XML 36 R17.htm IDEA: XBRL DOCUMENT v3.23.1
Current Assets - Trade and Other Receivables
 12 Months Ended
Dec. 31, 2022
Current Assets - Trade and Other Receivables [Abstract]  
Current assets - trade and other receivables

Note 11. Current assets - trade and other receivables, net

 

   Consolidated   Consolidated 
   2022   2021   2022 
   AUD$   AUD$   $ 
             
Trade receivables   203,737    338,859    138,409 
Other receivables   624,614    356,682    424,331 
                
    828,351    695,541    562,740 

 

Accounting policy for trade and other receivables

 

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

 

The company has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue.

 

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

 

No allowance for expected credit losses or overdue balances are accounted for in the financial statements.