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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Annual Report 2016 117
Notes to the consolidated financial statements
30 June 2016
(continued)
30 Remuneration of auditors
The auditor of Independence Group NL is BDO Audit (WA) Pty Ltd.
2016
$
2015
$
Amounts received or due and receivable by BDO Audit (WA) Pty Ltd for:
Audit and review of financial statements
232,500
220,500
Other services in relation to the entity and any other entity in the consolidated
Group
38,158
35,913
270,658
256,413
31 Other accounting policies
(a) New and amended standards and interpretations adopted by the Group
The Group has applied the following standards and amendments for first time in their annual reporting period
commencing 1 July 2015:
• AASB 2014-1
Amendments to Australian Accounting Standards (
including Part A
: Annual Improvements 2010-2012
and 2011-2013 Cycles and
Part B
: Defined Benefit Plans: Employee Contributions - Amendments to AASB 119)
The following Australian Accounting Standards were early adopted by the Group from 1 July 2015:
• AASB 9
Financial Instruments
The Group has early adopted AASB 9
Financial Instruments
(AASB 9), issued in December 2009, including
consequential amendments to other standards, with effect from 1 July 2015. The standard has been retrospectively
applied to derivative financial instruments held at 1 July 2015 and comparative amounts have been restated where
necessary.
In accordance with AASB 9, the time value (or extrinsic value) of an option is also designated as the hedging
instrument. This result has resulted in changes in the time value of the option being deferred in other comprehensive
income rather than being accounted for in the profit or loss.
The adoption of this standard had no impact on the net assets of the Group, however resulted in the following
restatement of balances at 1 July 2015:
• a reduction in accumulated losses of $1,036,000; and
• a corresponding debit to the hedging reserve of $1,036,000.
(b) New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2016
reporting periods and have not been early adopted by the Group. The Group’s assessment of the impact of these new
standards and interpretations is set out below.
Independence Group NL
89