Annual Report 2002–03 > Table of Contents > Financial Statements 2002–03 > Notes to and forming part of the Financial Statements > Note 20
Note 20–Administered Financial Instruments
Note 20A Terms, Conditions and Accounting Policies
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Financial Instrument |
Notes |
Accounting Policies and Methods (including recognition criteria and measurement basis) |
Nature of underlying instrument (including significant terms and conditions affecting the amount, timing and certainty of cash flows) |
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FINANCIAL ASSETS |
Financial assets are recognised when control over future economic benefits and the amount of the benefit can be reliably measured. |
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Receivables for goods and services |
These receivables are recognised at their nominal amounts. No provision for bad or doubtful debts is deemed necessary. |
All receivables are from the ATO for GST. |
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FINANCIAL LIABILITIES |
Financial liabilities are recognised when a present obligation to another party is entered into and the amount of the liability can be reliably measured. |
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Trade creditors |
Creditors and accruals are recognised at their nominal amounts, being the amounts at which the liabilities will be settled. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced). |
A majority of creditors are entities that are not part of the Commonwealth legal entity. Settlement is usually made net 30 days. |
Note 20B Interest Rate Risk (click to enlarge)
Click image to enlarge
Note 20C Net Fair Values of Financial Assets and Liabilities
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2002–03 |
2001–02 |
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Note |
Total carrying amount |
Aggregate net fair value |
Total carrying amount |
Aggregate net fair value |
|
|
$'000 |
$'000 |
$'000 |
$'000 |
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Financial Assets |
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Receivables for goods and services |
48 |
48 |
90 |
90 |
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|
Total Financial Assets |
48 |
48 |
90 |
90 |
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|
Financial Liabilities |
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Trade creditors |
115 |
115 |
2 403 |
2 403 |
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|
Total Financial Liabilities |
115 |
115 |
2 403 |
2 403 |
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Financial Assets
The net fair values of cash and non-interest bearing monetary financial assets approximate their carrying amounts.
Financial Liabilities
The net fair values for trade creditors are short-term in nature and are approximated by their carrying amounts.
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