This part includes the independent auditor’s report and the Commission’s financial statements for the year ended 30 June 2011.
Australian Public Service Commission
Statement by the Chief Executive and Chief Finance Officer
In our opinion, the attached financial statements for the year ended 30 June 2011 are based on properly maintained financial records and give a true and fair view of the matters required by the Finance Minister’s Orders made under the Financial Management and Accountability Act 1997, as amended.
Chief Executive
September 2011
David Mylan
Chief Finance Officer
September 2011
Consultancy contracts let during 2010–11 of $10,000 or more (inclusive of GST)
Number of new consultancies let 01 July 2010 to 30 June 2011 | |||||||
---|---|---|---|---|---|---|---|
Consultant Name | Description | Contract Price | Selection process (1) | Justification (2) | Start Date | End Date | Actual Expenditure |
(1) Explanation of selection process terms drawn from the Commonwealth Procurement Guidelines December 2008): Open Tender: A procurement procedure in which a request for tender is published inviting all businesses that satisfy the conditions for participation to submit tenders. Public tenders are listed on the Australian Government AusTender internet site. Select Tender: A procurement procedure in which the procuring agency selects which potential suppliers are invited to submit tenders. Tenders are invited from a short list of competent suppliers. Direct Sourcing: A form of restricted tendering, available only under certain defined circumstances, with a single potential supplier or suppliers being invited to bid because of their unique expertise and/or their special ability to supply the goods and Panel: An arrangement under which a number of suppliers, usually selected through a single procurement process, may each supply property or services to an agency as specified in the panel arrangements. (2) Justification for decision to use consultancy: A. skills currently unavailable within agency B. need for specialised or professional skills C. need for independent research or assessment |
|||||||
Business Wide | Review of APSC leadership, learning and development suite of programs | 30,000 | Direct sourcing | C | 16/08/2010 | 30/11/2010 | 25,002 |
Business Wide | Report to Commission on Management programs | 20,000 | Direct sourcing | C | 4/11/2010 | 31/12/2010 | 6,944 |
Business Wide | Program cost analysis | 16,000 | Direct sourcing | C | 23/02/2011 | 31/03/2011 | 17,394 |
PricewaterhouseCoopers | Review of APSC Products and Services | 124,950 | Direct sourcing | C | 7/03/2011 | 7/06/2011 | 76,982 |
PSI Asia Pacific Pty Ltd | Probity advice - Executive Search Panel RFT | 11,625 | Select tender off open approach panel | C | 11/03/2010 | 28/02/2011 | 5,100 |
PricewaterhouseCoopers | Capability Reviews Program | 126,385 | Direct sourcing | B | 17/01/2011 | 30/06/2011 | 126,385 |
The Faulkner Family Trust | Senior Review Team Chairperson | 110,000 | Direct sourcing | B | 10/05/2011 | 2/09/2011 | 0 |
WHON Pty Ltd | Senior Review Team Chairperson | 66,000 | Direct sourcing | B | 10/05/2011 | 2/09/2011 | 0 |
Business Aspect Pty Ltd | IT Consultancy Services | 59,400 | Select tender | B | 12/03/2011 | 11/04/2011 | 59,400 |
The Value Creation Group Pty Ltd | Value Creation workshops | 53,928 | Direct sourcing | B | 8/02/2011 | 3/03/2011 | 53,671 |
Right Management | Employee engagement, retention and attraction | 20,000 | Select tender off open approach panel | C | 10/06/2011 | 31/07/2011 | 0 |
Fellows Medlock & Associates Pty Ltd | Advice for enterprise bargaining | 55,000 | Direct sourcing | B | 1/02/2011 | 30/06/2011 | 35,331 |
Gian Wild | Web Content Accessibility Guidelines 2.0 conformance testing and training | 138,600 | Select tender | B | 12/04/2011 | 30/06/2011 | 33,336 |
Information Professionals | Corporate Information Project | 69,405 | Select tender | B | 1/04/2011 | 30/06/2011 | 22,704 |
Noetic Solutions Pty Ltd | Assist in developing an APSC workforce plan | 45,000 | Select tender off open approach panel | B | 16/05/2011 | 30/06/2011 | 35,000 |
Oakton Services Pty Ltd | Forecast review & monitoring practice | 18,150 | Direct sourcing | C | 14/01/2011 | 28/02/2011 | 10,285 |
Oakton Services Pty Ltd | P3M3 Capability Maturity Assessment and Improvement Plan | 32,126 | Select tender | B | 3/05/2011 | 30/06/2011 | 17,679 |
Sapere Research Group Limited | Management Advisory Services | 40,000 | Direct sourcing | C | 11/02/2011 | 30/04/2011 | 37,040 |
SMS Consulting Group Ltd | APS Reform Blueprint consultancy | 47,309 | Select tender off open approach panel | B | 21/07/2010 | 10/09/2010 | 47,309 |
Tarcus Pty Ltd | Development of the Commission's ICT Strategic Plan | 61,600 | Select tender | B | 28/07/2010 | 30/09/2010 | 55,000 |
Tarcus Pty Ltd | HR web tools review | 38,115 | Select tender | B | 1/04/2011 | 30/06/2011 | 38,115 |
The Nous Group | Strategic planning consultancy | 48,180 | Select tender off open approach panel | B | 11/01/2011 | 30/04/2011 | 34,116 |
Orima Research Pty Ltd | Statistical and research services for Citizen Survey | 129,380 | Select tender | C | 5/07/2010 | 15/12/2010 | 129,380 |
Noetic Solutions Pty Ltd | Develop a draft description of the APS Human Capital Framework | 80,000 | Select tender off open approach panel | B | 21/03/2011 | 15/04/2011 | 80,000 |
Noetic Solutions Pty Ltd | Development of the Human Capital Framework elements | 73,500 | Select tender off open approach panel | B | 30/05/2011 | 26/05/2011 | 75,168 |
Noetic Solutions Pty Ltd | Development of the APS Workforce Planning Guide | 66,500 | Select tender off open approach panel | B | 16/05/2011 | 30/06/2011 | 46,250 |
Bennelong Resources Pty Ltd | Advisory support to the Commonwealth Remuneration Tribunal | 25,244 | Direct sourcing | B | 14/09/2010 | 31/05/2011 | 0 |
