Introduction
This section sets out those assets and liabilities that arose from the Commission’s delivery of services.
5.1 Receivables
| 2023 $ |
2022 $ |
|
| Contractual | ||
| Receivables | 1,636,797 | 1,936,943 |
| Statutory | ||
| Amounts receivable from government departments (i) | 17,011,658 | 12,171,215 |
| GST recoverable | 3,703 | 47,577 |
| Total receivables | 18,652,158 | 14,155,735 |
| Represented by: | ||
| Current receivables | 18,122,237 | 14,026,101 |
| Non-current receivables | 529,921 | 129,634 |
End of table.
Notes
(i) Amounts receivable from government departments represent funds including trusts held in the Public Account within the Department of Treasury and Finance. The monies held in trust account are disclosed as cash and cash equivalents in DPC’s administered items note to financial statements. These funds belong to, and are available for operations of, the Commission.
Contractual receivables
Contractual receivables are classified as financial instruments and measured at amortised cost. They are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment.
There are no financial assets that have had their terms renegotiated so as to prevent them from being past due or impaired, and they are stated at the carrying amounts as indicated.
Statutory receivables
Statutory receivables do not arise from contracts and are recognised and measured similarly to contractual receivables (except for impairment) but are not classified as financial instruments.
5.2 Payables
| 2023 $ |
2022 $ |
|
| Contractual | ||
| Creditors and accruals | 2,367,336 | 2,146,642 |
| Total payables | 2,367,336 | 2,146,642 |
| Represented by: | ||
| Current payables | 2,367,336 | 2,146,642 |
End of table.
Payables represent liabilities for goods and services provided to the Commission that are unpaid at the end of the financial year. Payables are initially measured at fair value, being the cost of the goods and services, and then subsequently measured at amortised cost.
5.3 Unearned income
| 2023 $ |
2022 $ |
|
| Unearned income | 1,573,106 | 2,447,361 |
| Total payables | 1,573,106 | 2,447,361 |
End of table.
Unearned income predominantly represents fees and charges received for training courses and assessments to be held in future periods for the Graduate Recruitment Scheme and Classification Assessment Implementation, which are disclosed in other income. Such income is recognised as unearned income within the liabilities section of the balance sheet.
5.4 Prepayments
| 2023 $ |
2022 $ |
|
| Prepayments | 346,249 | 328,881 |
| Total prepayments | 346,249 | 328,881 |
End of table.
Prepayments represent payments in advance of receipt of goods or services, or the payments made for services covering a term extending beyond that financial accounting period.
5.5 Other provisions
| 2023 $ |
2022 $ |
|
| Make-good provision | 109,850 | 90,440 |
| Total other provisions | 109,850 | 90,440 |
End of table.
The make-good provision is recognised in accordance with the agreement over the leased premises. The Commission is required to remove any leasehold improvements from the leased premises and restore the premises to its original condition at the end of the lease term.