Department of Sustainability, Environment, Water, Population and Communities

Note 16C. Net Income and Expense from Financial Liabilities
Financial liabilities - at amortised cost
Write-downs of provisions and payables	56		136
Net gain/(loss) from financial liabilities - at amortised cost	56		136
Net gain/(loss) from financial liabilities	56		136

Note 16D. Fair Value of Financial Instruments
The fair value of all financial assets and liabilities approximate their carrying amounts.

Note 16E. Credit Risk
The Department was exposed to minimal credit risk as loans and receivables were cash and trade receivables. The maximum exposure to credit risk was the risk that arises from potential default of a debtor. This amount was equal to the total amount of trade receivables (2013: $7,016,000 and 2012: $5,787,000). The Department had assessed the risk of the default on payment and had allocated $42,000 in 2013 (2012: $130,000) to an impairment allowance account. The Department managed its credit risk by undertaking background and credit checks prior to allowing a debtor relationship. In addition, the Department had policies and procedures that guided employees in debt recovery techniques that were to be applied. The Department held no collateral to mitigate against credit risk.
The following table illustrates the Department's gross exposure to credit risk, excluding any collateral or credit enhancements.
				2013	2012
				$'000	$'000
Financial assets
Loans and receivables
Cash on hand or on deposit				2,992	5,468
Goods and services receivables				6,821	4,759
Other receivables				153	898
Accrued revenue - goods and services				4,738	3,842
Total				14,704	14,967
Credit quality of financial instruments not past due or individually determined as impaired
		Not past due nor impaired	Not past due nor impaired	Past due or impaired	Past due or impaired
		2013	2012	2013	2012
		$'000	$'000	$'000	$'000
Loans and receivables
Cash on hand or on deposit		2,992	5,468	-	-
Goods and services receivables		5,563	2,881	1,258	1,878
Other receivables		153	898	-	-
Accrued revenue - goods and services		4,738	3,842	-	-
Total		13,446	13,089	1,258	1,878
Ageing of financial assets that were past due but not impaired for 2013
	0 to 30	31 to 60	61 to 90	90+
	days	days	days	days	Total
	$'000	$'000	$'000	$'000	$'000
Loans and receivables
Goods and services and other receivables	972	221	33	32	1,258
Total	972	221	33	32	1,258
Ageing of financial assets that were past due but not impaired for 2012
	0 to 30	31 to 60	61 to 90	90+
	days	days	days	days	Total
	$'000	$'000	$'000	$'000	$'000
Loans and receivables
Goods and services and other receivables	816	471	3	588	1,878
Total	816	471	3	588	1,878