Australian Institute of Management | Support review on leadership development | 12,100 | Select tender off open approach panel | B | 15/02/2011 | 30/06/2011 | 11,000 |
Tempo Strategies | Workshop facilitation | 13,200 | Select tender off open approach panel | B | 22/03/2011 | 30/04/2011 | 13,200 |
The University of New South Wales | Support for the design and implementation of an APS wide leadership development strategy | 300,000 | Select tender off open approach panel | C | 10/03/2011 | 30/06/2011 | 98,554 |
KPMG | Process Mapping for the Centre for Leadership and Learning | 16,500 | Select tender | B | 2/05/2011 | 27/05/2011 | 16,280 |
Erwood Accelerated Purchasing | Probity advice and project management for the Centre for Leadership and Learning's procurement of learning interventions. | 41,720 | Select tender | B | 20/06/2011 | 30/09/2011 | 0 |
Hay Group Pty Ltd | Methodology for evaluating SES roles. | 96,646 | Select tender | B | 17/03/2011 | 16/07/2011 | 66,660 |
Mercer (Australia) Pty Ltd | SES review | 424,167 | Direct sourcing | C | 15/07/2010 | 22/12/2010 | 424,007 |
PriceWaterhouseCoopers | SES review | 69,680 | Direct sourcing | C | 15/07/2010 | 24/01/2011 | 69,680 |
Workplace Research Associates Pty Ltd | Consulting services for draft APS work level standards | 82,500 | Select tender | B | 20/04/2011 | 30/06/2011 | 78,990 |
Noesis Learning Pty Ltd | To design and develop the Career journey program content | 55,900 | Select tender | B | 1/06/2011 | 31/08/2011 | 0 |
Fellows Medlock & Associates Pty Ltd | Advice on implementation of bargaining arrangements | 55,353 | Direct sourcing | C | 15/09/2010 | 19/05/2011 | 55,353 |
Total contracts 38 | Total | 2,774,163 | 1,901,314 |
Australian Public Service Commission - Statement of comprehensive income for the period ended 30 June 2011
EXPENSES | Notes | 2011 $’000 | 2010 $’000 |
---|---|---|---|
The above statement should be read in conjunction with the accompanying notes. | |||
Employee benefits | 3a | 26,627 | 21,312 |
Supplier expenses | 3b | 22,571 | 17,120 |
Depreciation and amortisation | 3c | 1,378 | 1,376 |
Finance costs | 3d | 21 | 22 |
Write-down and impairment of assets | 3e | - | 2 |
Losses from asset sales | 3f | 47 | 61 |
Total expenses | - | 50,644 | 39,893 |
LESS: | |||
OWN-SOURCE INCOME | |||
Own-source revenue | |||
Sale of goods and rendering of services | 4a | 22,420 | 19,922 |
Total own-source revenue | - | 22,420 | 19,922 |
Gains | |||
Resources received free of charge | 4b | 39 | 39 |
Reversals of previous asset write-downs and impairments | 4c | 1 | - |
Total gains | - | 40 | 39 |
Total own-source income | - | 22,460 | 19,961 |
Net cost of services | - | 28,184 | 19,932 |
Revenue from Government | 4d | 30,096 | 20,731 |
Surplus | - | 1,912 | 799 |
OTHER COMPREHENSIVE INCOME | |||
Changes in asset revaluation reserves | - | 264 | - |
Total other comprehensive income | - | 264 | - |
Total comprehensive income | - | 2,176 | 799 |
Australian Public Service Commission - Balance sheet
ASSETS | Notes | 2011 $’000 | 2010 $’000 |
---|---|---|---|
The above statement should be read in conjunction with the accompanying notes. | |||
Financial assets | |||
Cash and cash equivalents | 5a | 1,291 | 469 |
Trade and other receivables | 5b | 24,282 | 18,017 |
Total financial assets | - | 25,573 | 18,486 |
Non-financial assets | |||
Land and buildings | 6a,d | 3,542 | 3,244 |
Property, plant and equipment | 6b,d | 1,821 | 1,812 |
Intangibles | 6c,d | 451 | 691 |
Inventories | 6e | 88 | 189 |
Prepayments paid | 6f | 506 | 449 |
Total non-financial assets | - | 6,408 | 6,385 |
Total assets | - | 31,981 | 24,871 |
LIABILITIES | |||
Payables | |||
Suppliers | 7a | 5,879 | 4,042 |
Prepayments received | 7b | 7,153 | 5,844 |
Other payables | 7c | 729 | 633 |
Total payables | - | 13,761 | 10,519 |
Interest bearing liabilities | |||
Lease incentives | 8a | 1,431 | 1,597 |
Total interest bearing liabilities | - | 1,431 | 1,597 |
Provisions | |||
Employee provisions | 9a | 6,139 | 4,850 |
Provision for restoration obligations | 9b | 458 | 332 |
Total provisions | - | 6,597 | 5,182 |
Total liabilities | - | 21,789 | 17,298 |
NET ASSETS | - | 10,192 | 7,573 |
EQUITY | |||
Contributed equity | - | (857) | (1,300) |
Asset revaluation reserve | - | 1,566 | 1,302 |
Retained surplus / (accumulated deficit) | - | 9,483 | 7,571 |
Total equity | - | 10,192 | 7,573 |
Australian Public Service Commission - Statements of changes in equity for the period ended 30 June 2011
* See notes 6a and 9b for details of revaluation adjustments. | ||||||||
Item | Retained earnings | Asset revaluation reserve | Contributed equity / capital | Total equity | ||||
---|---|---|---|---|---|---|---|---|
2011 $’000 |
2010 $’000 |
2011 $’000 |
2010 $’000 |
2011 $’000 |
2010 $’000 |
2011 $’000 |
2010 $’000 |
|
Opening balance | 7,571 | 6,772 | 1,302 | 1,302 | (1,300) | (1,300) | 7,573 | 6,774 |
Comprehensive income | ||||||||
Other comprehensive income* | - | - | 264 | - | - | - | 264 | - |
Surplus / (deficit) for the period | 1,912 | 799 | - | - | - | - | 1,912 | 799 |
Total comprehensive income | 1,912 | 799 | 264 | - | - | - | 2,176 | 799 |
Transactions with owners | ||||||||
Returns of Capital | ||||||||
Returns of contributed equity | - | - | - | - | (3,560) | - | (3,560) | - |
Contributions by owners: | ||||||||
Equity injection - appropriations | - | - | - | - | 3,333 | - | 3,333 | - |
Departmental capital budget | 559 | - | 559 | - | ||||
Restructuring | - | - | - | - | 111 | - | 111 | - |
Sub-total transactions with owners | - | - | - | - | 443 | - | 443 | - |
Closing balance as at 30 June | 9,483 | 7,571 | 1,566 | 1,302 | (857) | (1,300) | 10,192 | 7,573 |
Australian Public Service Commission - Cash flow statement for the year ended 30 June 2011
The above statement should be read in conjunction with the accompanying notes. | |||
Operating Activities | Notes | 2011 $’000 |
2010 $’000 |
---|---|---|---|
Cash received | |||
Appropriations | 30,096 | 20,731 | |
