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FINANCIAL REPORT
NOTES TO THE FINANCIAL
STATEMENTS FOR THE YEAR
ENDED 30 JUNE 2018 G. Cash and Cash Equivalents
(CONTINUED) Cash and cash equivalents include cash on
hand, deposits held at call with banks, other
short-term highly liquid investments and bank
E. Employee Benefits overdrafts. Bank overdrafts are shown within
Provision is made for the company’s short-term borrowings in current liabilities on
liability for employee benefits arising from the statement of financial position.
services rendered by employees to the
end of the reporting period. Employee
benefits have been measured at the H. Revenue and Other Income
amounts expected to be paid when the Revenue is measured at the fair value of the
liability is settled. consideration received or receivable after
taking into account any trade discounts and
F. Provisions volume rebates allowed. Any consideration
Provisions are recognised when the deferred is treated as the provision of finance
company has a legal or constructive and is discounted at a rate of interest that is
obligation, as a result of past events, for generally accepted in the market for similar
which it is probable that an outflow of arrangements. The difference between the
economic benefits will result and that amount initially recognised and the amount
outflow can be reliably measured. ultimately received is interest revenue.
Provisions are measured using the best
estimate of the amounts required to settle Revenue from the sale of goods is recognised
the obligation at the end of the reporting at the point of delivery as this corresponds to
period. the transfer of significant risks and rewards of
ownership of the goods and the cessation of all
Provisions for future subsidies are involvement in those goods.
recognised by way of calculation of the Interest revenue is recognised using the
number of apprentices supported direct effective interest rate method, which, for
and through Group Training floating rate financial assets is the rate inherent
Organisations in all States as at 30 June in the instrument.
2018. The calculation is determined on
each apprentice’s time to complete All revenue is stated net of the amount of
his/her 3 years of their apprenticeship. goods and services tax (GST).
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Annual Report 2017-2018 nnual Report 2017-2018
