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 22 On 1 July 2018, the Commission has assessed and reclassified its financial assets into the appropriate AASB 9 categories depending on the business model and contractual cash flow characteristics applying to the asset. AASB 9 eliminates the AASB 139 categories of held to maturity, loans and receivables and available for sale. On the date of initial application, the Commissions financial instruments were as follows, with any reclassifications noted. Measurement category AASB 139 at 30 June 2018 Carrying amount re measurement AASB 9 at 1 July 2018 AASB 139 AASB 9 $000 $000 $000 Current financial assets Cash and cash equivalents Held to maturity Amortised cost 8 819 - 8 819 Current financial liabilities Payables Amortised cost Amortised cost 89 - 89 9. Outlook 9.1. Unrecognised contractual commitments Commitments arise from contractual or statutory sources and are disclosed at their nominal value. Expenditure commitments Commitments for the payment of consultant contracts in existence at the reporting date but not recognised as liabilities are payable as follows: 2019 2018 $'000 $'000 Within one year - 15 Total expenditure commitments - 15 Operating lease commitments The Commission's operating leases are for office accommodation and motor vehicles. The accommodation lease is non-cancellable with the option to renew. Commitments for the payments of the contracts in existence at the reporting date but not recognised are payable as follows: 2019 2018 $'000 $'000 Within one year 420 405 Later than one year but not later than five years 1 074 1 494 Total operating lease commitments 1 494 1 899 9.2. Contingent assets and contingent liabilities Contingent assets and contingent liabilities are not recognised in the Statement of Financial Position, but are disclosed by way of a note and, if quantifiable, are measured at nominal value. The Commission is not aware of any contingent assets or contingent liabilities as at 30 June 2019.