Goods and services | 26,236 | 23,921 | |
Cash received from the OPA | 7,523 | 14,494 | |
Other cash received | 966 | 496 | |
Total cash received | 64,821 | 59,642 | |
Cash used | |||
Employees | 27,683 | 22,732 | |
Suppliers | 22,876 | 18,778 | |
Net GST paid | 254 | 128 | |
Cash transferred to the OPA | 11,896 | 17,294 | |
Other cash used | 547 | 511 | |
Total cash used | 63,256 | 59,443 | |
Net cash from / (used by) operating activities | 11 | 1,565 | 199 |
Investing Activities | |||
Cash received | |||
Proceeds from sales of property, plant and equipment | - | 12 | |
Total cash received | - | 12 | |
Cash used | |||
Purchase of property, plant and equipment | 963 | 71 | |
Purchase of intangibles | 112 | 114 | |
Total cash used | 1,075 | 185 | |
Net cash from / (used by) investing activities | (1,075) | (173) | |
FINANCING Activities | |||
Cash received | |||
Contributed equity | 559 | - | |
Total cash received | 559 | - | |
Cash used | |||
Return of capital | 227 | - | |
Total cash used | 227 | - | |
Net cash from / (used by) financing activities | 332 | - | |
Net increase / (decrease) in cash held | 822 | 26 | |
Cash and cash equivalents at the beginning of the reporting period | 469 | 443 | |
Cash and cash equivalents at the end of the reporting period | 5a | 1,291 | 469 |
Australian Public Service Commission - Schedule of commitments as at 30 June 2011
NB: Commitments are GST inclusive where relevant. 1Operating leases included are effectively non-cancellable and include leases for office accommodation and motor vehicles. 1Other commitments comprise amounts committed for fee for service, policy and administrative activities. The above schedule should be read in conjunction with the accompanying notes. |
||
BY TYPE | 2011 $’000 |
2010 $’000 |
---|---|---|
Commitments receivable | ||
Sublease rental income | (270) | - |
GST recoverable on commitments | (3,299) | (3,770) |
Total commitments receivable | (3,569) | (3,770) |
Commitments payable | ||
Capital commitments | ||
Property, plant and equipment | - | 98 |
Intangibles | 171 | - |
Total capital commitments | 171 | 98 |
Other commitments | ||
Operating leases1 | 28,847 | 28,874 |
Other commitments1 | 7,520 | 12,499 |
Total other commitments | 36,367 | 41,373 |
Net commitments by type | 32,969 | 37,701 |
Nature of lease | General description of leasing arrangement |
---|---|
Leases for office accommodation |
|
Agreements for the provision of motor vehicles to senior executive officers |
|
NB: Commitments are GST inclusive where relevant. The above schedule should be read in conjunction with the accompanying notes. |
||
By maturity | 2011 $’000 |
2010 $’000 |
---|---|---|
Commitments receivable | ||
Operating lease income | ||
One year or less | (135) | - |
From one to five years | (135) | - |
Over five years | - | - |
Total operating lease income | (270) | - |
GST recoverable on commitments | ||
One year or less | (682) | (846) |
From one to five years | (1,306) | (1,371) |
Over five years | (1,311) | (1,553) |
Total GST recoverable on commitments | (3,299) | (3,770) |
Commitments payable | ||
Capital commitments | ||
One year or less | 171 | 98 |
From one to five years | - | - |
Over five years | - | - |
Total capital commitments | 171 | 98 |
Operating lease commitments | ||
One year or less | 2,941 | 2,309 |
From one to five years | 11,697 | 9,722 |
Over five years | 14,209 | 16,843 |
Total operating lease commitments | 28,847 | 28,874 |
Other commitments | ||
One year or less | 4,520 | 6,901 |
From one to five years | 2,793 | 5,355 |
Over five years | 207 | 243 |
Total other commitments | 7,520 | 12,499 |
Net commitments by maturity | 32,969 | 37,701 |
Australian Public Service Commission - Schedule of contingencies as at 30 June 2011
The above schedule should be read in conjunction with the accompanying notes. | ||
2011 $’000 |
2010 $’000 |
|
---|---|---|
Contingent assets | - | - |
Contingent liabilities | - | - |
Net contingent assets / (liabilities) | - | - |
Australian Public Service Commission - Schedule of asset additions for the year ended 30 June 2011
Buildings | Other property, plant & equipment | Intangibles | Total | |
---|---|---|---|---|
$’000 | $’000 | $’000 | $’000 | |
Additions funded in the current year | - | - | ||
By purchase – appropriation ordinary annual services | ||||
Departmental capital budget | 439 | 29 | - | 468 |
Ordinary operating costs | - | 426 | 104 | 530 |
By purchase – appropriation other services | ||||
Equity injections | - | - | 6 | 6 |
Other | - | - | - | - |
From acquisitions of entities or operations(including restructuring) | 34 | 19 | - | 53 |
Total funded additions in the current year | 473 | 474 | 110 | 1,057 |
Additions recognised in current year to be funded in future years | ||||
Make-good | 186 | - | - | 186 |
Other | - | - | - | - |
Total future years/unfunded additions | 186 | - | - | 186 |
Total additions | 659 | 474 | 110 | 1,243 |
Buildings | Other property, plant & equipment | Intangibles | Total | |
---|---|---|---|---|
$’000 | $’000 | $’000 | $’000 | |
Additions funded in the current year | ||||
By purchase – appropriation ordinary annual services | ||||
Ordinary operating costs | 41 | 45 | 81 | 167 |
By purchase – appropriation other services | ||||
Equity injections | - | - | 24 | 24 |
Other | - | - | - | - |
From acquisitions of entities or operations(including restructuring) | - | - | - | - |
Total funded additions in the current year | 41 | 45 | 105 | 191 |
Additions recognised in current year to be funded in future years | ||||
Make-good | - | - | - | - |
Other | - | - | - | - |
Total future years/unfunded additions | - | - | - | - |
Total additions | 41 | 45 | 105 | 191 |
Australian Public Service Commission - Schedule of administered items*
* The APSC conducts the administered activity “Parliamentarians' and Judicial Office Holders' remuneration and entitlements” on behalf of Government.
