INDEPENDENCE GROUP NL ANNUAL REPORT 2017

Notes to the consolidated financial statements 30 June 2017 (continued) 11 Trade and other payables 2017 $'000 2016 $'000 Current liabilities Trade payables 6,401 9,933 Other payables 42,651 97,199 49,052 107,132 (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 2017 $'000 2016 $'000 Current Provision for employee entitlements 7,647 6,901 Provision for restructuring costs 6,374 - Provision for rehabilitation costs 1,238 - 15,259 6,901 2017 $'000 2016 $'000 Non-current Provision for employee entitlements 1,779 1,946 Provision for rehabilitation costs 71,449 66,359 73,228 68,305 (a) Movements in provisions Movements in the provision for rehabilitation costs during the financial year are set out below: 2017 $'000 2016 $'000 Carrying amount at beginning of financial year 66,359 27,660 Additional provision 5,119 31,439 Additional provision on acquisition of subsidiary - 6,579 Rehabilitation and restoration borrowing costs expense 1,232 707 Payments during the period (23) (26) Carrying amount at end of financial year 72,687 66,359 (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 53 IGO ANNUAL REPORT 2017— 83 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017