Annual Report 2018-2019 Essential Services Commission of South Australia
Tabled paper 1481
Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT
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Department of the Legislative Assembly
Essential Services Commission Notes to and forming part of the financial statements for the year ended 30 June 2019 16 Revision of accounting estimates Asset residual values, useful lives and amortisation methods for intangible assets are reviewed and adjusted if appropriate, on an annual basis. No adjustments were made during the reporting period. Changes in the expected life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for prospectively by changing the time period or method, as appropriate. Useful life Depreciation / amortisation is calculated on a straight line basis over the estimated useful life of the following classes of assets as follows: Class of asset Useful life (years) Leasehold improvements 3-10 Furniture and fittings 3-10 Office equipment IT 3-5 Office equipment - Other 3-5 Intangibles 3-6 The amortisation period and the amortisation method for intangible assets is reviewed on an annual basis. 3.3. Other expenses 2019 2018 Note $'000 $'000 Allowances for doubtful debts 6.1 8 (6) Derecognition of asset - 36 Total other expenses 8 30 4. Income 4.1. Revenue from licence and administration fees Note Electricity Gas Water 2019 2018 $'000 $'000 $'000 $'000 $'000 Licence fees 5 216 2 397 9 880 17 493 17 595 Administration fees 694 211 - 905 859 Administered items 11 (5 387) (2 228) (6 076) (13 691) (13 356) Total fees 523 380 3 804 4 707 5 098 Income is recognised to the extent that it is probable that the flow of economic benefits to the Commission will occur and can be reliably measured. Income has been aggregated according to its nature and has not been offset unless required or permitted by a specific standard, or where offsetting reflects the substance of the transaction or other event. Licence and administration fees are measured at the fair value of consideration received or receivable. The licence and administration fees are set by the relevant Minister in accordance with sections under the relevant Acts. Licence and administration fee revenue is recognised when it is received or receivable. Unearned revenue is recognised where cash is received by the Commission for licence or administration fees prior to the date of renewal or issue.