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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
80 Independence Group NL
Notes to the consolidated financial statements
30 June 2016
(continued)
11 Trade and other payables
2016
$'000
2015
$'000
Current liabilities
Trade payables
9,933
8,918
Other payables
97,199
31,558
107,132
40,476
(a) Recognition and measurement
These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which
are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables
are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are
recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
12 Provisions
2016
$'000
2015
$'000
Current
Provision for employee entitlements
6,901
7,274
6,901
7,274
2016
$'000
2015
$'000
Non-current
Provision for employee entitlements
1,946
1,727
Provision for rehabilitation costs
66,359
27,660
68,305
29,387
(a) Movements in provisions
Movements in the provision for rehabilitation costs during the financial year are set out below:
2016
$'000
2015
$'000
Carrying amount at beginning of financial year
27,660
24,018
Additional provision
31,439
3,120
Additional provision on acquisition of subsidiary
6,579
-
Rehabilitation and restoration borrowing costs expense
707
590
Payments during the period
(26)
(68)
Carrying amount at end of financial year
66,359
27,660
(b) Recognition and measurement
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses.
Independence Group NL
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