Expenses administered on behalf of government for the year ended 30 June 2011
The above schedules should be read in conjunction with the accompanying notes. | |||
Notes | 2011 $’000 |
2010 $’000 |
|
---|---|---|---|
Employee benefits | 16a | 35,677 | - |
Total expenses | 35,677 | - |
Assets and liabilities administered on behalf of government as at 30 June 2011
There are no material assets or liabilities administered on behalf of government.
The above schedules should be read in conjunction with the accompanying notes. | ||
Operating Activities | ||
---|---|---|
Cash used | ||
Employees | 35,677 | - |
Total cash used | 35,677 | - |
Net cash from / (used by) operating activities | (35,677) | - |
Net increase / (decrease) in cash held | (35,677) | - |
Cash and cash equivalents at the beginning of the reporting period | - | - |
Cash from Official Public Account for appropriations | 35,677 | - |
Cash and cash equivalents at the end of the reporting period | - | - |
The above schedules should be read in conjunction with the accompanying notes. | ||
Operating Activities | ||
---|---|---|
Cash used | ||
Employees | 35,677 | - |
Total cash used | 35,677 | - |
Net cash from / (used by) operating activities | (35,677) | - |
Net increase / (decrease) in cash held | (35,677) | - |
Cash and cash equivalents at the beginning of the reporting period | - | - |
Cash from Official Public Account for appropriations | 35,677 | - |
Cash and cash equivalents at the end of the reporting period | - | - |
Administered commitments as at 30 June 2011
There are no administered commitments.
Administered contingencies as at 30 June 2011
There are no administered contingencies.
Administered asset additions for the year ended 30 June 2011
There are no administered asset additions.
Australian Public Service Commission - Notes to and forming part of the financial statements for the year ended 30 June 2011
Note 1. Summary of significant accounting policies
1.1 Objective of the APSC
The APSC’s mission is to lead and shape a unified, high-performing APS.
The APSC is structured to meet one outcome, increased awareness and adoption of best practice public administration by the public service through leadership, promotion, advice and professional development, drawing on research and evaluation.
The continued existence of the APSC in its present form and with its present programs is dependent on Government policy and on continuing funding by Parliament for the APSC’s administration and programs.
APSC activities contributing toward this outcome are classified as either departmental or administered. Departmental activities involve the use of assets, liabilities, income and expenses controlled or incurred by the APSC in its own right. Administered activities involve the management or oversight by the APSC, on behalf of the Government, of items controlled or incurred by the Government.
The APSC conducts the administered activity “Parliamentarians' and Judicial Office Holders' remuneration and entitlements” on behalf of Government.
1.2 Basis of preparation of the Financial Statements
The financial statements are general purpose financial statements and are required by section 49 of the Financial Management and Accountability Act 1997.
The Financial Statements have been prepared in accordance with:
- Finance Minister’s Orders (or FMO) for reporting periods ending on or after 1 July 2010 and
- Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the operating result or the financial position.
The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified.
Unless an alternative treatment is specifically required by an accounting standard or the FMOs, assets and liabilities are recognised in the balance sheet when and only when it is probable that future economic benefits will flow to the APSC or a future sacrifice of economic benefits will be required and the amounts of the assets or liabilities can be reliably measured. However, assets and liabilities arising under executor contracts are not recognised unless required by an accounting standard. Liabilities and assets that are unrecognised are reported in the schedule of commitments or the schedule of contingencies.
Unless alternative treatment is specifically required by an accounting standard, income and expenses are recognised in the statement of comprehensive income when and only when the flow, consumption or loss of economic benefits has occurred and can be reliably measured.
Administered revenues, expenses, assets and liabilities and cash flows reported in the Schedule of Administered items and related notes are accounted for on the same basis and using the same policies as for departmental items, except where otherwise stated at note 1.24.
1.3 Significant Accounting Judgements and Estimates
No accounting assumptions or estimates have been identified that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next accounting period.
1.4 Changes in accounting standards
Adoption of new Australian Accounting Standard requirements
No accounting standard has been adopted earlier than the application date as stated in the standard.
New and revised standards, interpretations and amending standards that were issued prior to the signing of the statement by the chief executive and chief financial officer and are applicable to the current reporting period did not have a material financial impact, and are not expected to have a material future financial impact on the APSC.
Future Australian Accounting Standard requirements
New and revised standards, interpretations and amending standards that were issued prior to the signing of the statement by the chief executive and chief financial officer and are applicable to the future reporting period are not expected to have a material future financial impact on the APSC.
Revenue
Revenue from the sale of goods is recognised when:
- the risks and rewards of ownership have been transferred to the buyer
- the APSC retains no managerial involvement nor effective control over the goods
- the revenue and transaction costs incurred can be reliably measured; and
- It is probable that the economic benefits associated with the transaction will flow to the APSC.
Revenue from rendering of services is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when:
- the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and
- the probable economic benefits with the transaction will flow to the APSC.
The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction.
Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at end of reporting period. Allowances are made when the collectability of the debt is no longer probable.
Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: recognition and measurement.
