the effective interest rate method. Financial instrument liabilities measured at amortised cost include all of the VCAA’s contractual payables and lease liabilities. Derecognition of financial assets: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when: the rights to receive cash from the asset have expired; or the VCAA retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a through’ ‘pass arrangement; or the VCAA has transferred its rights to receive cash from the asset and either: has transferred substantially all the risks and rewards of the asset; or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Where the VCAA has neither transferred nor retained substantially all the risks and rewards or transferred control, the asset is recognised to the extent of the VCAA’s continuing involvement in the asset. 7.1.1 Financial instruments: Categorisation Contractual financial Contractual financial Total assets- loans and liabilities at receivables amortised cost $ $ $ 2017 Contractual financial assets Cash and deposits 11,161,896 11,161,896 – Receivables1 Receivables 2,083,597 2,083,597 – Total contractual financial assets 13,245,493 13,245,493 – Contractual financial liabilities Payables1 Supplies and services 6,788,884 6,788,884 – Borrowings Lease liabilities 150,952 150,952 – Total contractual financial liabilities 6,939,836 6,939,836 – 2016 Contractual financial assets Cash and deposits 10,941,508 10,941,508 – Receivables1 Receivables 1,676,442 1,676,442 – Total contractual financial assets 12,617,950 12,617,950 – Contractual financial liabilities Payables1
the effective interest rate method. Financial instrument liabilities measured at amortised cost include all of the VCAA’s contractual payables and lease liabilities. Derecognition of financial assets: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when: the rights to receive cash from the asset have expired; or the VCAA retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a ‘pass through’ arrangement; or the VCAA has transferred its rights to receive cash from the asset and either: has transferred substantially all the risks and rewards of the asset; or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Where the VCAA has neither transferred nor retained substantially all the risks and rewards or transferred control, the asset is recognised to the extent of the VCAA’s continuing involvement in the asset. 7.1.1 Financial instruments: Categorisation Contractual financial assets- loans and receivables $ Contractual financial liabilities at amortised cost $ Total $ 2017 Contractual financial assets Cash and deposits 11,161,896 – 11,161,896 Receivables1 Receivables 2,083,597 – 2,083,597 Total contractual financial assets 13,245,493 – 13,245,493 Contractual financial liabilities Payables1 Supplies and services – 6,788,884 6,788,884 Borrowings Lease liabilities – 150,952 150,952 Total contractual financial liabilities – 6,939,836 6,939,836 2016 Contractual financial assets Cash and deposits 10,941,508 – 10,941,508 Receivables1 Receivables 1,676,442 – 1,676,442 Total contractual financial assets 12,617,950 – 12,617,950 Contractual financial liabilities Payables1