Note 14A: Categories of Financial Instruments |
---|
Financial Assets |
|
|
2014 |
2013 |
|
|
$’000 |
$’000 |
Loans and receivables |
|
|
|
Cash and cash equivalents |
|
433 |
421 |
Trade and other receivables |
|
654 |
10 |
Total loans and receivables |
|
1,087 |
431 |
Total financial assets |
|
1,087 |
431 |
|
Financial Liabilities |
Financial liabilities measured at amortised cost |
|
|
|
Trade creditors |
|
3,867 |
3,518 |
Total financial liabilities measured at amortised cost |
|
3,867 |
3,518 |
Total financial liabilities |
|
3,867 |
3,518 |
Note 14B: Net Gains or Losses on Financial Assets |
---|
There is no gain or loss from financial assets – loans and receivables in the period ending 30 June 2014 (2013: $0).
Note 14C: Net Gains or Losses on Financial Liabilities |
---|
There is no gain or loss from financial liabilities – payables in the period ending 30 June 2014 (2013: $0).
Note 14D: Fair Value of Financial Instruments |
---|
There are no financial instruments held at 30 June 2014 and 30 June 2013 where the carrying amount is not a reasonable approximation of fair value.
|
Notes |
Carrying Amount 2014 $’000 |
Fair Value 2014 $’000 |
Carrying Amount 2013 $’000 |
Fair Value 2013 $’000 |
Financial Assets |
|
|
|
|
|
Cash and cash equivalents |
6A |
433 |
433 |
421 |
421 |
Trade and other receivables |
6B |
654 |
654 |
10 |
10 |
Total financial assets |
|
1,087 |
1,087 |
431 |
431 |
Financial Liabilities |
|
|
|
|
|
Trade creditors |
8A |
3,867 |
3,867 |
3,518 |
3,518 |
Total financial liabilities |
|
3,867 |
3,867 |
3,518 |
3,518 |
Fair Work Commission was exposed to minimal credit risk as loans and receivables were cash and trade receivables. The maximum exposure to credit risk was the risk that arises from potential default of a debtor. This amount was equal to the total amount of trade receivables (2014: $653,725.96; 2013: $9,774.56).
Fair Work Commission’s debtors were generally limited to other Commonwealth Government agencies and its employees. In addition, Fair Work Commission had policies and procedures that guided employees debt recovery techniques that were to be applied.
Fair Work Commission held no collateral to mitigate credit risk.
Credit quality of financial assets not past due or individually determined as impaired |
|
Not Past Due Nor Impaired 2014 $’000 |
Not Past Due Nor Impaired 2013 $’000 |
Past Due or Impaired 2014 $’000 |
Past Due or Impaired 2013 $’000 |
Loans and receivables |
|
|
|
|
Receivables for goods and services |
654 |
10 |
- |
- |
Total |
654 |
10 |
- |
- |
|
Ageing of financial assets that were past due but not impaired in 2014 |
|
0 to 30 days |
31 to 60 days |
61 to 90 days |
90+ days |
Total |
|
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
Receivables for goods and services |
- |
55 |
- |
- |
55 |
Total |
- |
55 |
- |
- |
55 |
|
Ageing of financial assets that were past due but not impaired in 2013 |
|
0 to 30 days |
31 to 60 days |
61 to 90 days |
90+ days |
Total |
|
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
Receivables for goods and services |
- |
- |
- |
- |
- |
Total |
- |
- |
- |
- |
- |
Fair Work Commission’s financial liabilities are payables. The exposure to liquidity risk is based on the notion that Fair Work Commission will encounter difficulty in meeting its obligations associated with financial liabilities. This is highly unlikely due to appropriation funding from the Australian Government and Fair Work Commission manages its budgeted funds to ensure it has adequate funds to meet payments as they fall due. In addition, Fair Work Commission has policies and procedures in place to ensure timely payments were made when due and has no past experience of default.
Maturities for non-derivative financial liabilities in 2014 |
|
On demand |
within 1 year |
between 1 to 2 years |
between 2 to 5 years |
more than 5 years |
Total |
|
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
Trade creditors |
- |
3,867 |
- |
- |
- |
3,867 |
Total |
- |
3,867 |
- |
- |
- |
3,867 |
|
Maturities for non-derivative financial liabilities in 2013 |
|
On demand |
within 1 year |
between 1 to 2 years |
between 2 to 5 years |
more than 5 years |
Total |
|
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
$’000 |
Trade creditors |
- |
3,518 |
- |
- |
- |
3,518 |
Total |
- |
3,518 |
- |
- |
- |
3,518 |
Fair Work Commission held basic financial instruments that did not expose Fair Work Commission to certain market risks such as currency risk, other price risk or interest rate risk.