NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
(p) Receivables
Trade receivables and other receivables are recorded at amounts due less any provision for
doubtful debts.
Bills of exchange are recorded at amortised cost, with revenue recognised on an effective yield
basis.
(q) Recoverable Amount of Non-Current Assets
Non-current assets are written down to recoverable amount where the carrying value of any
non-current asset exceeds recoverable amount. In determining the recoverable amount of non-
current assets, the expected net cash flows have not been discounted to their discount value.
(r) Revenue Recognition
Sale of Goods and Disposal of Assets
Revenue from the sale of goods and disposal of other assets is recognised when the economic
entity has passed control of the goods or other assets to the buyer.
Rendering of Services
Revenue from a contract to provide services is recognised by reference to the stage of
completion of the contract.
Contribution of Assets
Revenue arising from the contribution of assets is recognised when the economic entity gains
control of the contribution or the right to receive the contribution.
Liabilities Forgiven
The gross amount of a liability forgiven by a credit provider is recognised as revenue.
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