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

The ageing profile of receivables at year-end is detailed below:

2016/172015/16
GrossImpairmentNetGrossImpairmentNet
$000$000$000$000$000$000
Not past due 5,477 - 5,477 5,464 - 5,464
Past due 1-30 days 1,279 - 1,279 863 - 863
Past due 31-60 days 237 - 237 3 - 3
Past due 61-90 days 54 - 54 482 - 482
Past due >90 days 71 (31) 40 198 (31) 167
Carrying amount 7,118 (31) 7,087 7,010 (31) 6,979

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
2016/17
$000
Actual
2015/16
$000
Balance at 1 July 31 -
Additional provisions made during the year - 31
Receivables written off during the period - -
Balance at 30 June 31 31