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Note 6: Other information

Note 6.1: Aggregate assets and liabilities

2019

2018

$’000

$’000

Assets expected to be recovered in:

No more than 12 months

5,377

5,025

More than 12 months

454

511

Total assets

5,831

5,536

Liabilities expected to be recovered in:

No more than 12 months

905

610

More than 12 months

1,205

1,284

Total liabilities

2,110

1,894

Note 6.2: Change in accounting policy

In 2018–19, the CGC voluntarily changed its accounting policy with respect to the asset revaluation reserve (ARR). The CGC will now transfer equity from the ARR to retained surplus in respect to items of property, plant and equipment that have been derecognised. Prior to this change in policy, the ARR retained revaluations of assets that had been disposed of. At 30 June 2018, the ARR had a higher balance than the carrying amount of fixed assets. Paragraph 41 of AASB 116 states that when an asset is derecognised, the revaluation surplus in respect of that asset may be moved from the ARR to retained surplus. The CGC believes that by applying paragraph 41, the financial statements will provide more reliable and relevant information to users on the CGC’s financial sustainability. This change in accounting policy has been accounted for retrospectively, and the comparative information for 2017–18 has been restated. The effect of the change can be seen in the statement of changes in equity.