Annual Report 2015–2016

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Note 7.4 Fair Value Measurement The following tables provide an analysis of assets and liabilities that are measured at fair value. The different levels of the fair value hierarchy are defined below. Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. Accounting Policy NHMRC engaged the service of Australian Valuation Solutions (AVS) to conduct desktop revaluation of all non-financial assets at 31 March 2016 and has relied upon those outcomes to establish carrying amounts. An annual assessment is undertaken to determine whether the carrying amount of the assets is materially different from the fair value. Comprehensive valuations carried out at least once every three years. AVS has provided written assurance to NHMRC that the models developed are in compliance with AASB 13. The methods utilised to determine and substantiate the unobservable inputs are derived and evaluated as follows: PART 5 financial report Physical depreciation and obsolescence - assets that do not transact with enough frequency or transparency to develop objective opinions of value from observable market evidence have been measured utilising the depreciated replacement cost approach. Under the depreciated replacement cost approach the estimated cost to replace the asset is calculated and then adjusted to take into account physical depreciation and obsolescence. Physical depreciation and obsolescence has been determined based on professional judgement regarding physical, economic and external obsolescence factors relevant to the asset under consideration. For all leasehold improvement assets, the consumed economic benefit/asset obsolescence deduction is determined based on the term of the associated lease. NHMRC's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. 7.4A: Fair Value Measurement Fair value measurements at the end of the reporting period 2016 2015 $'000 $'000 Category (Level 1, 2 or 3) Non-financial assets Plant and equipment 1 107 - 2 Valuation technique(s) and inputs used Market Approach: This approach seeks to estimate the fair value of an asset with reference to recent market transactions involving identical or comparable assets. Inputs: Prices and other relevant information generated by market transactions involving plant and equipment assets were considered. Plant and equipment 1 2,008 2,399 3 Depreciated Replacement Cost: The amount a market participant would be prepared to pay to acquire or construct a substitute asset of comparable utility, adjusted for physical depreciation and obsolescence. Inputs: Current costs per square metre of floor area relevant to the location of the asset. Physical depreciation and obsolescence has been determined based on the term of the associated lease. Leasehold improvements 2 2,917 3,362 3 Depreciated Replacement Cost: The amount a market participant would be prepared to pay to acquire or construct a substitute asset of comparable utility, adjusted for physical depreciation and obsolescence. Inputs: Current costs per square metre of floor area relevant to the location of the asset. Physical depreciation and obsolescence has been determined based on the term of the associated lease. Total non-financial assets 5,032 5,761 Total fair value measurements of assets in the statement of financial statements 5,032 5,761 1. No change in valuation technique occurred during the period 2. Relationship of unobservable inputs to fair value: greater consumption of economic benefit or increased obsolescence lowers fair value 7.4B: Reconciliation for Recurring Level 3 Fair Value Measurements Plant and Equipment Non-financial assets Leasehold Improvements Total 2016 2015 2016 2015 2016 2015 $'000 $'000 $'000 $'000 $'000 $'000 As at 1 July 2,399 3,162 3,362 3,886 5,761 7,048 Total gains/(losses) recognised in net cost of services 1 (147) (918) (826) (524) (973) (1,442) Total gains/(losses) recognised in other comprehensive income 2 - - - - - - Purchases 647 176 - - 647 176 Other movements (net effect of revaluation, reclassification of PP&E to intangibles and transfers out of Level 3) (789) (21) 381 - (408) (21) Transfers into Level 3 3 - - - - - - Transfers out of Level 3 4 (102) - - - (102) - Total as at 30 June 2,008 2,399 2,917 3,362 4,925 5,761 1. These gains/(losses) are presented in the Statement of Comprehensive Income under Depreciation and Amortisation and Write Down and Impairment of Assets. 2. These gains/(losses) are presented in the Statement of Comprehensive Income under Other Changes in Asset Revaluation Reserves. 3. There have been no transfers into level 3 during the year. 4. There have been 77 transfers out of level 3 during the year. 156 Annual Report of the National Health and Medical Research Council 2015–2016
Other Information Note 8: Reporting of Outcomes The NHMRC contributes to one outcome as described in Overview Note. All income and costs detailed in the statement of comprehensive income and Administered schedule of comprehensive income are attributed to this one outcome. All assets and liabilities detailed in the statement of financial position and Administered schedule of assets and liabilities are attributed to this one outcome. PART 5 financial report Annual Report of the National Health and Medical Research Council 2015–2016 157
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National Health and Medical Researc
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A HEALTHY START TO LIFE NHMRC is co
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CONTENTS ABOUT THE REPORT V PART 1
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ABOUT THE REPORT This report was pr
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PART1 OVERVIEW Chief Executive Offi
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Structural review of NHMRC’s gran
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During the year the NHMRC Council e
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NHMRC’s strategy for health and m
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RESEARCH FUNDING EXPENDITURE Fundin
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PROMOTING EXCELLENCE THROUGH THE NH
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Award Recipient Institution Researc
