Annual Report - COMPLETE - Australian Crime Commission

1.3 Changes in Accounting Policy
The accounting policies used in the preparation of these financial statements are consistent with
those used in 2002-03.
1.4 Revenue
The revenues described in this Note are revenues relating to the core operating activities of the
ACC.
Revenues from Government
Amounts appropriated for Departmental outputs appropriations for the period (less any savings and
reductions) are recognised as revenue, except for certain amounts that relate to activities that are
reciprocal in nature, in which case revenue is recognised only when it has been earned.
Appropriations receivable are recognised at their nominal amounts.
Resources Received Free of Charge
The ACC’s mission is to enhance Australian Law Enforcement Capacity to counter serious and
organised criminal activity. The agency works in partnership with its fellow Law Enforcement
Agencies (LEA’s) to achieve this goal. Our LEA’s partners supply significant resources Free of
Charge (FOC) by the following two arrangements:
• Resources being allocated to a specific taskforce through Board ratification; or
• Resources provided by Australian Law Enforcement Agencies; the Australian Customs
Service; the Australian Tax Office; or the Crime and Misconduct Commission by
agreement with the Agency.
Services received free of charge are recognised as revenue when and only when a fair value can
be reliably measured and service has been performed. The consumption of Free of Charges
Resources is recognised as an expense.
Other Revenue
Revenue from the sale of goods is recognised upon the delivery of goods to customers.
Revenue from rendering of services is recognised by reference to the stage of completion of
contracts or other agreements to provide services. The stage of completion is determined
according to the proportion that costs incurred to date compared to the estimated total costs of the
transaction.
Receivables for goods and services are recognised at the nominal amounts due less any provision
for bad and doubtful debts. Collectability of debts is reviewed at balance date. Provisions are
made when collectability of the debt is judged to be less rather than more likely.
Revenue from disposal of non-current assets is recognised when control of the asset has passed to
the buyer.
102 I ACC ANNUAL REPORT 2003–04