Note 6: Payables
Note 6A: Suppliers | 2020 $’000 | 2019 $’000 |
|---|---|---|
Trade creditors and accruals | 11,440 | 6,770 |
Total other payables | 11,440 | 6,770 |
Settlement is usually made within 30 days.
Note 6B: Other payables | 2020 $’000 | 2019 $’000 |
|---|---|---|
Salaries and Wages | 931 | 1,411 |
Superannuation | 57 | 40 |
Prepayments received/unearned income | 3,250 | 3,736 |
Lease incentive1 | — | 1,896 |
Total other payables | 4,238 | 7,083 |
- Tourism Australia has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117.
Accounting Policy
Payables are classified as other financial liabilities and are recognised and measured at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).
The liability for wages and salaries and superannuation recognised as at 30 June 2020 represents outstanding amounts and contribution for the final four days of the financial year.
Visit
https://www.transparency.gov.au/annual-reports/tourism-australia/reporting-year/2019-20-121