Page 74 - BWA 2021 ANNUAL REPORT

WESTERN AUSTRALIAN BASKETBALL FEDERATION INC.
Notes to the financial statements
for the year ended 31 December 2021
Note 4 Financial assets and financial liabilities (cont.)
4.2 Trade and other receivables
4.2.1 Current
Trade debtors
Accrued income GST receivable
22,436 22,409 -
44,845
2021 $
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
4.4 Other assets
4.4.1 Current Prepayments
Flight credits
11,500 11,500
34,515 34,515
54,635 102,498
157,133
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2020 $
32,347 14,909
6,716
53,972
2021 $
2020 $
5,750
5,750
28,765
28,765
2021 $
62,518 65,858
2020 $
128,376