This note presents the sources and amounts of income to the Authority, and the accounting policies that are relevant for an understanding of the items reported in the financial statements.
Income is recognised to the extent it is probable the economic benefits will flow to the Authority and the income can be reliably measured at fair value.
- 2.1 Summary of income that funds the delivery of our services
- 2.2 Income from transactions
- 2.2.1 Grants
2.1 Summary of income that funds the delivery of our services
Income is recognised net of goods and services tax (GST) to the extent it is probable the economic benefits will flow to the Authority and the income can be reliably measured at fair value. Where applicable, amounts disclosed as income are net of returns, allowances, duties and taxes.
2.2 Income from transactions
|Department of Health and Human Services||1,519|
|Department of Premier and Cabinet||301|
Grant income arises from transactions in which a party provides goods or assets (or extinguishes a liability) to the Authority without receiving approximately equal value in return. While grants may result in the provision of some goods or services to the transferring party, they do not provide a claim to receive benefits directly of approximately equal value (and are termed ‘nonreciprocal’ transfers). Receipt and sacrifice of approximately equal value may occur, but only by coincidence.
Reviewed 28 October 2019