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Note 13: Financial instruments

Note 13a: Categories of financial instruments
  Notes 2015 $'000 2014 $'000
Financial Assets
Loans and receivables
Cash and cash equivalents   1,382 490
Goods and services receivables 7a 1,845 2,609
Incentive receivable 7a - 25
Total loans and receivables:   3,227 3,124
Total financial assets   3,227 3,124
Financial Liabilities
Financial liabilities measured at amortised cost
Trade creditors and accruals 9a 4,166 2,706
Other payables 9d 59 31
Total financial liabilities measured at amortised cost   4,225 2,737
Carrying amount of financial liabilities   4,225 2,737

The carrying amount of all financial assets and liabilities is a reasonable approximation of their fair value.

Note 13b: Credit risk

The APSC was exposed to minimal credit risk as loans and receivables were goods and services receivables. The maximum exposure to credit risk was the risk that arises from the potential default of a debtor. This amount was equal to the total amount of goods and services receivables (see note 13a). The APSC has assessed the risk of the default on payment and has allocated an allowance for impairment on goods and services receivables (see note 7a). The ageing of goods and services receivables and a reconciliation of the impairment allowance are disclosed in note 7a.

The APSC's goods and services receivables are principally recoverable from other Australian Government entities.
In addition, the APSC had policies and procedures that guide the debt recovery processes.

The APSC holds no collateral to mitigate against credit risk.

Note 13c: Liquidity risk

The APSC is exposed to minimal liquidity risk as it has sufficient appropriation funding from the Australian Government to ensure it meets payment obligations as they fall due. In addition, the APSC has policies in place to ensure timely payments are made when due and has no past experience of default.

The APSC had no derivative financial instruments in 2015 (2014: nil).

Note 13d: Market risk

The APSC holds basic financial instruments that do not expose the APSC to certain market risks such as 'Currency risk' and 'Other price risk'.

There are no interest-bearing items on the statement of financial position.