Note 8
Model Financial Statements: Te Motu Regional Economic Development Trust 2010/11
Debtors and other receivables
| NZ IAS 1.78(b) | Actual 2011 |
Actual 2010 |
|||||
|---|---|---|---|---|---|---|---|
| Gross debtors and other receivables | 76,099 | 150,713 | |||||
| Provision for impairment | (23,790) | (41,150) | |||||
| Total debtors and other receivables | 52,309 | 109,563 | |||||
| Fair value | |||||||
| NZ IFRS 7.25,29(a) | The carrying value of debtors and other receivables approximates their fair value. | ||||||
| Impairment | |||||||
| NZ IFRS 7.37(a) | The ageing profile of receivables at year end is detailed below: | ||||||
| 2011 | 2010 | ||||||
| Gross | Impairment | Net | Gross | Impairment | Net | ||
| Not past due | 25,113 | 0 |
25,113 | 49,735 | 0 |
49,735 | |
| Past due 1-30 days | 16,742 | (5,234) | 11,508 | 33,157 | (9,053) | 24,104 | |
| Past due 31-60 days | 11,415 | (4,282) | 7,133 | 22,607 | (7,406) | 15,201 | |
| Past due 61-90 days | 9,132 | (5,948) | 3,184 | 18,086 | (10,288) | 7,798 | |
| Past due > 91 days | 13,697 | (8,326) | 5,371 | 27,128 | (14,403) | 12,725 | |
| Total | 76,099 | (23,790) | 52,309 | 150,713 | (41,150) | 109,563 | |
| NZ IFRS 7.21 | All receivables greater than 30 days in age are considered to be past due. | ||||||
| NZ IFRS 7.37(b) | The provision for impairment has been calculated based on a review of significant debtor balances and a collective assessment of all debtors (other than those determined to be individually impaired) for impairment. The collective impairment assessment is based on an analysis of past collection history and write-offs. | ||||||
| Actual 2011 |
Actual 2010 |
||||||
| Individual impairment | 15,000 | 25,480 | |||||
| Collective impairment | 8,790 | 15,670 | |||||
| Total provision for impairment | 23,790 | 41,150 | |||||
| Individually impaired receivables are assessed as impaired due to the significant financial difficulties being experienced by the debtor and Trust management concluding that it is remote that the overdue amounts will be recovered. | |||||||
| NZ IFRS 7.16 | Movements in the provision for impairment of receivables are as follows: | ||||||
| Actual 2011 |
Actual 2010 |
||||||
| Balance at 1 July | 41,150 | 40,540 | |||||
| NZ IFRS 7.20(e) | Additional provisions made | 24,901 | 42,832 | ||||
| Receivables written-off | (42,261) | (42,222) | |||||
| Balance at 30 June | 23,790 | 41,150 | |||||
