Vector Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS

11. Deferred tax:// CONTINUED Policies

Deferred tax is: —— Recognised on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. —— Not recognised for the initial recognition of goodwill. —— Measured at tax rates that are expected to be applied to the temporary differences when they reverse.

12. Cash and cash equivalents://

2017 $000 7,041 7,837

2016 $000

Cash and bank balances

3,241

Short-term deposits

318,130 321,371

Total

14,878

Policies

Cash and cash equivalents are carried at amortised cost less an allowance for expected credit losses. Cash and cash equivalents includes deposits that are on call.

• Disclosure Initiative (Amendments to IAS 7) The amendments were issued in January 2016. The amendments introduce a reconciliation between cash flows arising from financing activities as reported in the statement of cash flows to the corresponding liabilities in the opening and closing balance sheet. The amendments will be effective for the first time in the group’s financial year ended 30 June 2018.

New accounting standards not yet adopted

13. Trade and other receivables://

2017 $000

2016 $000

Current Trade receivables Accrued revenues Interest receivable

77,425 101,896 13,173

71,780 92,378 17,100

Prepayments

9,890 3,959

7,988 2,277

Other

Balance at 30 June

206,343

191,523

Non-current Other

39 39

51 51

Balance at 30 June

92

Vector://AR 17

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