INDEPENDENCE GROUP NL ANNUAL REPORT 2017

Notes to the consolidated financial statements 30 June 2017 (continued) 31 Remuneration of auditors The auditor of Independence Group NL is BDO Audit (WA) Pty Ltd. 2017 $ 2016 $ Amounts received or due and receivable by BDO Audit (WA) Pty Ltd for: Audit and review of financial statements 165,500 232,500 Other services in relation to the entity and any other entity in the consolidated Group 37,338 38,158 202,838 270,658 32 Summary of significant accounting policies (a) New and amended standards and interpretations adopted by the Group A number of new or amended standards became applicable for the current reporting period, however, the Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The Group has not elected to early adopt any new standards or amendments during the current financial year. (b) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2017 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. Title of standard Nature of change Impact Mandatory application date/ Date of adoption by group AASB 15 Revenue from Contracts with Customers The AASB has issued a new standard for the recognition of revenue. This will replace AASB 118 which covers revenue arising from the sale of goods and the rendering of services and AASB 111 which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer. The standard permits either a full retrospective or a modified retrospective approach for the adoption. This standard is not expected to have a material impact on the Group's financial statements and disclosures. Mandatory for financial years commencing on or after 1 January 2018, but available for early adoption Expected date of adoption by the group: 1 January 2018. Independence Group NL 88 118 — IGO ANNUAL REPORT 2017 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017