Statement of Financial Position (continued) Budget Variances Commentary ASSETS Total assets are higher than budgeted due to the fair value increment of leasehold improvements and the timing difference of trade receivables. LIABILITIES Total liabilities are higher than budgeted due to higher revenue received in advance from new partnership agreements, higher employee provisions related to COVID-19 and reduced leave taken and timing difference of suppliers payable. EQUITY Total equity reflects the operating loss accumulated results from prior years. The Overview, under the Going Concern Basis of Accounting provides further details. 90 Australian Human Rights Commission Annual Report 2020–2021