3. Revenue
Recognition and Measurement
Income is recognised in accordance with the requirements of AASB 15 Revenue from Contracts with Customers or AASB 1058 Income of Not-for-Profit Entities, dependent on whether there is a contract with a customer defined by AASB 15 Revenue from Contracts with Customers. Comments regarding the accounting policies for the recognition of income are discussed below.
|
|
CONSOLIDATED |
AUTHORITY |
||
|---|---|---|---|---|
|
June 2021 $’000 |
June 2020 $’000 |
June 2021 $’000 |
June 2020 $’000 |
|
|
(A) GRANTS AND CONTRIBUTIONS |
|
|
|
|
|
GRANTS WITHOUT SUFFICIENTLY SPECIFIC PERFORMANCE OBLIGATIONS |
|
|
|
|
|
CAPITAL GRANTS |
8,505 |
- |
8,505 |
- |
|
RECURRENT GRANTS |
83,337 |
20,000 |
83,337 |
20,000 |
|
TOTAL |
91,842 |
20,000 |
91,842 |
20,000 |
Recognition and Measurement
Income from grants without sufficiently specific performance obligations is recognised when the Authority obtains control over the granted assets (e.g. cash).
(B) ACCEPTANCE BY THE CROWN IN RIGHT OF THE STATE OF NEW SOUTH WALES OF EMPLOYEE BENEFITS AND OTHER LIABILITIES THE FOLLOWING LIABILITIES AND/OR EXPENSES HAVE BEEN ASSUMED BY THE CROWN IN RIGHT OF THE STATE OF NEW SOUTH WALES:
|
|
CONSOLIDATED |
AUTHORITY |
||
|---|---|---|---|---|
|
June 2021 $’000 |
June 2020 $’000 |
June 2021 $’000 |
June 2020 $’000 |
|
|
LONG SERVICE LEAVE |
1,059 |
1,548 |
- |
- |
|
SUPERANNUATION - DEFINED BENEFIT |
- |
4 |
- |
- |
|
TOTAL |
1,059 |
1,552 |
- |
- |