Note 8: Receivables

Accounting policy

Short-term receivables are recorded at their face value, less an allowance for expected losses and 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.

The expected credit loss rates for receivables at 30 June 2019 and 1 July 2018 are based on the payment profile of revenue on credit over the prior two years at the measurement date and the corresponding historical credit losses experienced for that period.

The allowance for credit losses at 30 June 2019 and 1 July 2018 was determined as 0%.

Breakdown of receivables and further information

The ageing profile of receivables at year-end is detailed below:

30 June 2019 Gross
$000		 Estimates of losses
(%)		 Expected credit losses
$000		 Impaired credit losses
$000		 Net
$000
Not past due 6,843 0% - (11) 6,832
Past due 1- 30 days 596 0% - - 596
Past due 31-60 days 82 0% - - 82
Past due 61-90 days 17 0% - - 17
Past due >90 days 76 0% - (6) 70
Carrying amount 7,614 - (17) 7,597
1 July 2018 Gross
$000		 Estimates of losses
(%)		 Expected credit losses
$000		 Impaired credit losses
$000		 Net
$000
Not past due 7,005 0% - - 7,005
Past due 1- 30 days 895 0% - - 895
Past due 31-60 days 363 0% - - 363
Past due 61-90 days 38 0% - - 38
Past due >90 days 74 0% - (31) 43
Carrying amount 8,375 - (31) 8,344

Movements in the provision for impairment and allowance for credit loss of receivables are as follows:

Actual
2018/19
$000		 Actual
2017/18
$000
Allowance for credit losses as at 1 July calculated under PBE IPSAS 29 - -
PBE IFRS 9 expected credit loss adjustment – through opening balance - N/A
Balance at 1 July 31 31
Additional provisions made during the year 11 -
Receivables written off during the year (25) -
Balance at 30 June 17 31