112 112 AUSTRALIAN SPORTS COMMISSION ANNUAL REPORT 2016–17 FINANCIAL PERFORMANCE AUSTRALIAN SPORTS COMMISSION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2017 Other reissued standards and amendments that were issued prior to the signing of the Statement by the Chair of the Board, Chief Executive Officer and the Chief Financial Officer and are applicable to the future reporting periods are not expected to have a future financial impact on the Commission. 1.4 Revenue Revenue from the sale of goods is recognised when: the risks and rewards of ownership have been transferred to the buyer; the Commission retains no managerial involvement or effective control over the goods; the revenue and transaction costs incurred can be reliably measured; and it is probable that the economic benefits associated with the transaction will flow to the Commission. Revenue from the rendering of services is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when: the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and the probable economic benefits associated with the transaction will flow to the Commission. The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date, bear to the estimated total costs of the transaction. Receivables for goods and services, which have 30-day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable. Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and Measurement. Resources received free of charge by way of in-kind sponsorship Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature. Revenue from Government Funding received or receivable from non-corporate Commonwealth entities (appropriated to the entity as a corporate Commonwealth entity payment item for payment to the Commission) is recognised as Revenue from Government unless they are in the nature of an equity injection or a loan. Contributions received Revenue arising from the contribution of an asset to the Commission (including sponsorship) is recognised when: the Commission obtains control of the contribution or has the right to receive the contribution;