Note 4: Other assets and liabilities

Introduction

This note sets out other assets and liabilities that arise from the Authority’s operations.

Structure

• 4.1 Receivables
  • 4.1.1 Movement in provision for impaired receivables
• 4.2 Payables
  • 4.2.1 Ageing analysis of contractual payables

4.1 Receivables

Receivables are stated inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the Balance Sheet.

Receivables consist of:

• Statutory receivables, such as amounts owing from the Victorian Government and GST input tax credits recoverable.

Statutory receivables are recognised and measured similarly to contractual receivables (except for impairment), but are not classified as financial instruments because they do not arise from a contract.

4.1.1 Movement in provision for impaired receivables

As at 30 June 2019, there were no impaired receivables and no provision made as recoverability of the grant invoices to the Victorian Government is high.

4.2 Payables

Payables are stated inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the Balance Sheet.

Payables consists of:

• Contractual payables include items such as accrued expenses.

The contractual payables are unsecured and are usually paid within 30 days of recognition.

Accrued expenses are recognised when the Authority, as a result of a past event, has a present obligation that can be estimated reliably, and it is probable that a payment will be required to settle the obligation.

The amount recognised as accrued expenses is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

4.2.1 Ageing analysis of contractual payables

The ageing at 30 June 2019 includes accrued expenses. Statutory payables are excluded.