Revenue from Government
Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the APSC gains control of the appropriation, except for certain amounts that relate to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned.
Appropriations receivable are recognised at their nominal amounts.
1.6 Gains
Resources received free of charge
Resources received free of charge are recognised as gains when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense.
Resources received free of charge are recorded as either revenue or gains depending on their nature.
Contributions of assets at no cost of acquisition or for nominal consideration are recognised as gains at their fair value when the asset qualifies for recognition, unless received from another Government entity as a consequence of a restructuring of administrative arrangements (refer to Note 1.7).
Sale of assets
Gains from the disposal of assets are recognised when control of the asset has passed to the buyer.
1.7 Transactions with the Government as owner
Equity injections
Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.
Restructuring of Administrative Arrangements
Net assets received from or relinquished to another Government entity under a restructuring of administrative arrangements are adjusted at their book value directly against contributed equity.
Other distributions to owners
The FMOs require that distributions to owners be debited to contributed equity unless in the nature of a dividend.
In 2009-10, by agreement with the Department of Finance and Deregulation, the APSC relinquished control of surplus departmental appropriation funding of $250,000. On 30 June 2010, the Finance Minister issued a determination to reduce departmental appropriations by $250,000.
In 2010-11, by agreement with the Department of Finance and Deregulation, the APSC relinquished control of surplus departmental appropriation funding of $227,000. On 7 June 2011, the Finance Minister issued a determination to reduce departmental appropriations by $227,000.
In 2010-11, as announced in the 2010-11 Mid Year and Fiscal Economic Outlook, by agreement with the Department of Finance and Deregulation, the APSC relinquished control of surplus departmental appropriation funding of $11,500,000. On 7 June 2011, the Finance Minister issued a determination to reduce departmental appropriations by $11,500,000. The amount of the reduction under Appropriation Act (No. 1) of 2010-11 was $8,167,000 and under Appropriation Act (No. 2) of 2010-11 was $3,333,000.
Employee benefits
Liabilities for ‘short-term employee benefits’ (as defined in AASB 119 Employee Benefits) and termination benefits due within 12 months of balance date are measured at their nominal amounts.
The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability.
Other long-term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligations are to be settled directly.
Leave
The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of the APSC is estimated to be less than the annual entitlement for sick leave.
The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will be applied at the time that the leave is taken, including the APSC’s employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.
The liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at 30 June 2011. In determining the present value of the liability, the APSC has used the Australian Government shorthand method.
Separation and redundancy
Provision is made for separation and redundancy benefit payments. The APSC recognises a provision for termination when it has developed a detailed formal plan for the terminations and has informed those employees affected that it will carry out the terminations.
Superannuation
Staff of the APSC are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS) or the PSS accumulation plan (PSSap).
The CSS and PSS are defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme.
The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported by the Department of Finance and Deregulation as an administered item.
The APSC makes employer contributions to the employees’ superannuation scheme at rates determined by an actuary to be sufficient to meet the current cost to the Government of the superannuation entitlements of the APSC’s employees. The APSC accounts for the contributions as if they were contributions to defined contribution plans.
The superannuation payable (note 7c) recognised as at 30 June represents outstanding contributions for the final fortnight of the financial year. The provision for superannuation (note 9a) recognised as at 30 June represents the estimated superannuation payable on the provision for annual leave and long service leave.
1.9 Leases
A distinction is made between finance leases and operating leases. Finance leases effectively transfer from the lessor to the lessee substantially all risks and rewards incidental to ownership of leased assets. An operating lease is a lease that is not a finance lease. In operating leases, the lessor effectively retains substantially all such risks and benefits.
Where an asset is acquired by means of a finance lease, the asset is capitalised at either the fair value of the lease property or, if lower, the present value of minimum lease payments at the inception of the contract and a liability is recognised at the same time and for the same amount.
The discount rate used is the interest rate implicit in the lease. Leased assets are amortised over the period of the lease. Lease payments are allocated between the principal component and the interest expense.
Operating lease payments are expensed on a straight line basis which is representative of the pattern of benefits derived from the leased assets.
Lease incentives taking the form of “free” leasehold improvements, contributions and rent holidays are recognised as liabilities. These liabilities are reduced by allocating lease payments between rental expense and reduction of the liability.
1.10 Borrowing costs
All borrowing costs are expensed as incurred.
1.11 Cash
Cash is recognised at its nominal amount. Cash and cash equivalents includes:
- cash on hand
- demand deposits in bank accounts with an original maturity of 3 months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value.
- cash held by outsiders
- cash in special accounts
Financial assets
The APSC classifies its financial assets in the following categories:
- financial assets at fair value through profit or loss
- held-to-maturity investments
- available-for-sale financial assets; and
- loans and receivables.
The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.
Financial assets are recognised and derecognised upon trade date.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts over the expected life of the financial asset, or, where appropriate, a shorter period.
Income is recognised on an effective interest rate basis except for financial assets that are recognised at fair value through profit or loss.
Financial assets at fair value through profit or loss
Financial assets are classified as financial assets at fair value through profit or loss where the financial assets:
- have been acquired principally for the purpose of selling in the near future
- are derivatives that are not designated and effective as a hedging instrument; or
- are a part of an identified portfolio of financial instruments that the APSC manages together and has a recent actual pattern of short-term profit-taking.
Assets in this category are classified as current assets.
Financial assets at fair value through profit or loss are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest earned on the financial asset.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories.
Available-for-sale financial assets are recorded at fair value. Gains and losses arising from changes in fair value are recognised directly in the reserves (equity) with the exception of impairment losses. Interest is calculated using the effective interest method and foreign exchange gains and losses on monetary assets are recognised directly in profit or loss. Where the asset is disposed of or is determined to be impaired, part (or all) of the cumulative gain or loss previously recognised in the reserve is included in profit for the period.
Where a reliable fair value cannot be established for unlisted investments in equity instruments, these instruments are valued at cost. The APSC has no such instruments.
Held-to-maturity investments
Non-derivative financial assets with fixed or determinable payments and fixed maturity dates that the APSC has the positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held-to-maturity investments are recorded at amortised cost using the effective interest method less impairment, with revenue recognised on an effective yield basis.
Loans and receivables
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest rate.
