right of use asset.