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Award Recipient Institution Researc
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CASE STUDY “This research is desi
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ASSOCIATE PROFESSOR LEAH COSGROVE C
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PROFESSOR LOUISA JORM WESTERN SYDNE
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PART 2 PERFORMANCE REPORT Chief Exe
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OUTCOMES AND PROGRAM STRUCTURE Thro
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INVESTMENT Goal 5: Participate in d
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TRANSLATION Goal 3: Develop public
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INVESTMENT Create knowledge and bui
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Table 3 Expenditure for Aboriginal
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Figure 6 Expenditure by Science and
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Targeted Calls for Research The out
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GOAL 2: SUPPORT THE HEALTH AND MEDI
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Table 11 People support outcomes fo
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GOAL 3: BOOST DEMENTIA RESEARCH Boo
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GOAL 4: SUPPORT COLLABORATIVE, MULT
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Target 4: Finalise collaborative re
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GOAL 6: SUPPORT RESEARCH THAT WILL
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GOAL 7: PROMOTE ACCESS TO AND USE O
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GOAL 8: IMPROVE THE GRANT APPLICATI
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TRANSLATION Support the translation
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NHMRC also established a separate a
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GOAL 2: SUPPORT THE TRANSLATION OF
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Target 6: Publish an updated Statem
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In early 2016, the NHMRC completed
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GOAL 3: DEVELOP PUBLIC AND ENVIRONM
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Public consultation will be underta
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GOAL 4: REMOVE BARRIERS TO COMMERCI
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Table 17 NHMRC commitments to resea
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Target 2: Improve processes for cli
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GOAL 1: RETAIN HIGH ETHICAL STANDAR
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GOAL 2: STRENGTHEN THE PROCESS FOR
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Outcome 2: Strengthen the process f
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Target 3: Review Ethical Guidelines
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GOAL 4: ADMINISTER THE RESEARCH INV
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PART 3 OPERATING ENVIRONMENT Legisl
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CORPORATE GOVERNANCE Governance bod
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• the Chief Medical Officer or th
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The ERLC assesses applications for
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EXTERNAL SCRUTINY JUDICIAL DECISION
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In accordance with the RMF: • the
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Table 19 Freedom of Information req
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ACCOUNTABILITY PURCHASING AND PROCU
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Table 21 Consultancy services let d
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Complaints and their outcomes Of th
Page 113 and 114: CORRECTION OF MATERIAL ERRORS IN PR
Page 115 and 116: CASE STUDY The team studied diaphra
Page 117 and 118: 4 Part PEOPLE MANAGEMENT People 110
Page 119 and 120: Table 24 NHMRC employee overview as
Page 121 and 122: Consultations also raised the impor
Page 123 and 124: LEARNING AND DEVELOPMENT NHMRC’s
Page 125 and 126: Flexible workplace practices CASE S
Page 127 and 128: PART 5 FINANCIAL REPORT Financial P
Page 129 and 130: AGENCY RESOURCE STATEMENT Table 28
Page 131 and 132: INDEPENDENT AUDITOR’S REPORT To t
Page 133 and 134: PART 5 financial report Annual Repo
Page 135 and 136: Statement of Financial Position as
Page 137 and 138: Cash Flow Statement for the period
Page 139 and 140: Administered Reconciliation Schedul
Page 141 and 142: All new standards, amendments to st
Page 143 and 144: Reporting of Administered Activitie
Page 145 and 146: Income and Expenses Administered on
Page 147 and 148: Note 3.2 Non-Financial Assets Note
Page 149 and 150: Revaluations of non-financial asset
Page 151 and 152: Note 3.3 Other Payables 2016 2015 $
Page 153 and 154: Funding Note 5.1 Appropriations Not
Page 155 and 156: Note 5.3 Cash Flow Reconciliation R
Page 157 and 158: People and Relationships Note 6.1 P
Page 159 and 160: Managing Uncertainties Note 7.1 Con
Page 161 and 162: Note 7.2 Financial Instruments - Co
Page 163: Note 7.3 Administered - Financial I
Page 167 and 168: 6 PART APPENDICES Appendix 1: Execu
Page 169 and 170: Executive Director, Evidence, Advic
Page 171 and 172: CHAIR OF NHMRC COUNCIL Chair Profes
Page 173 and 174: Australian Capital Territory Dr Pau
Page 175 and 176: Professor Michael Kidd AM Member wi
Page 177 and 178: APPENDIX 3: RESEARCH COMMITTEE The
Page 179 and 180: APPENDIX 5: EMBRYO RESEARCH LICENSI
Page 181 and 182: APPENDIX 7: HEALTH INNOVATION ADVIS
Page 183 and 184: APPENDIX 9: PUBLIC CONSULTATIONS Pu
Page 185 and 186: IREG IRIISS JPco-fuND JPND MREA NAB
Page 187 and 188: PGPA Rule Reference Part of Report
Page 193 and 194: INDEX A Aboriginal and Torres Strai
Page 195 and 196: Cancer 5, 66 National Evidence Base
Page 197: S scholarships, 10, 39-41, 42 scien
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Annual Report 2015–2016

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