Note 6 Receivables Receivables 30 June 2018 30 June 2017 $’000 $’000 Contractual receivables Trade & other receivables 369 541 Allowance for doubtful debts (218) (286) Total contractual receivables 151 255 Statutory receivables Receivable from Victorian Government 11,317 13,253 GST input tax credit recoverable 168 69 Total statutory receivables 11,485 13,322 Total receivables 11,636 13,577 Receivables consist of: Contractual receivables, such as debtors in relation to goods and services and loans to third parties. Statutory receivables, such as amounts owing from the Victorian Government and Goods and Services Tax (GST). Contractual receivables are classified as financial instruments. Statutory receivables are not classified as financial instruments because they do not arise from a contract. Receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less an allowance for impairment. An allowance for doubtful debts is recognised when there is objective evidence that a contractual receivable may not be collected, with the increase/decrease recognised in the operating result for the relevant financial year. Bad debts are written off in the financial year they are identified. Movement in the provision for doubtful contractual receivables 30 June 2018 30 June 2017 $’000 $’000 Balance at beginning of the year (286) (459) (Increase)/decrease in allowance recognised in surplus or deficit 68 173 Balance at end of the year (218) (286)
Note 6 Receivables Receivables 30 June 2018 $’000 30 June 2017 $’000 Contractual receivables Trade & other receivables 369 541 Allowance for doubtful debts (218) (286) Total contractual receivables 151 255 Statutory receivables Receivable from Victorian Government 11,317 13,253 GST input tax credit recoverable 168 69 Total statutory receivables 11,485 13,322 Total receivables 11,636 13,577 Receivables consist of: Contractual receivables, such as debtors in relation to goods and services and loans to third parties. Statutory receivables, such as amounts owing from the Victorian Government and Goods and Services Tax (GST). Contractual receivables are classified as financial instruments. Statutory receivables are not classified as financial instruments because they do not arise from a contract. Receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less an allowance for impairment. An allowance for doubtful debts is recognised when there is objective evidence that a contractual receivable may not be collected, with the increase/decrease recognised in the operating result for the relevant financial year. Bad debts are written off in the financial year they are identified. Movement in the provision for doubtful contractual receivables 30 June 2018 $’000 30 June 2017 $’000 Balance at beginning of the year (286) (459) (Increase)/decrease in allowance recognised in surplus or deficit 68 173 Balance at end of the year (218) (286)
ACFEBoardAnnualReport1718.docx