Appendices

The appendices to the annual report provide detailed information tables on staffing and other matters relevant to the Commission’s business

Appendix B: Financial statements

Note 14. Financial instruments

AUSTRALIAN PUBLIC SERVICE COMMISSION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the year ended 30 June 2008
  2008 $´000 2007 $´000
The total interest expense from financial liabilities not at fair value from profit and loss is $8,000 (2006-07: $13,000).
14a. Categories of financial instruments
Financial Assets
Loans and receivables
  • Cash and cash equivalents
542 559
  • Goods and services receivable
 2,809 3,554
  • Incentive receivable
 735 -
Total loans and receivables 4,086 4,113
Carrying amount of financial assets 4,086 4,113
Financial Liabilities
Liabilities at amortised cost
  • Trade creditors
 3,210 3,877
  • Other payables
 58 43
  • Finance lease
 345 386
Total liabilities at amortised cost 3,613 4,306
Carrying amount of financial liabilities 3,613 4,306
14b. Net income and expense from financial assets
Loans and receivables
  • Impairment on goods and services receivable
 (2) -
Net gain/(loss) loans and receivables (2) -
Net gain/(loss) from financial assets (2) -
14c. Net income and expense from financial liabilities
Financial liabilities - at amortised cost
  • Interest expense
 (28) (34)
Net gain/(loss) financial liabilities - at amortised cost (28) (34)
Net gain/(loss) from financial liabilities (28) (34)

14d. Fair value of financial instruments

The carrying amount of all financial assets and liabilities is a reasonable approximation of their fair value. The net fair values of finance lease liabilities are based on discounted cash flows using the interest rate implicit in the lease.

14e. Credit risk

The Commission is exposed to minimal credit risk as loans and receivables are cash, goods and services receivable and incentive receivable. The maximum exposure to credit risk is the risk that arises from potential default of a debtor. This amount is equal to the total amount of goods and services and incentive receivable (see note 14a). The Commission has assessed the risk of the default on payment and has allocated an allowance for impairment on goods and services receivable.

The Commission´s goods and services receivable are principally recoverable from other Australian Government agencies. The incentive receivable is recoverable from a building lessor, with the amount recoverable specified in the lease agreement. In addition, the Commission has policies and procedures that guide debt recovery techniques that are to be applied.

The Commission holds no collateral to mitigate against credit risk.

Credit quality of financial instruments not past due or individually determined as impaired
  Not Past Due Nor Impaired
2008
$´000		 Not Past Due Nor Impaired
2007
$´000		 Past due or impaired
2008
$´000		 Past due or impaired
2007
$´000
Financial Assets
Loans and receivables
Cash and cash equivalents 542 559 - -
Goods and services receivable 2,084 2,904 727 651
Incentive receivable 735 - - -
Total loans and receivables 3,361 3,463 727 651
Total 3,361 3,463 727 651

 

Ageing of financial assets that are past due but not impaired
  Year 0 to 30 days
$´000		 31 to 60 days
$´000		 61 to 90 days
$´000		 90+ days
$´000		 Total
$´000
Goods and services receivable: 2008 257 369 78 21 725
2007 445 80 19 106 650

 

The following list of assets have been individually assessed as impaired
  2008 $´000 2007 $´000
These items are assessed as impaired as they are past due by 90 + days and it will be uneconomic to pursue them.
Financial Assets
Loans and receivables
Goods and services receivable (2) (1)
Total (2) (1)

14f. Liquidity risk

The Commission´s financial liabilities are payables, finance leases and other interest bearing liabilities. The exposure to liquidity risk is based on the notion that the Commission will encounter difficulty in meeting its obligations associated with financial liabilities. This is highly unlikely due to appropriation funding and mechanisms available to the Commission (e.g. Advance to the Finance Minister), legislative requirements and internal policies and procedures put in place to ensure there are appropriate resources to meet financial obligations.

The following tables illustrate the maturities for financial liabilities
  On demand
2008
$´000		 Within 1 year
2008
$´000		 1 to 5 years
2008
$´000		 > 5 years
2008
$´000		 Total
2008
$´000
Financial Liabilities
Liabilities at amortised cost
  • Trade creditors
 - 3,210 - - 3,210
  • Other payables
 - 58 - - 58
  • Finance lease
 - 366 - - 366
Total liabilities at amortised cost - 3,634 - - 3,634
Total - 3,634 - - 3,634
  On demand
2007
$´000		 Within 1 year
2007
$´000		 1 to 5 years
2007
$´000		 > 5 years
2007
$´000		 Total
2007
$´000
Financial Liabilities
Liabilities at amortised cost
  • Trade creditors
 - 3,877 - - 3,877
  • Other payables
 - 43 - - 43
  • Finance lease
 - 217 195 - 412
Total liabilities at amortised cost - 4,137 195 - 4,332
Total - 4,137 195 - 4,332

The Commission is appropriated funding from the Australian Government. The Commission manages its budgeted funds to ensure it has adequate funds to meet payments as they fall due. In addition, the Commission has policies in place to ensure timely payment are made when due and has no past experience of default.

14g. Market risk

The Commission holds basic financial instruments that do not expose the Commission to certain market risks. The Commission is not exposed 'Currency risk' or 'Other price risk'.

Interest Rate Risk

The only interest-bearing items on the balance sheet are the 'Finance lease' liabilities'. All bear interest at a fixed interest rate and will not fluctuate due to changes in the market interest rate.

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Notes

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Appendices

A B C D E F G H