Note 8: Receivables
Accounting policy
Short-term receivables are recorded at their face value, less any provision for impairment.
A receivable is considered impaired when there is sufficient evidence that the Office will not be able to collect the amount due. The amount of the impairment is the difference between the carrying amount of the receivable and the present value of the amounts expected to be collected.
Breakdown of receivables and further information
The ageing profile of receivables at year-end is detailed below:
| 2017/18 | 2016/17 | |||||
|---|---|---|---|---|---|---|
| Gross $000 |
Impairment $000 |
Net $000 |
Gross $000 |
Impairment $000 |
Net $000 |
|
| Not past due | 7,005 | - | 7,005 | 5,477 | - | 5,477 |
| Past due 1-30 days | 895 | - | 895 | 1,279 | - | 1279 |
| Past due 31-60 days | 363 | - | 363 | 237 | - | 237 |
| Past due 61-90 days | 38 | - | 38 | 54 | - | 54 |
| Past due >90 days | 74 | (31) | 43 | 71 | (31) | 40 |
| Carrying amount | 8,375 | (31) | 8,344 | 7,118 | (31) | 7,087 |
The impairment provision has been calculated based on expected losses for the Office's pool of debtors. Expected losses have been determined based on an analysis of the Office's losses in previous years and review of specific debtors.
Movements in the provision for impairment of receivables are as follows:
| Actual 2017/18 $000 |
Actual 2016/17 $000 |
|
|---|---|---|
| Balance at 1 July | 31 | 31 |
| Additional provisions made during the year | - | - |
| Receivables written off during the year | - | - |
| Balance at 30 June | 31 | 31 |