73 / 128
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Annual Report 2016 71
Notes to the consolidated financial statements
30 June 2016
(continued)
1 Segment information (continued)
(f) Segment liabilities
A reconciliation of reportable segment liabilities to total liabilities is as follows:
2016
$'000
2015
$'000
Total liabilities for reportable segments
810,569
126,216
Intersegment eliminations
(690,382)
(55,005)
Unallocated liabilities:
Deferred tax liabilities
100,949
73,980
Creditors and accruals
63,358
8,225
Provision for employee entitlements
1,280
1,312
Bank loans
265,826
-
Total liabilities as per the balance sheet
551,600
154,728
2 Revenue
2016
$'000
2015
$'000
Sales revenue
Sale of goods
411,567
493,475
411,567
493,475
Other revenue
Interest revenue
1,458
1,396
Other revenue
163
455
1,621
1,851
Total revenue
413,188
495,326
(a) Recognition and measurement
Revenue is measured at the fair value of the consideration received or receivable to the extent that it is probable that
the economic benefits will flow to the Group and revenue can be reliably measured. The following specific recognition
criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when there is persuasive evidence indicating that there has been a
transfer of risks and rewards to the customer.
Sales revenue comprises gross revenue earned, net of treatment and refining charges where applicable, from the
provision of product to customers, and includes hedging gains and losses. Sales are initially recognised at estimated
sales value when the product is sold. Adjustments are made for variations in metals price, assay, weight and currency
between the time of sale and the time of final settlement of sales proceeds.
Interest income
Interest income is recognised as interest accrues using the effective interest method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest
rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to the net carrying amount of the financial asset.
Independence Group NL
43