Page 92 - BWA Annual Report 2023

WESTERN AUSTRALIAN BASKETBALL FEDERATION (INC.)
Notes to the financial statements
for the year ended 31 December 2023
Note
4 Financial assets and financial liabilities (cont.)
4.2 Trade and other receivables
2023 2022 $$
4.2.1 Current
Trade debtors
Accrued income GST receivable Other receivables
246,127 - - 267
100,898 22,880 - 38,110
246,394
161,888
4.2.3 The average credit period on rendering of services ranges from current to 30 days. Interest is not charged. No allowance has been made for estimated irrecoverable trade receivable amounts arising from past sale of goods and rendering of services, determined by reference to past default experience. Amounts are considered as ‘past due’ when the debt has not been settled, within the terms and conditions agreed between the Association and the customer or counter party to the transaction.
4.2.4 Accounting policy
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for expected credit loss. Trade receivables are due for settlement within no more than 30 days.
a. Determining the stage for impairment
The Association has a forward-looking Expected Credit Loss (ECL) model which considers historic, current, and forward- looking information (including macro-economic data) to estimate impairment losses when material.
4.3 Financial assets
4.3.1 Current
Loans: Basketball SW
4.3.2 Non-current
Loans: Basketball SW
2023 2022 $$
-
5,750
-
5,750
-
17,265
-
17,265
4.4 Other assets
4.4.1 Current Prepayments
Flight credits
Other current assets
2023 2022 $$
153,792 - -
73,768 3,539 3,000
153,792
80,307
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