Note 14A: Categories of Financial Instruments
Financial Assets
    2014 2013
    $’000 $’000
Loans and receivables      
Cash and cash equivalents   433 421
Trade and other receivables   654 10
Total loans and receivables   1,087 431
Total financial assets   1,087 431
 
Financial Liabilities
Financial liabilities measured at amortised cost      
Trade creditors   3,867 3,518
Total financial liabilities measured at amortised cost   3,867 3,518
Total financial liabilities   3,867 3,518
Note 14B: Net Gains or Losses on Financial Assets

There is no gain or loss from financial assets – loans and receivables in the period ending 30 June 2014 (2013: $0).

Note 14C: Net Gains or Losses on Financial Liabilities

There is no gain or loss from financial liabilities – payables in the period ending 30 June 2014 (2013: $0).

Note 14D: Fair Value of Financial Instruments

There are no financial instruments held at 30 June 2014 and 30 June 2013 where the carrying amount is not a reasonable approximation of fair value.

  Notes Carrying Amount 2014 $’000 Fair Value 2014 $’000 Carrying Amount 2013 $’000 Fair Value 2013 $’000
Financial Assets          
Cash and cash equivalents 6A 433 433 421 421
Trade and other receivables 6B 654 654 10 10
Total financial assets   1,087 1,087 431 431
Financial Liabilities          
Trade creditors 8A 3,867 3,867 3,518 3,518
Total financial liabilities   3,867 3,867 3,518 3,518
Note 14E: Credit Risk

Fair Work Commission was exposed to minimal credit risk as loans and receivables were cash and trade receivables.  The maximum exposure to credit risk was the risk that arises from potential default of a debtor.  This amount was equal to the total amount of trade receivables (2014: $653,725.96; 2013: $9,774.56).

Fair Work Commission’s debtors were generally limited to other Commonwealth Government agencies and its employees. In addition, Fair Work Commission had policies and procedures that guided employees debt recovery techniques that were to be applied.

Fair Work Commission held no collateral to mitigate credit risk.

Credit quality of financial assets not past due or individually determined as impaired
  Not Past Due Nor Impaired 2014 $’000 Not Past Due Nor Impaired 2013 $’000 Past Due or Impaired 2014 $’000 Past Due or Impaired 2013 $’000
Loans and receivables        
Receivables for goods and services 654 10 - -
Total 654 10 - -
 
Ageing of financial assets that were past due but not impaired in 2014
  0 to 30 days 31 to 60 days 61 to 90 days 90+ days Total
  $’000 $’000 $’000 $’000 $’000
Receivables for goods and services - 55 - - 55
Total - 55 - - 55
 
Ageing of financial assets that were past due but not impaired in 2013
  0 to 30 days 31 to 60 days 61 to 90 days 90+ days Total
  $’000 $’000 $’000 $’000 $’000
Receivables for goods and services - - - - -
Total - - - - -
Note 14F Liquidity Risk

Fair Work Commission’s financial liabilities are payables. The exposure to liquidity risk is based on the notion that Fair Work Commission will encounter difficulty in meeting its obligations associated with financial liabilities.  This is highly unlikely due to appropriation funding from the Australian Government and Fair Work Commission manages its budgeted funds to ensure it has adequate funds to meet payments as they fall due. In addition, Fair Work Commission has policies and procedures in place to ensure timely payments were made when due and has no past experience of default.

Maturities for non-derivative financial liabilities in 2014
  On demand within 1 year between 1 to 2 years between 2 to 5 years more than 5 years Total
  $’000 $’000 $’000 $’000 $’000 $’000
Trade creditors - 3,867 - - - 3,867
Total - 3,867 - - - 3,867
 
Maturities for non-derivative financial liabilities in 2013
  On demand within 1 year between 1 to 2 years between 2 to 5 years more than 5 years Total
  $’000 $’000 $’000 $’000 $’000 $’000
Trade creditors - 3,518 - - - 3,518
Total - 3,518 - - - 3,518
Note 14G: Market Risk

Fair Work Commission held basic financial instruments that did not expose Fair Work Commission to certain market risks such as currency risk, other price risk or interest rate risk.

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