Page 248 - DSD ANNUAL REPORT 2022-2

DISASTER RELIEF FUND PART E: FINANCIAL INFORMATION
Notes to the Financial Statements of the Disaster Relief Fund for the year
ended 31 March 2022

Cash and cash equivalents 1.9.2 Revenue from non-exchange transactions
Cash and cash equivalents comprise cash on hand and Revenue from non-exchange transactions refers to
investments. Cash and cash equivalents are measured at transactions where the entity received revenue from
fair value. another entity without directly giving approximately
equal value in exchange. Revenue from non-exchange
Financial Liabilities transactions is generally recognised to the extent that the
The Fund's principal financial liabilities are accounts related receipt or receivable qualifies for recognition as an
payable. asset and there is no liability to repay the amount.
All financial liabilities are measured at amortized cost,
comprising original debt less principal payments and Revenue from the recovery of unauthorised, irregular,
amortisations. fruitless and wasteful expenditure is based on legislated
procedures.
1.7 EXPENDITURE
Expenditure is accounted for on the accrual basis of
accounting.

1.8 PROVISIONS
Provisions are recognized when the entity has a
present or constructive obligation as a result of past
events, an outflow of resources embodying economic
benefits will probably be required to settle the
obligation and a reliable estimate of the provision
can be made.
Provisions are reviewed at the reporting date and
adjusted to reflect the current best estimate.

REVENUE

1.9.1 Revenue from exchange transactions
Revenue from exchange transactions refers to
revenue that has accrued to the entity directly in
return for services rendered or goods sold, the value
of which approximates the consideration received or
receivable.
Interest revenue is recognised on a time proportion
basis.
Revenue from the rental of facilities and equipment
is recognised on a straight-line basis over the term of
the lease agreement.
Revenue from the sale of goods is recognised when
substantially all the risks and rewards in those goods
is passed to the consumer.

248 DEPARTMENT OF SOCIAL DEVELOPMENT ANNUAL REPORT 2021/22