Annual Report 2019-20

Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2020

Note 3. Revenue           (continued)

                                                                                              2020           2019
                                                                               Notes          $'000          $'000


(c). Sales Revenue (continued)
Sale of services
Contract and Recoverable Works                                                                  24             26
Waste Management Charges                                                                     3,297          2,492
Venue Hire                                                                                     311            403
Holiday Parks Fees and Charges                                                               2,153          3,093
Learn to Swim                                                                                  398            655
Admission Fees                                                                                 875          1,260
Total Sale of Services                                                                       7,058          7,929

Sale of Goods
Sale of Recycables                                                                             988          1,129
Retail Shop Sales                                                                              440            668
Total Sale of Goods                                                                          1,428          1,797

TOTAL SALES REVENUE                                                                         8,486          9,726


(d) Grants, Subsidies, Contributions and Donations
2020 accounting policy

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 are varied based on the agreement but include respite and care service hours
completed; events, workshops and exhibitions held; programs developed and traineeships offered 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 is recognised at the assets 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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