debts) is raised when there is objective evidence that the Commission Note 17 Receivables will not be able to collect the debts. 2018 2017 Note 18 Amounts receivable for services $000 $000 (holding account) Current 2018 2017 Receivables 453 626 $000 $000 GST receivable 68 34 Current 104 138 521 660 Non-current 6879 6890 Other debtors 48 186 Balance at end of period 6983 7028 Allowance for impairment of receivables (4) (15) Amount receivables for services represents the non-cash component 44 171 of service appropriations. It is restricted in that it can only be used for asset replacement or payment of leave liability. Total current 565 831 The Commission receives funding on an accrual basis. The The Commission does not hold any collateral or other credit enhancements as appropriations are paid partly in cash and partly as an asset (holding security for receivables. account receivable). The accrued amount receivable is accessible on Receivables are recognised at original invoice amount less an allowance for any the emergence of the cash funding requirement to cover leave uncollectible amounts (i.e. impairment). The carrying amount is equivalent to fair entitlements and asset replacement. value as it is due for settlement within 30 days. Movement of the allowance for impairment of receivables Reconciliation of changes in the allowance for impairment of receivables Balance at start of period 15 17 Doubtful debts expense - 2 Amounts written off during the period (11) (4) Impairment losses reversed during the period - - Balance at end of period 4 15 The collectability of receivables is reviewed on an ongoing basis and any receivables identified as uncollectible are written-off against the allowance account. The allowance for uncollectible amounts (doubtful
Note 17 Receivables 2018 $000 2017 $000 Current Receivables 453 626 GST receivable 68 34 521 660 Other debtors 48 186 Allowance for impairment of receivables (4) (15) 44 171 Total current 565 831 The Commission does not hold any collateral or other credit enhancements as security for receivables. Receivables are recognised at original invoice amount less an allowance for any uncollectible amounts (i.e. impairment). The carrying amount is equivalent to fair value as it is due for settlement within 30 days. Movement of the allowance for impairment of receivables Reconciliation of changes in the allowance for impairment of receivables Balance at start of period 15 17 Doubtful debts expense - 2 Amounts written off during the period (11) (4) Impairment losses reversed during the period - - Balance at end of period 4 15 The collectability of receivables is reviewed on an ongoing basis and any receivables identified as uncollectible are written-off against the allowance account. The allowance for uncollectible amounts (doubtful debts) is raised when there is objective evidence that the Commission will not be able to collect the debts. Note 18 Amounts receivable for services (holding account) 2018 $000 2017 $000 Current 104 138 Non-current 6879 6890 Balance at end of period 6983 7028 Amount receivables for services represents the non-cash component of service appropriations. It is restricted in that it can only be used for asset replacement or payment of leave liability. The Commission receives funding on an accrual basis. The appropriations are paid partly in cash and partly as an asset (holding account receivable). The accrued amount receivable is accessible on the emergence of the cash funding requirement to cover leave entitlements and asset replacement.
psc_annual_report_2017-18.docx