Annual Report 2010–2011, Part 2: Financial (1.8 ... - Tourism Victoria

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
30 JUNE 2011
Note 4. Receivables
2011 2010
$ $
Current receivables
Contractual
Debtors (a) 507,045 9,813,601
Other receivables 107,713 82,957
614,758 9,896,557
Statutory
GST Input tax credit recoverable 839,389 797,017
839,389 797,017
Total current receivables 1,454,147 10,693,575
(a) The average credit period on sales of goods and/or services is 30 days. No interest is charged on other receivables.
(b) Ageing analysis of contractual receivables, please refer to note 14(b).
(c) Nature and extent of risk rising from contractual receivables, please refer to note 14(b).
Note 5. Investments
2011 2010
$ $
Non traded investments
Shares in other entities (at cost) 1 1
1 1
Impairment of shares
2011 2010
$ $
Opening balance 1 1
Closing balance 1 1
Note 5(a)
In June 2001 Tourism Victoria, along with all the other state tourism authorities, and Tourism Australia contributed share capital
to the establishment of Australian Tourism Data Warehouse Pty Ltd (ATDW). ATDW is a company limited by share, incorporated
in New South Wales.
Paragraph 10 of the Shareholders Agreement states that a shareholder can only dispose of shares to another shareholder.
In practical terms this means that the shares cannot be sold as they will not be purchased by an existing shareholder.
Tourism Victoria believes that because of the nature of ATDW and its shareholders and the restrictions in the shareholder agreement,
Tourism Victoria is unable to find a shareholder to purchase the shares. Therefore, using the definition in AASB 139 of ‘Fair Value’,
the shares have little value. Consequently the shares have been impaired to $1.
38 TOURISM VICTORIA ANNUAL REPORT 2010–11