Queensland Art Gallery Annual report 1999-2000

Queensland Art Gallery QUE ENS L AND A R T GALLERY BOARD O F TRUSTEES Notes to and forming part of the Accounts for year ended 30 June 2000 NOTE 16 YEAR 2000 COMPLIANCE The pilot network solution to prove the concept for a new IT infrastructure was successfully implemented in July 1999. The remainder of the upgrade of all the Gallery's computer hardware and software applications to be Year 2000 compliant was completed and the Y2K rollover tests were conducted in December 1999 and they successfully demonstrated Y2K compliance. NOTE 17 FINANCIAL INSTRUMENTS (a) Terms, Conditions and Accounting Policies The Gallery's accounting policies, including the terms and conditions of each class of financial assets, financial liabilities and equity instruments, both recognised and unrecognised at the balance date are as follows: Recognised Financial Instruments Note Accounting Policies Terms and Conditions Financial Assets Cash on hand and at bank,deposits at call and 13 Recognised at cost. Interest is recognised as it accrues. All funds are invested at banks and mature shod term money market securities within 12 months. Trade debtors and accrued income 5 Recognised upon delivery of goods and services. Recorded at nominal amounts due less any provision for doubtful debts. Provision is made for doubtful debts when collection of the full amount is no longer probable. Credit sales are in accordance with normal commercial practices. Financial Liabilities Creditors Recognised upon receipt of goods or services irrespective of whether an invoice has been received. Measurement is based on the agreed purchase costs. The amounts are unsecured and are settled within 30 days. (b) Interest Rate Risk Fixed Interest Carrying amount on Effective interest rates Financial Instrument Floating Interest Rate maturing within 1 year Non interest bearing Balance Sheet or weighted average $ 0 0 0 $ 0 0 0 $ 0 0 0 $ 0 0 0 effective interest rate Financial Assets Cash on hand at bank 12 12 Deposits at call 10 10 1.35% Shod term securities 888 888 5.75% Trade debtors and accrued income 268 268 Financial Liabilities Creditors 573 (c) Credit Risk NOTE 18 OPERATING LEASES The credit risk on financial assets of the Gallery which have been 2000 1999 recognised on the Balance Sheet is generally the carrying amount net of $ 0 0 0 $000 any provision for doubtful debts. Lease commitments (i) not later than one year 105 - (d) Net Fair Value (ii) later than one year but not later than five years 182 - It is considered that the net fair value of the financial assets and financial liabilities of the Gallery closely approximate the book values due to their 287 - shod term to maturity.