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Annual Report 2018-2019 Essential Services Commission of South Australia



Annual Report 2018-2019 Essential Services Commission of South Australia

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Tabled paper 1481


Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT






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Tabled papers

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Department of the Legislative Assembly

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Essential Services Commission Notes to and forming part of the financial statements for the year ended 30 June 2019 26 10.3. Financial instruments Financial risk management Risk management is overseen by the Commission and the Commissions Leadership Team. The Risk Management Framework set by the Commission is in accordance with the Risk Management Policy Statement issued by the Premier and Treasurer and the principles established in the Australian Standard Risk Management Principles and Guidelines. The Commissions exposure to financial risk (liquidity, credit and market) is low due to the nature of the financial instruments held. There have been no changes in risk exposure since the last reporting period. Categorisation of financial instruments Details of the significant accounting policies and methods adopted including the criteria for recognition, the basis of measurement, and the basis on which income and expenses are recognised with respect to each class of financial asset, financial liability and equity instrument are disclosed in the respective financial asset / financial liability note. Classification from 1 July 2018 under AASB 9 Financial Instruments On initial recognition, a financial asset is classified as measured at amortised cost, fair value through other comprehensive income (FVOCL) debt instrument, FVOCI equity instrument or fair value through profit or loss. A financial asset is measured at amortised cost if it meets both of the following conditions: It is held within a business model whose objective is to hold assets to collect contractual cash flows; and Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest only on the principal amount outstanding. The Commission measures all financial instruments at amortised cost. Contractual maturities Category of financial asset and financial liability Carrying amount / FV Carrying amount / FV 2019 2018 Note $'000 $'000 Financial assets at amortised cost Cash and cash equivalents 8 483 8 819 Total financial assets 8 483 8 819 Financial liabilities at amortised cost Payables 7.1 90 89 Total financial liabilities 90 89 Payables Amount of payables disclosed excludes amounts relating to statutory payables (Commonwealth, State and Local Government taxes, fees and charges; Auditor-General's Department audit fees).