Judicial Commission of NSW Annual Report 2017-18

Judicial Commission of NSW — Annual Report 2017–18 116 Our finances $ Judicial Commission of New South Wales Notes to the financial statements for the year ended 30 June 2018 (c) Fair value measurement (i) Fair value compared to carrying amount Financial instruments are recognised at amortised cost, which approximate fair value because of their short-term nature. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability. (ii) Fair value recognised in the Statement of Financial Position A number of the entity’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The entity does not hold financial and non-financial assets and liabilties that are valued at fair value using valuation techniques. 2018 $’000 2017 $’000 20. RELATED PARTY DISCLOSURES The entity’s key management personnel compensation are as follows: Short-term employee benefits: Salaries 1,127 1,043 Other monetary allowances – – Non-monetary benefits – – Post-employment benefits 66 78 Termination benefits – – Total remuneration 1,193 1,121 The Commission did not enter into any transactions during the year with key management personnel, their close family members and controlled or jointly controlled entities thereof. During the year, the entity entered into transactions on arm’s length terms and conditions with other entities that are controlled/jointly controlled/significantly influenced by the NSW Government. These transactions in aggregate are a significant portion of the Judicial Commission’s activities. These transactions include: • Long Service Leave and Defined Benefit Superannuation assumed by the Crown • Appropriations • Transactions relating to the Treasury Banking System • Employer contributions paid to Defined Benefit Superannuation funds • Payments into the Treasury Managed Fund for workers’ compensation insurance and other insurances. 21.  EVENTS AFTER THE REPORTING PERIOD No matters or circumstances have arisen since the end of the financial year which significantly affect or may significantly affect the operations of the Commission, the results of those operations or the state of affairs of the Commission in future financial years. End of audited financial statements