Annual Report 2020-21

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2021

Note 3. Revenue (continued)
§Note/Subtotal§




(c) Sales Revenue

Sale of goods revenue is recognised at the point in time when the customer obtains control of the goods. Revenue from
services is recognised when the service is rendered.

Revenue from contracts and recoverable works generally comprises a recoupment of material costs together with an hourly
charge for use of equipment and employees. This revenue and the associated costs are recognised by reference to the stage
of completion of the contract activity, based on costs incurred at the reporting date. Where consideration is received for the
service in advance it is included in other liabilities and is recognised as revenue in the period when the service is performed.

$ '000                                                                                                2021               2020

Rendering of Services
Contract and Recoverable Works                                                                          28                  24
Waste Management Charges                                                                             3,783               3,297
Venue Hire                                                                                             276                 311
Holiday Parks Fees and Charges                                                                       3,832               2,153
Learn to Swim                                                                                          655                 398
Admission Fees                                                                                       1,306                 875
Total Sale of Services                                                                               9,880               7,058

Sale of Goods
Sale of Recycables                                                                                   1,119                 988
Retail Shop Sales                                                                                      558                 440
Total Sale of Goods                                                                                  1,677               1,428

Total Sales Revenue                                                                                11,557               8,486



(d) Grants, Subsidies, Contributions and Donations
§Subnote§




Grant income under AASB 15
Where grant income arises from an agreement which is enforceable and contains sufficiently specific performance obligations
then the revenue is recognised when control of each performance obligations is satisfied.

The performance obligations vary in each agreement but include respite and care service hours completed; events, workshops
and exhibitions held; and programs developed and completed.

Payment terms vary depending on the terms of the grant. Cash is received upfront for some grants and on the achievement
of certain payment milestones for others.

Each performance obligation is considered to ensure that the revenue recognition reflects the transfer of control and within
grant agreements there may be some performance obligations where control transfers at a point in time and others which
have continuous transfer control over the life of the contract.

Where control is transferred over time, generally the input methods being either costs or time incurred are deemed to be the
most appropriate methods to reflect the transfer of benefit.

Grant income under AASB 1058
Assets arising from grants in the scope of AASB 1058 are recognised at the asset's fair value when the asset is received.
Councils considers whether there are any related liability or equity items associated with the asset which are recognised in
accordance with the relevant accounting standard.

Once the assets and liabilities have been recognised, then income is recognised for any remaining asset value at the time
that the asset is received.




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