LEGAL SERVICES COMMISSIONER ANNUAL REPORT 2012

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15 Financial instruments CONTINUED(d) Credit quality of contractual financial assets that are neither past due nor impaired2012 2011$ $Cash and deposits:Financial institutions: AA- (S&P) 204,772 1,776,758204,772 1,776,758(e) Ageing analysis of contractual financial assets and interest rate exposure of financial assets2012WEIGHTEDAVERAGE INTERESTRATE%CARRYINGAMOUNTINTEREST RATEEXPOSUREVARIABLEINTEREST RATENON-INTERESTBEARINGNOT PAST DUE ANDNOT IMPAIREDPAST DUEIMPAIRMENT$ $ $ $ $ $Receivables:Accrued income - - - - - - -Trade receivables - 466,123 - 583,107 37,668 545,439 (116,984)Other contractual financial assets:Cash and deposits 4.20 204,772 204,772 - - - -Other assets – loan to LSB 2,585,114 - 2,585,114 2,585,114 - -2,789,886 204,772 2,585,114 2,585,114 - -Total 3,256,009 204,772 3,168,221 2,622,782 545,439 (116,984)2011Receivables:Accrued income - 429,654 - 429,654 429,654 - -Trade receivables - - - - - - -Other contractual financial assets:Cash and deposits 4.77 1,776,758 1,776,758 - - - -Other assets – loan to LSB 85 - 85 85 - -1,776,843 1,776,758 85 85 - -Total 2,206,497 1,776,758 429,739 429,739 - -There are no material financial assets which are individually determined to be impaired. Currently the LSC does not hold anycollateral as security nor credit enhancements relating to any of its financial assets.There are no financial assets that have had their terms renegotiated so as to prevent them from being past due or impaired,and they are stated at the carrying amounts as indicated.74 Legal Services COMMISSIONER Annual Report 2012
15 Financial instruments CONTINUED(f) Liquidity riskLiquidity risk is the risk that the LSC would be unable to meet its financial obligations as and when they fall due. The LSCoperates under the Government’s fair payments policy of settling financial obligations within 30 days and in the event of adispute, making payments within 30 days from the date of resolution.The LSC’s maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed in the face of thebalance sheet. The LSC manages its liquidity risk by:• maintaining an adequate level of uncommitted funds that can be drawn at short notice to meet its short term obligations;and• careful maturity planning of its financial obligations based on forecasts of future cash flows.The LSC’s exposure to liquidity risk is deemed insignificant based on prior periods’ data and current assessment of risk.(g) Maturity analysis of contractual financial liabilities2012 CARRYINGAMOUNTNOMINALAMOUNTLESSTHAN 1MONTH1-3MONTHS3 MONTHS-1 YEAR1-5YEARS$ $ $ $ $ $Contractual financial liabilities:Interest bearing liabilities 44,123 44,123 1,978 3,956 21,882 16,307Payables 460,545 460,545 219,490 241,055 - -Total 504,668 504,668 221,468 245,011 21,882 16,3072011Contractual financial liabilities:Interest bearing liabilities 81,347 81,347 2,669 5,338 29,217 44,123Payables 487,139 487,139 261,993 225,146 - -Total 568,486 568,486 264,662 230,484 29,217 44,123The above amounts disclosed are the contractual undiscounted cash flows of each class of financial liabilities.(h) Market riskThe LSC has insignificant exposure to foreign currency risk, interest rate risk, and other price risk. Objectives, policies andprocesses used to manage each of these risks are disclosed below:(i) Foreign currency riskThe LSC is not exposed to foreign currency risk as it does not hold any foreign financial instrument.(ii) Interest rate riskFair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in marketinterest rates. The LSC does not hold any interest bearing instruments that are measured at fair value, therefore has noexposure to fair value interest rate risk.As at 30 June 2012 the LSC has minimal exposure to cash flow interest rate risk as its Operating Bank Account is funded/swept nightly to the LSB General Account. The Disputed Cost Account is a trust account and all interest received is paidto disputing parties when disputes are resolved.The inter company loan balance owed by LSB to the LSC attracts no interest as the LSB is only required to pay the LSC theapproved funding budget to meet the expenses of the LSC.(iii) Other price riskThe LSC does not believe it has any exposure to other price risk.Legal Services COMMISSIONER Annual Report 2012 75
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contentsAbout the Legal Services Co
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Education and OutreachIn accordance
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chapter 01REPORT OF OPERATIONSThis
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Figure 4 Top six issues that featur
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Overcharging complaint resolved wit
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An explanation and apology resolved
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The Complaints and InvestigationsTe
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Alternative disciplinary actionsWhe
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Oldham v Law Institute of Victoria
Page 26 and 27: Complaints outstandingThere were 57
Page 28 and 29: Educating consumers of legal servic
Page 33 and 34: chapter 02human resourcesOrganisati
Page 35 and 36: Executive officer dataAn executive
Page 37 and 38: chapter 03governanceFreedom of Info
Page 42 and 43: Waste generationThe LSC also monito
Page 44 and 45: Greenhouse gas emissionsBelow is a
Page 46 and 47: contentsAccountable Officer’s and
Page 48 and 49: Comprehensiveoperating statementFor
Page 50: Statement ofchanges in equityFor th
Page 54 and 55: 1 Summary of significant accounting
Page 60 and 61: Standard/InterpretationAASB 13 Fair
Page 62 and 63: Standard/InterpretationAASB 2011-2
Page 64 and 65: Standard/InterpretationAASB 2011-10
Page 66 and 67: 2 Income from transactions2012 2011
Page 68 and 69: 4 Cash and deposits2012 2011$ $(a)
Page 70: 7 Plant and equipment CONTINUEDCOMP
Page 73 and 74: 11 Provisions CONTINUED(b) Movement
Page 75: 15 Financial instruments CONTINUED(
Page 79 and 80: 19 Remuneration of executivesExecut
Page 81 and 82: Financial statementsDepending on th
Page 83 and 84: Legal Services COMMISSIONER Annual
Page 85 and 86: Figure 30 Investigations referred t
Page 87 and 88: Figure 34 Complaints finalisedThe f
Page 89 and 90: Figure 38 Outcomes of closed mixed
Page 91 and 92: Figure 43 Disciplinary applications
Page 93 and 94: No.VCATref.DateApplicationreferredH
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Page 103 and 104: Figure 46 Re-hearing applications t
Page 105 and 106: Date Delegate Functions delegated13
Page 111 and 112: Delegations revoked or made redunda
Page 113 and 114: Date ofRevocationDate ofDelegation1
Page 115 and 116: Date ofRevocationDate ofDelegation1
Page 117 and 118: Legislation Requirement Page Refere
Page 119 and 120: Revive Laser is Australian made and
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LEGAL SERVICES COMMISSIONER ANNUAL REPORT 2012

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