Note 4 made by management in applying accounting ‘Judgements policies’ discloses judgements that have been made in the process of applying the Authority’s accounting policies resulting in the most significant effect on amounts recognised in the financial statements. Note 5 sources of discloses key assumptions made ‘Key estimation uncertainty’ concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. (c) Reporting entity The reporting entity comprises WorkCover Western Australia Authority. The financial statements represent transactions of the Compensation and Workers’ Injury Management General Account established under Section 106 of the Workers’ Compensation and Injury Management Act 1981, and the Supplementation Fund established under Section 5 of the Indemnity Supplementation Fund Act Employers’ 1980. Trust Accounts under Section 110 of the Compensation and Injury Workers’ Management Act 1981 are administered independently of the General Account and Supplementation Fund. See note 38 Compensation & Injury Management ‘Workers’ Trust for transactions relating to the Trust Account. Account’ (d) Income Revenue recognition Revenue is recognised and measured at the fair value of consideration received or receivable. Revenue is recognised for the major business activities as follows: Insurer contributions and supplementation fund levies Revenue is recognised when the amount becomes due and payable. Provision of services Revenue is recognised on delivery of the service to the client or by reference to the stage of completion of the transaction. Grants, donations, gifts and other non-reciprocal contributions Revenue is recognised at fair value when the Authority obtains control over the assets comprising the contributions, usually when cash is received.
Note 4 ‘Judgements made by management in applying accounting policies’ discloses judgements that have been made in the process of applying the Authority’s accounting policies resulting in the most significant effect on amounts recognised in the financial statements. Note 5 ‘Key sources of estimation uncertainty’ discloses key assumptions made concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. (c) Reporting entity The reporting entity comprises WorkCover Western Australia Authority. The financial statements represent transactions of the Workers’ Compensation and Injury Management General Account established under Section 106 of the Workers’ Compensation and Injury Management Act 1981, and the Supplementation Fund established under Section 5 of the Employers’ Indemnity Supplementation Fund Act 1980. Trust Accounts under Section 110 of the Workers’ Compensation and Injury Management Act 1981 are administered independently of the General Account and Supplementation Fund. See note 38 ‘Workers’ Compensation & Injury Management Trust Account’ for transactions relating to the Trust Account. (d) Income Revenue recognition Revenue is recognised and measured at the fair value of consideration received or receivable. Revenue is recognised for the major business activities as follows: Insurer contributions and supplementation fund levies Revenue is recognised when the amount becomes due and payable. Provision of services Revenue is recognised on delivery of the service to the client or by reference to the stage of completion of the transaction. Grants, donations, gifts and other non-reciprocal contributions Revenue is recognised at fair value when the Authority obtains control over the assets comprising the contributions, usually when cash is received.