Annual report 2021/22

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 we 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 amount expected to be collected.

The expected credit loss rates for receivables at 30 June 2022 and 30 June 2021 are based on the payment profile of revenue on credit over the previous two years at the measurement date and the corresponding historical credit losses experienced for that period.

The allowance for credit losses at 30 June 2022 and 30 June 2021 was determined as 0%.

Breakdown of receivables and further information

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

30 June 2022	Gross $000	Estimates of losses %	Expected credit losses $000	Impaired credit losses $000	Net $000
Not past due	8,843	0	-	-	8,843
Past due 1-30 days	1,310	0	-	-	1,310
Past due 31-60 days	480	0	-	-	480
Past due 61-90 days	213	0	-	-	213
Past due over 90 days	209	0	-	-	209
Carrying amount	11,055		-	-	11,055

30 June 2021	Gross $000	Estimates of losses %	Expected credit losses $000	Impaired credit losses $000	Net $000
Not past due	8,142	0	-	-	8,142
Past due 1-30 days	1,150	0	-	-	1,150
Past due 31-60 days	192	0	-	-	192
Past due 61-90 days	196	0	-	-	196
Past due over 90 days	258	0	-	(13)	245
Carrying amount	9,938		-	(13)	9,925

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

	Actual 2021/22 $000	Actual 2020/21 $000
Balance at 1 July	13	13
Additional provisions made during the year	-	-
Receivables written off during the year	(13)	-
Balance at 30 June	-	13