Note 8: Receivables
Accounting policy
Short-term receivables are recorded at their face value, less any provision for impairment.
A receivable is considered impaired when there is sufficient evidence that the Office will not be able to collect the amount due. The amount of the impairment is the difference between the carrying amount of the receivable and the present value of the amounts expected to be collected.
Breakdown of receivables and further information
| Actual 2015/16 $000 | Actual 2014/15 $000 | |
|---|---|---|
| Receivables under exchange transactions | ||
| Debtors | 6,999 | 8,784 |
| Other receivables | (27) | 9 |
| Total receivables under exchange transactions | 6,972 | 8,793 |
| Total receivables under non-exchange transactions | 7 | - |
| Total receivables | 6,979 | 8,793 |
The carrying value of receivables approximates their fair value.
The ageing profile of receivables at year-end is detailed below:
| Actual 2015/16 | Actual 2014/15 | |||||
|---|---|---|---|---|---|---|
| Gross $000 | Impairment provision $000 | Net $000 | Gross $000 | Impairment provision $000 | Net $000 | |
| Not past due | 5,457 | - | 5,457 | 6,994 | - | 6,994 |
| Past due 1-30 days | 863 | - | 863 | 946 | - | 946 |
| Past due 31-60 days | 3 | - | 3 | 437 | - | 437 |
| Past due 61-90 days | 482 | - | 482 | 155 | - | 155 |
| Past due over 90 days | 194 | (27) | 167 | 252 | - | 252 |
| Carrying amount | 6,999 | (27) | 6,972 | 8,784 | - | 8,784 |
The impairment provision has been calculated based on expected losses for the Office's pool of debtors. Expected losses have been determined based on an analysis of the Office's losses in previous years and review of specific debtors.
Movements in the provision for impairment of receivables are as follows:
| Actual 2015/16 $000 | Actual 2014/15 $000 | |
|---|---|---|
| Balance at 1 July | - | - |
| Additional provisions made during the year | 27 | - |
| Balance at 30 June | 27 | - |