Impairment of financial assets
Financial assets are assessed for impairment at the end of each reporting period.
- Financial assets held at amortised cost - if there is objective evidence that an impairment loss has been incurred for loans and receivables or held to maturity investments held at amortised cost, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the asset’s original effective interest rate. The carrying amount is reduced by way of an allowance account. The loss is recognised in the statement of comprehensive income.
- Available-for-sale financial assets - if there is objective evidence that an impairment loss on an available-for-sale financial asset has been incurred, the amount of the difference between its cost, less principal repayments and amortisation, and its current fair value, less any impairment loss previously recognised in expenses, is transferred from equity to the statement of comprehensive income.
- Available-for-sale financial assets (held at cost) - If there is objective evidence that an impairment loss has been incurred the amount of the impairment loss is the difference between the carrying amount of the asset and the present value of the estimated future cash flows discounted at the current market rate for similar assets.
1.13 Investments in Associates
The APSC’s investment in its associates is accounted for using the equity method.
Under the equity method, investments in the associates are carried in the APSC's balance sheet at cost as adjusted for post-acquisition changes in the APSC's share of net assets of the associates. Goodwill relating to an associate is included in the carrying amount of the investment. After the application of the equity method, the APSC determines whether it is necessary to recognise any impairment loss with respect to the net investment in associates.
The APSC has no investments in Associates.
1.14 Jointly Controlled Entities
Interests in jointly controlled entities in which the APSC is a venturer (and so has joint control) are accounted for using the equity method. The APSC has no joint controlled entities.
1.15 Financial Liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss or as other financial liabilities.
Financial liabilities are recognised and derecognised upon trade date.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability.
Other financial liabilities
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. These liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.
Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).
1.16 Contingent liabilities and contingent assets
Contingent liabilities and contingent assets are not recognised in the balance sheet but are reported in the relevant schedules and notes. They may arise from uncertainty as to the existence of a liability or asset, or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.
1.17 Financial Guarantee Contracts
Financial guarantee contracts are accounted for in accordance with AASB 139 Financial Instruments: Recognition and Measurement. They are not treated as a contingent liability, as they are regarded as financial instruments outside the scope of AASB 137 Provisions, Contingent Liabilities and Contingent Assets.
1.18 Acquisition of assets
Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate.
Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor agency’s accounts immediately prior to the restructuring.
1.19 Property, plant and equipment
Asset recognition threshold
Purchases of property, plant and equipment are recognised initially at cost in the balance sheet, except for purchases costing less than $2,000, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total).
The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. This is particularly relevant to the provision for restoration obligations in property leases taken up by the APSC where there exists an obligation to restore the property to its original condition. These costs are included in the value of the APSC’s leasehold improvements with a corresponding provision for restoration obligations recognised.
Revaluations
Fair values for each class of asset are determined as shown below:
Asset class | Fair value measured at: |
---|---|
Leasehold improvements | Depreciated replacement cost |
Property, plant and equipment | Market selling price |
Following initial recognition at cost, property plant and equipment are carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets do not materially differ from the assets’ fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets.
Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reverses a previous revaluation decrement of the same asset class that was previously recognised in the surplus / (deficit). Revaluation decrements for a class of assets are recognised directly in the surplus / (deficit) except to the extent that they reverse a previous revaluation increment for that class.
Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.
Depreciation
Depreciable property, plant and equipment assets are written off to their estimated residual value over their estimated useful lives to the APSC using, in all cases, the straight-line method of depreciation.
Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate.
Depreciation and amortisation rates applying to each class of depreciable asset are based on the following useful lives:
Asset class | 2011 | 2010 |
---|---|---|
Leasehold improvements | Lease term | Lease term |
Plant and equipment | 1 to 7years | 1 to 7 years |
Impairment
All assets were assessed for impairment at 30 June 2011. Where indications of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount.
The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset’s ability to generate future cash flows, and the asset would be replaced if the APSC were deprived of the asset, its value in use is taken to be its depreciated replacement cost.
Derecognition
An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.
1.20 Investment Properties
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at fair value, which is based on active market prices, adjusted if necessary, for any difference in the nature, location or condition of the specific asset at the balance sheet date. Gains or losses arising from changes in the fair values of investment properties are recognised in profit or loss in the year in which they arise.
Where an investment property is acquired at no cost or for nominal cost, its cost is deemed to be its fair value as at the date of acquisition.
Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn form use and no future economic benefit is expected from its disposal. Any gain or losses on disposal of an investment property are recognised in profit or loss in the year of disposal.
1.21 Intangibles
The APSC’s intangibles comprise intellectual property, purchased software and internally developed software for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment losses where the value of the asset exceeds $2,000 for software and $10,000 for intellectual property
Intangibles are amortised on a straight-line basis over their anticipated useful life. The useful lives of the APSC’s intangibles are between 2 to 10 years (2009-10: 2 to 10 years).
All intangible assets were assessed for impairment as at 30 June 2011.
1.22 Inventories
Inventories held for sale are valued at the lower of cost and net realisable value.
Inventories held for distribution are valued at cost, adjusted for any loss in service potential.
Costs incurred in bringing each item of inventory to its present location and condition are assigned as follows:
- raw materials and stores – purchase cost on a first-in-first-out basis and
- finished goods and work-in-progress – cost of direct materials and labour plus attributable costs that are capable of being allocated on a reasonable basis.
Inventories acquired at no cost or nominal consideration are initially measured at current replacement cost at the date of acquisition.
1.23 Taxation / Competitive Neutrality
The APSC is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).
Revenues, expenses, assets and liabilities are recognised net of GST except:
- where the amount of GST incurred is not recoverable from the Australian Taxation Office and
- for receivables and payables.
The APSC is not subject to competitive neutrality arrangements.
1.24 Reporting of administered activities
Administered revenues, expenses, assets, liabilities and cash flows are disclosed in the schedule of administered items and related notes.
Except where otherwise stated below, administered items are accounted for on the same basis and using the same policies as for departmental items, including the application of Australian Accounting Standards.
