2002 - 2003 Annual Report - Tourism Australia

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Notes to and forming part of the Financial Statements For the year ended 30 June 2003 Australian Tourist Commission 15 Financial Instruments 15a Terms, conditions and accounting policies Financial Instrument Notes Accounting Policies and Methods Nature of underlying instrument (including recognition criteria and (including significant terms & conditions measurement basis) affecting the amount, timing and certainty of cash flows) Financial assets Financial assets are recognised when control over future economic benefits is established and the amount of the benefit can be reliably measured. Cash Investments 6a Cash and investments are recognised at Temporarily surplus funds, mainly from 4e their nominal amounts. Interest is credited monthly drawdowns of appropriation, to revenue as it accrues. are placed on deposit at call with the Commission’s banker. Interest is earned on the daily balance at the prevailing daily rate. Interest on deposits at call is paid at month end, interest on term deposits are paid on maturity and interest on cash is paid at month end. Receivables for 6b These receivables are recognised at the Credit terms are up to net 30 days goods & services nominal amounts due less any provision for (2001/02: 30 days). bad and doubtful debts. Provisions are made when collection of the debt is judged to be less rather than more likely. Appropriations receivable These receivables are recognised at the Balance of departmental appropriations nominal amounts due. made by the Parliament to the Commission has not been drawn down by the Commission at the reporting date. Other 6c Prepaid expenses and accrued income are Expenses relating to future period but recognised at the nominal amounts. paid during the current period are deferred to the future period. Income relating to the current period but received in the future period is recognised in the current period. Financial Liabilities Financial liabilities are recognised when a present obligation to another party is entered into and the amount of the liability can be reliably measured. Trade creditors 8c Creditors and accruals are recognised at their Settlement is usually made up to net nominal amounts, being the amounts at which 30 days (2001/02: 30 days). the liabilities will be settled. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced). Other Payables 8d Revenues received in advance are recognised Revenue relating to a future period, at the nominal amounts. but received during the current period is deferred to the future period. 90
Financial Instruments (cont.) 15b Interest Rate Risk Financial Instrument Notes Floating interest Fixed interest rate Non-interest Total Weighted rate bearing Average effective 1 year or less 1 to 2 years 2 to 5 years > 5 years interest rate Financial Assets (Recognised) 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Cash at Bank 6a 1,730 3,307 - - - - - - - - - - 1,730 3,307 3.7 1.3 Cash on Hand 6a - - - - - - - - - - 6 7 6 7 n/a n/a Receivables for goods and services 6b - - - - - - - - - - 3,516 4,586 3,516 4,663 n/a n/a Deposits at Call 6a 1,061 8,233 - - - - - - - - - - 1,061 8,233 4.7 4.7 Other Debtors 6c - - - - - - - - - - 11,332 1,033 11,332 956 n/a n/a Investment 6d - - - - - - - - - - 220 235 220 235 n/a n/a Total 2,791 11,540 - - - - - - - - 15,074 5,861 17,865 17,401 Total Assets 22,021 23,177 Financial Liabilities Trade creditors 8c - - - - - - - - - - 9,085 12,929 9,085 12,929 n/a n/a Other payables 8d - - - - - - - - - - 656 879 656 879 n/a n/a Total - - - - - - - - - - 9,741 13,808 9,741 13,808 Total Liabilities 13,155 17,530 91
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Australian Tourist Commission ANNUA
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Contents 2 Principles 4 Highlights
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OUR OBJECTIVES The Australian Touri
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australia.com australia.com deliver
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OUTCOMES • There were 4,655,800 v
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$1.4 billion.The state tourism orga
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Eastern Hemisphere Overview The Eas
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South East Asia Overview Offices in
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Indonesia Australia received a tota
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Singapore Australia received a tota
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North and North East Asia Overview
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China Australia received a total of
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Korea Korea continued to show growt
Page 28 and 29:
WESTERN HEMISPHERE Overview The Wes
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United Kingdom Overview The UK demo
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Italy The ATC resumed its presence
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The Netherlands and Switzerland Bot
Page 36:
New Zealand Overview New Zealand re
Page 40 and 41:
Hemispheres The Hemispheres divisio
Page 42 and 43: Advertising and Design The Advertis
Page 44 and 45: International Media International M
Page 46 and 47: Food and Wine • Cooperative marke
Page 48 and 49: Trade Events The Trade Events depar
Page 50 and 51: Business Tourism The role of the AT
Page 52 and 53: Organisational Development The role
Page 54 and 55: Public Affairs The Public Affairs d
Page 56 and 57: Highlights and activities • An ed
Page 58 and 59: Conflicts of interest The Board has
Page 60 and 61: Directors of the Australian Tourist
Page 62 and 63: Management and Organisation Structu
Page 64 and 65: International visitor arrivals Visi
Page 67 and 68: Financial Reports 65
Page 69 and 70: Statement by Directors For the year
Page 71 and 72: Statement of Financial Position As
Page 73 and 74: Schedule of Commitments As at 30 Ju
Page 75 and 76: Notes to and forming part of the Fi
Page 91: Notes to and forming part of the Fi
Page 95 and 96: Glossary of Terms AACB Association
Page 97: ATC Offices - worldwide Sydney (hea
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2002 - 2003 Annual Report - Tourism Australia

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