Cellmid 2018 Annual Report
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling
interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the
fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit
or loss.
(c) New accounting standards for application in future periods
Australian Accounting Standards and Interpretations that have recently been issued or amended, but are not yet mandatory,
have not been early adopted by the Group for the annual reporting period ended 30 June 2018. The Group’s assessment of
the impact of these new or amended Accounting Standards and Interpretations, most relevant to the Group, are set out below.
AASB 9 Financial Instruments
This standard is applicable to annual reporting periods beginning on or after 1 January 2018.
The Standard will be applicable retrospectively (subject to the provisions on hedge accounting outlined below) and includes
revised requirements for the classification and measurement of financial instruments, revised recognition and derecognition
requirements for financial instruments and simplified requirements for hedge accounting.
The key changes that may affect the Group on initial application include certain simplifications to the classification of financial
assets, simplifications to the accounting of embedded derivatives, upfront accounting for expected credit loss, and the
irrevocable election to recognise gains and losses on investments in equity instruments that are not held for trading in other
comprehensive income. AASB 9 also introduces a new model for hedge accounting that will allow greater flexibility in the
ability to hedge risk, particularly with respect to hedges of non-financial items.
The Group will adopt this standard from 1 July 2018. It is not expected to significantly impact the financial statements of the
AASB 15 Revenue from Contracts with Customers
This standard is applicable to annual reporting periods beginning on or after 1 January 2018.
The standard provides a single standard for revenue recognition. The core principle of the standard is that an entity
will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the
consideration to which the entity expects to be entitled in exchange for those goods or services.
The standard will require: contracts (either written, verbal or implied) to be identified, together with the separate performance
obligations within the contract; determine the transaction price, adjusted for the time value of money excluding credit risk;
allocation of the transaction price to the separate performance obligations on a basis of relative stand-alone selling price
of each distinct good or service, or estimation approach if no distinct observable prices exist; and recognition of revenue
when each performance obligation is satisfied. Credit risk will be presented separately as an expense rather than adjusted
to revenue. For goods, the performance obligation would be satisfied when the customer obtains control of the goods. For
services, the performance obligation is satisfied when the service has been provided, typically for promises to transfer services
to customers. For performance obligations satisfied over time, an entity would select an appropriate measure of progress to
determine how much revenue should be recognised as the performance obligation is satisfied. Contracts with customers will
be presented in an entity’s statement of financial position as a contract liability, a contract asset, or a receivable, depending
on the relationship between the entity’s performance and the customer’s payment. Sufficient quantitative and qualitative
disclosure is required to enable users to understand the contracts with customers; the significant judgments made in applying
the guidance to those contracts; and any assets recognised from the costs to obtain or fulfil a contract with a customer.