Zoological Parks Authority - Parliament of Western Australia - The ...

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Zoological Parks Authority ANNUAL REPORT 2012 Disclosures and Legal Compliance Financial Statements Zoological Parks Authority Notes to the Financial Statements for the Year Ended 30 June 2012 continued 35. Financial instruments continued Fair values All financial assets and liabilities recognised in the Statement of Financial Position, whether they are carried at cost or fair value, are recognised at amounts that represent a reasonable approximation of fair value unless otherwise stated in the applicable notes. The fair value of short-term receivables and payables is the transaction cost of the face value because there is no interest rate applicable and subsequent measurement is not required as the effect of discounting is not material. The fair value of lease liabilities is at amortised cost using the effective interest method. (b) Categories of financial instruments The carrying amounts of each of the following categories of financial assets and financial liabilities at the end of the reporting period are: 2012 2011 $ $ Financial assets Cash and cash equivalents 4,276,660 4,347,259 Restricted cash and cash equivalents 875,650 328,840 Receivables (i) 353,498 334,237 Amounts receivable for services 9,934,000 9,596,000 Financial liabilities Payables 1,615,333 682,269 (i) The amount of loans and receivables excludes GST recoverable from the ATO (statutory receivable). 108
Zoological Parks Authority ANNUAL REPORT 2012 Disclosures and Legal Compliance Financial Statements Zoological Parks Authority Notes to the Financial Statements for the Year Ended 30 June 2012 continued 35. Financial Instruments continued (c) Financial Instrument Disclosures Credit risk The following table details the Authority’s maximum exposure to credit risk and the ageing analysis of financial assets. The Authority’s maximum exposure to credit risk at the end of the reporting period is the carrying amount of the financial assets as shown below. The table discloses the ageing of financial assets that are past due but not impaired and impaired financial assets. The table is based on information provided to senior management of the Authority. The Authority does not hold any collateral as security or other credit enhancements relating to the financial assets it holds. Aged analysis of financial assets Past due but not impaired Not past Carrying Up to 1 1-3 3 Months to 1-5 due and not Amount Month Months 1 Year Years impaired More than 5 Years Impaired financial assets $ $ $ $ $ $ $ $ Financial Assets 2012 Cash and cash equivalents 4,276,660 4,276,660 – – – – – – Restricted cash and cash equivalents 875,650 875,650 – – – – – – Receivables (a) 353,498 292,127 3,334 24,684 32,071 1,282 – – Amounts receivable for services 9,934,000 9,934,000 – – – – – – 15,439,808 15,378,437 3,334 24,684 32,071 1,282 – – 2011 Cash and cash equivalents 4,347,259 4,347,259 – – – – – – Restricted cash and cash equivalents 328,840 328,840 – – – – – – Receivables (a) 334,237 194,581 80,757 58,378 – 521 – – Amounts receivable for services 9,596,000 9,596,000 – – – – – – 14,606,336 14,466,680 80,757 58,378 – 521 – – (a) The amount of receivables excludes GST recoverable from the ATO (statutory receivable). 109
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