Note 14A: Categories of Financial Instruments

Note 14A: Categories of Financial Instruments
  2015
$’000		 2014
$’000
Financial Assets
Loans and Receivables
Cash and cash equivalents 202 257
Goods and services receivables 7 118
Other receivables 136 138
Total Loans and Receivables 345 513
Total Financial Assets 345 513
Financial Liabilities
Financial liabilities measured at amortised cost
Suppliers 1,457 1,563
Total Financial liabilities measured at amortised cost 1,457 1,563
Total Financial Liabilities 1,457 1,563

The FWBII has no net income or expenses from financial instruments.

Note 14B: Fair Value of Financial Instruments

The carrying amount of all financial assets and liabilities as at 30 June 2015 approximates their fair value.

Note 14C: Credit Risk

The FWBII is exposed to minimal credit risk through trade and other receivables. The maximum exposure to credit risk is the risk that arises from potential default of a debtor. The FWBII’s debtors are generally limited to other Australian Government agencies and FWBII employees. The FWBII has policies and procedures that guide the recovery of employee debts.

The FWBII holds no collateral to mitigate against credit risk.

Credit quality of financial assets not past due or individually determined as impaired
Financial Assets Not Past Due
Nor Impaired
2015
$’000		 Past Due But
Not Impaired
2014
$’000		 Past Due
and Impaired
2015
$’000		 Past Due But
Not Impaired
2014
$’000
Cash and cash equivalents 202 257 – –
Goods and services receivables 7 118 – –
Other receivables 136 80 – 58
Total 345 455 – 58
Ageing of financial assets that are past due but not impaired for 2015
Financial Assets 0 to 30 days
$’000		 31 to 60 days
$’000		 60 to 90 days
$’000		 90 and more days
$’000		 Total
Other receivables – – – – –
Total – – – – –
Ageing of financial assets that are past due but not impaired for 2014
Financial Assets 0 - 30 days
$’000		 31 - 60 days
$’000		 60 to 90 days
$’000		 90 and more days
$’000		 Total
Other receivables – – – 58 58
Total – – – 58 58

Note 14D: Liquidity Risk

The FWBII’s financial liabilities are payables. The exposure to liquidity risk is based on the notion that the FWBII will encounter difficulties in meeting its obligations associated with financial liabilities. This is highly unlikely due to appropriation funding and internal policies and procedures in place to ensure the FWBII has access to appropriate resources to meet its financial obligations as and when they fall due.

The maturities for all financial liabilities are within one year (2014: within 12 months).

Note 14E: Market Risk

The FWBII holds basic financial instruments that do not expose it to currency, interest rate or other price risks.