Administered Cash Transfers to and from the Official Public Account
Revenue collected by the APSC for use by the Government rather than the APSC is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance and Deregulation. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the APSC on behalf of the Government and reported as such in the statement of cash flows in the schedule of administered items and in the administered reconciliation table in Note 17.
Revenue
All administered revenues are revenues relating to ordinary activities performed by the APSC on behalf of the Australian Government.
Loans and Receivables
Where loans and receivables are not subject to concessional treatment, they are carried at amortised cost using the effective interest method. Gains and losses due to impairment, derecognition and amortisation are recognised through profit or loss.
Administered Investments
Administered investments in subsidiaries, joint ventures and associates are not consolidated because their consolidation is relevant only at the Whole of Government level.
Administered investments other than those held for sale are classified as available-for-sale and are measured at their fair value as at 30 June 2011. Fair value has been taken to be the Australian Government's proportional interest in the net assets of the entities as at end of reporting period.
Financial Guarantee Contracts
Financial guarantee contracts are accounted for in accordance with AASB 139 Financial Instruments: Recognition and Measurement. They are not treated as a contingent liability, as they are regarded as financial instruments outside the scope of AASB 137 Provisions, Contingent Liabilities and Contingent Assets.
Guarantees to Subsidiaries, Joint Ventures and Associates
The amounts guaranteed by the Commonwealth have been disclosed in the schedule of administered items and Note 16. At the time of completion of the financial statements, there was no reason to believe that the guarantees would be called upon, and recognition of a liability was therefore not required. The guarantees are in relation to lease obligations and are measured at the present value of future lease payments.
Other Guarantees
As for guarantees to controlled entities.
Indemnities
The maximum amounts payable under the indemnities given is disclosed in the schedule of administered items - contingencies. At the time of completion of the financial statements, there was no reason to believe that the indemnities would be called upon, and no recognition of any liability was therefore required.
Grants and Subsidies
The APSC does not administer any grant or subsidy schemes on behalf of the Government.
Grant and subsidy liabilities are recognised to the extent that:
(i) the services required to be performed by the grantee have been performed or
(ii) the grant eligibility criteria have been satisfied, but payments due have not been made.
A commitment is recorded when the Government enters into an agreement to make these grants but services have not been performed or criteria satisfied.
Payments to CAC Act Bodies
Payments to CAC Act bodies from amounts appropriated for that purpose are classified as either administered expenses, equity injections or loans of the relevant portfolio department. The appropriation to the APSC is disclosed in Table A in of the appropriations note.
Note 2. Events occurring after reporting date
No matter or occurrence has come to the APSC’s attention which would materially affect the accounts or disclosures therein or which are likely to materially affect the future results or operation of the APSC.
Note 3. Expenses
1These comprise minimum lease payments only. | ||
2011 $’000 |
2010 $’000 |
|
---|---|---|
3a Employee benefits | ||
Wages and salaries | 20,434 | 15,769 |
Superannuation : | ||
Defined benefit plans | 1,258 | 727 |
Defined contribution plans | 2,337 | 2,181 |
Leave and other entitlements | 2,264 | 1,834 |
Separation and redundancies | 326 | 801 |
Other employee expenses | 8 | - |
Total employee benefits | 26,627 | 21,312 |
3b Suppliers | ||
Goods and Services | ||
Consultants | 2,491 | 747 |
Contractors | 8,994 | 6,742 |
Stationery | 172 | 149 |
Travel | 2,108 | 1,644 |
Venue hire and catering | 1,378 | 1,477 |
Publications and printing | 403 | 436 |
Advertising and communications | 104 | 362 |
Training | 521 | 399 |
Information and communications technology | 2,409 | 1,877 |
Facilities expense | 590 | 287 |
Other supplier expense | 459 | 359 |
Total goods and services | 19,629 | 14,479 |
Goods and services are made up of: | ||
Provision of goods - related entities | 19 | 4 |
Provision of goods - external parties | 831 | 667 |
Rendering of services - related entities | 2,501 | 2,207 |
Rendering of services - external parties | 16,278 | 11,601 |
Total goods and services | 19,629 | 14,479 |
Other supplier expenses | ||
Operating lease rentals - external parties 1 | 2,809 | 2,599 |
Worker compensation expenses | 133 | 42 |
Total other supplier expenses | 2,942 | 2,641 |
Total supplier expenses | 22,571 | 17,120 |
* For full disclosure on the impairment of financial assets see note 15b. | ||
2011 $’000 |
2010 $’000 |
|
---|---|---|
3c Depreciation and amortisation | ||
Depreciation: | ||
Buildings | 602 | 568 |
Property, plant and equipment | 432 | 433 |
Total depreciation | 1,034 | 1,001 |
Amortisation: | ||
Intangibles | 344 | 375 |
Total amortisation | 344 | 375 |
Total depreciation and amortisation | 1,378 | 1,376 |
3d Finance costs | ||
Unwinding of discount on provision for restoration obligations | 21 | 22 |
Total finance costs | 21 | 22 |
3e Write-down and impairment of assets | ||
Asset write-downs and impairment from: | ||
Impairment on goods and services receivable* | - | 2 |
Property, plant and equipment – write-off on disposal | - | - |
Total write-down and impairment of assets | - | 2 |
3f Sale of assets | ||
---|---|---|
Buildings: | ||
Proceeds from sale | - | - |
Carrying value of assets sold | 8 | 13 |
Net loss from sale of buildings | 8 | 13 |
Property, plant and equipment: | ||
Proceeds from sale | - | 12 |
Carrying value of assets sold | 33 | 60 |
Net loss from sale of property, plant and equipment | 33 | 48 |
Intangibles: | ||
Proceeds from sale | - | - |
Carrying value of assets sold | 6 | - |
