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Budget 2024: The Government has announced FamilyBoost, a proposed new childcare payment to help eligible families with the rising costs of Early Childhood Education (ECE). Find out more: Beehive.govt.nz

Revenue is measured at the fair value of consideration received or receivable. Revenue is recognised as follows:

Revenue from Crown transactions are considered to be non-exchange transactions.

Revenue from the Crown is measured based on Inland Revenue’s funding entitlement for the reporting period. The funding entitlement is established by Parliament when it passes the

Appropriation Acts for the financial year. The amount of revenue recognised takes into account any amendments to appropriations approved in the Appropriation (Supplementary Estimates) Act for the year, and certain other unconditional funding adjustments formally approved prior to balance date.

Inland Revenue can incur expenses only within the scope, period and value limits of its Vote Revenue appropriations. The fair value of revenue from the Crown is considered equivalent to the funding entitlement.

Revenue from the Crown was lower than budget by $2.626 million. The variance is due to net baseline movements during the financial year as set out in the 2022-23 Supplementary Estimates.

Other revenue transactions as outlined below are considered to be exchange transactions.

Revenue from recoveries is recognised as revenue when earned.

The sale of services is recognised in the accounting period in which the services are provided.

Rental revenue from sub-leased accommodation is recognised as revenue on a straight-line basis over the term of the lease.

Last updated: 19 Dec 2023
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