TOWN OF VICTORIA PARK FOR THE YEAR ENDED 30 JUNE 2023 10. REVENUE RECOGNITION SIGNIFICANT ACCOUNTING POLICIES Recognition of revenue is dependant on the source of revenue and the associated terms and conditions associated with each source of revenue and recognised as follows: When Measuring obligations obligations for typically Returns/Refunds/ Determination of Allocating Revenue Nature of goods and returns satisfied Payment terms Warranties transaction price transaction price Category services Rates
General Rates
Over time
Service charges
Charge for specific service Over time
Grant contracts with customers
Community events, minor facilities, research, design, planning evaluation and services
Over time
Grants, subsidies or contributions for the construction of non-financial assets
Construction or acquisition of recognisable nonfinancial assets to be controlled by the local government
Over time
Grants with no contractual commitments
General appropriations and contributions with no specific contractual commitments
No obligations Not applicable
Licences/ Registrations/ Approvals
Building, planning, development and animal management, having the same nature as a licence regardless of naming.
Revenue recognition
Payment dates adopted by Council during the year Payment dates adopted by Council during the year Fixed terms transfer of funds based on agreed milestones and reporting
None
Adopted by council annually
When taxable event occurs
Not applicable
When rates notice is issued
Refund in event monies are unspent
Adopted by council annually
When taxable event occurs
Not applicable
When rates notice is issued
Contract obligation if project not complete
Set by mutual agreement with the customer
Based on the progress of works to match performance obligations
Returns limited to repayment of transaction price of terms breached
Output method based on project milestones and/or completion date matched to performance obligations as inputs are shared
Fixed terms transfer of funds based on agreed milestones and reporting
Contract obligation if project not complete
Set by mutual agreement with the customer
Based on the progress of works to match performance obligations
Returns limited to repayment of transaction price of terms breached
Output method based on project milestones and/or completion date matched to performance obligations as inputs are shared
Not applicable
Cash received
On receipt of funds
Not applicable
When assets are controlled
Single point in Full payment prior None time to issue
Set by State legislation or limited by legislation to the cost of provision
Based on timing of issue of the associated rights
No refunds
On payment and issue of the licence, registration or approval
Pool inspections Compliance safety check
None Single point in Equal proportion time based on an equal annually fee
Set by State legislation
No refunds
After inspection complete based on a 4 year cycle
Other inspections Regulatory Food, Health and Safety
Single point in Full payment prior None time to inspection
Set by State legislation or limited by legislation to the cost of provision
Apportioned equally across the inspection cycle Applied fully on timing of inspection
Not applicable
Revenue recognised after inspection event occurs
None
Adopted by council annually
Apportioned equally across the collection period
Not applicable
Output method based on regular weekly and fortnightly period as proportionate to collection service
Single point in Payment in time advance at gate or on normal trading terms if credit provided Single point in In full in advance time
None
Adopted by council annually
Based on timing of entry to facility
Not applicable
On entry to facility
Refund if event Adopted by cancelled within 7 council annually days
Based on timing of entry to facility
Returns limited On entry or at conclusion to repayment of of hire transaction price
Over time
Refund for Adopted by unused portion on council annually application
Apportioned Returns limited Output method over 12 equally across to repayment of months matched to the access period transaction price access right
Cemetery services, library Single point in Payment in full in fees, reinstatements and time advance private works
None
Adopted by council annually
Applied fully based on timing of provision
Not applicable
Kiosk and visitor centre stock
Refund for faulty goods
Adopted by council annually, set by mutual agreement Set by mutual agreement with the customer
Applied fully based on timing of provision
Returns limited Output method based on to repayment of goods transaction price
On receipt of funds
Not applicable
When assets are controlled
Set by mutual agreement with the customer
When claim is agreed
Not applicable
When claim is agreed
Waste management collections
Kerbside collection service Over time
Waste management entry fees
Waste treatment, recycling and disposal service at disposal sites
Property hire and entry
Use of halls and facilities
Memberships
Gym and pool membership
Fees and charges for other goods and services Sale of stock
Commissions
Commissions on licencing Over time and ticket sales
Reimbursements Insurance claims
Payment on an annual basis in advance
Payment in full in advance
Single point in In full in advance, time on 15 day credit Payment in full on sale
Single point in Payment in time arrears for claimable event
None
None
ANNUAL BUDGET 2022-2023 TOWN OF VICTORIA PARK
Output method based on provision of service or completion of works
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