Net loss from sale of buildings | 6 | - |
Net loss from sale of assets | 47 | 61 |
Note 4. Income
*No payments have been received under the paid parental scheme (2010: nil). | ||
2011 $’000 |
2010 $’000 |
|
---|---|---|
Own-source revenue | ||
4a Sale of goods and rendering of services | ||
Provision of goods - related entities | 16 | 22 |
Provision of goods - external parties | 4 | 3 |
Rendering of services - related entities | 21,228 | 18,677 |
Rendering of services - external parties | 1,172 | 1,220 |
Total sale of goods and rendering of services | 22,420 | 19,922 |
Gains | ||
4b Resources received free of charge | ||
Resources received free of charge | 39 | 39 |
4c Reversals of previous asset write-downs and impairments | ||
Reversal of impairment losses | 1 | - |
Revenue from Government* | ||
4d Revenue from Government | ||
Appropriations: | ||
Departmental appropriation | 30,096 | 20,731 |
Total revenue from Government | 30,096 | 20,731 |
Note 5. Financial assets
2011 $’000 |
2010 $’000 |
|
---|---|---|
5a Cash and cash equivalents | ||
Cash at bank | 1,287 | 466 |
Cash on hand | 4 | 3 |
Total cash and cash equivalents | 1,291 | 469 |
5b Trade and other receivables | ||
Goods and services: | ||
Goods and services – related entities | 3,423 | 3,243 |
Goods and services – external parties | 174 | 161 |
Total goods and services receivable | 3,597 | 3,404 |
Appropriations receivable: | ||
For existing programs | 20,469 | 14,600 |
Total appropriations receivable | 20,469 | 14,600 |
Other receivables: | ||
GST receivable from the Australian Taxation Office | 199 | - |
Incentive receivable | 25 | 25 |
Total other receivables | 224 | 25 |
Total trade and other receivables (gross) | 24,290 | 18,029 |
Less: impairment allowance account - goods and services | (8) | (12) |
Total trade and other receivables (net) | 24,282 | 18,017 |
All receivables are expected to be recovered in no more than 12 months. | ||
Receivables are aged as follows: | ||
Not overdue | 23,617 | 17,077 |
Overdue by: | ||
0 to 30 days | 423 | 394 |
31 to 60 days | 84 | 456 |
61 to 90 days | 52 | 33 |
More than 90 days | 114 | 69 |
673 | 952 | |
Total goods and services receivables (gross) | 24,290 | 18,029 |
2011 $’000 |
2010 $’000 |
|
---|---|---|
5b Trade and other receivables (continued) | ||
The impairment allowance account is aged as follows: | ||
Overdue by: | ||
more than 90 days | (8) | (12) |
Total impairment allowance account | (8) | (12) |
Reconciliation of impairment allowance account | ||
Opening balance | (12) | (10) |
Amounts written-off | 5 | 2 |
Amounts recovered and reversed | 7 | 6 |
(Increase) / decrease recognised in net surplus | (8) | (10) |
Closing balance | (8) | (12) |
Note 6. Non-financial assets
Leasehold improvements were subject to revaluation. All revaluations were conducted in accordance with the revaluation policy stated at Note 1. On 30 June 2011 an independent valuer conducted a revaluation of leasehold improvements. A revaluation increment of $249,000 (2010: nil) for leasehold improvements was credited to the asset revaluation reserve by asset class and included in the equity section of the balance sheet. No indicators of impairment were found for land and buildings. No land and buildings is expected to be sold or disposed of within the next 12 months. |
|||
Property, plant and equipment was last revalued by an independent valuer on 30 June 2009. All property, plant and equipment acquired since 1 July 2009 are carried at cost, which is materially reflective of their fair value. No indicators of impairment were found for property, plant and equipment. No property, plant or equipment is expected to be sold or disposed of within the next 12 months. |
|||
2011 $’000 |
2010 $’000 |
||
---|---|---|---|
6a Land and buildings | |||
Leasehold improvements: | |||
Fair value | 3,553 | 3,722 | |
Accumulated depreciation | (11) | (478) | |
Total leasehold improvements | 3,542 | 3,244 | |
Total Land and buildings | 3,542 | 3,244 | |
6b Property, plant and equipment | |||
Other property, plant and equipment: | |||
Fair value | 2,588 | 2,224 | |
Accumulated depreciation | (767) | (412) | |
Total other property, plant and equipment | 1,821 | 3,244 | |
Total property, plant and equipment | 1,821 | 1,812 |
No indicators of impairment were found for intangible assets. No intangibles are expected to be sold or disposed of within the next 12 months. |
||
2011 $’000 |
2010 $’000 |
|
---|---|---|
6c Intangibles | ||
Computer software: | ||
Internally developed - in use | 1,170 | 1,178 |
Internally developed - in progress | - | - |
Purchased | 130 | 41 |
Accumulated amortisation | (892) | (670) |
Total computer software | 408 | 549 |
Intellectual property: | ||
Internally developed - in use | 1,005 | 1,048 |
Accumulated amortisation | (962) | (906) |
Total intellectual property | 43 | 142 |
Total intangibles | 451 | 691 |
* Disaggregated additions information are disclosed in the Schedule of Asset Additions. | |||||||
Item | Buildings leasehold improvements | Other property, plant & equipment | Computer software purchased | Computer software internally developed | Intellectual property | Total intangibles | Total |
---|---|---|---|---|---|---|---|
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
As at 1 July 2010 | |||||||
Gross book value | 3,722 | 2,224 | 40 | 1,179 | 1,048 | 2,267 | 8,213 |
Accumulated depreciation / amortisation and impairment | (478) | (412) | (19) | (651) | (906) | (1,576) | (2,466) |
Net book value 1 July 2010 | 3,244 | 1,812 | 21 | 528 | 142 | 691 | 5,747 |
Additions* | 659 | 474 | 96 | 14 | - | 110 | 1,243 |
Revaluations and impairments through equity | 249 | - | - | - | - | - | 249 |
Depreciation / amortisation expense | (602) | (432) | (22) | (223) | (99) | (344) | (1,378) |
Disposals | |||||||
Other disposals | (8) | (33) | (6) | - | - | (6) | (47) |
Net book value 30 June 2011 | 3,542 | 1,821 | 89 | 319 | 43 | 451 | 5,814 |
Net book value as at 30 June 2011 represented by: | |||||||
Gross book value | 3,553 | 2,588 | 130 | 1,170 | 1,005 | 2,305 | 8,446 |
Accumulated depreciation / amortisation and impairment | (11) | (767) | (41) | (851) | (962) | (1,854) | (2,632) |
Net book value 30 June 2011 | 3,542 | 1,821 | 89 | 319 | 43 | 451 | 5,814 |