Financial Position

2.1 Financial Assets

2.1A Cash and Cash Equivalents

	2017 $'000	2016 $'000
Cash on hand or on deposit	66	128
Total cash on hand or equivalents	66	128

Accounting Policy

Cash is recognised at its nominal amount. Cash and cash equivalents includes:

1. cash on hand; and
2. demand deposits in bank accounts with an original maturity of 3 months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value.

2.1B Trade and Other Receivables

	2017 $'000	2016 $'000
Goods and services receivables
Goods and services	16	112
Total goods and services receivables	16	112
Appropriations receivables
Appropriation receivable	4,283	4,191
Total appropriations receivables	4,283	4,191
Other receivables
GST receivable from the Australian Taxation Office	63	52
Total other receivables	63	52
Total trade and other receivables (gross)	4,362	4,355
Total trade and other receivables (net)	4,362	4,355
Credit terms for goods and services were within 30 days (2016: 30 days).

Accounting Policy

Loans and Receivables

Trade receivables, loans and other receivables that have fixed or determinable payments and that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method less impairment.

Appropriation Receivables

Appropriations receivable are undrawn appropriations controlled by the Agency but held in the Official Public Account under the Governments's just in time drawdown arrangements.

2.2 Non-Financial Assets

2.2A Reconciliation of the Opening and Closing Balances of Leasehold improvements and Plant and equipment

	Leasehold improvements $'000	Plant and equipment $'000	Total $'000
As at 1 July 2016
Gross book value	74	-	74
Accumulated depreciation, amortisation and impairment	(1)	-	(1)
Total as at July 1 2016	73	-	73
Additions
Purchase	-	80	80
Depreciation and amortisation	(16)	(4)	(20)
Total as at 30 June 2017	57	76	133
Total as at 30 June 2017 represented by
Gross book value	74	80	154
Accumulated depreciation, amortisation and impairment	(17)	(4)	(21)
Total as at 30 June 2017	57	76	133

Leasehold improvements for 2017 is $0 (2016: $74,345). The total leasehold improvements for 2016 refers to the fit out of the conference room.

There were no indicators of impairment found for property, plant and equipment.

Property, plant and equipment are not expected to be sold or disposed of within the next 12 months.

Accounting Policy

Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor’s accounts immediately prior to the restructuring.

Asset Recognition Threshold

Purchases of property, plant and equipment are initially recognised at cost in the statement of financial position, except for purchases costing less than $2,000, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total).

Revaluations

Following initial recognition at cost, property, plant and equipment are carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets did not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depended upon the volatility of movements in market values for the relevant assets.

Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/deficit. Revaluation decrements for a class of assets are recognised directly in the surplus/deficit except to the extent that they reverse a previous revaluation increment for that class. Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.

Depreciation

Depreciable property, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the entity using, in all cases, the straight-line method of depreciation.

Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate.

Depreciation rates applying to each class of depreciable asset are based on the following useful lives:

Class	2017	2016
Leasehold Improvements:	Lesser of 4 years or the lease term.	Lesser of 4 years or the lease term.
Plant and Equipment:	4 to 5 years	-

Impairment

All assets were assessed for impairment at 30 June 2017. Where indications of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount.

The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset’s ability to generate future cash flows, and the asset would be replaced if the entity were deprived of the asset, its value in use is taken to be its depreciated replacement cost.

Derecognition

An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

	2017 $'000	2016 $'000
Trade creditors and accruals	593	588
Total suppliers	593	588

Settlement terms for suppliers is usually within 30 days