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Note 13: Financial instruments

2019

$’000

2018

$’000

Note13A: Categories of Financial Instruments

Financial Assets under AASB 139

Loans and Receivables:

Cash and cash equivalents

11,864

Trade and other receivables

9,780

Total

21,644

Financial Assets under AASB 9

Financial Assets at Amortised Cost:

Cash and cash equivalents

13,119

Trade and other receivables

6,685

Total

19,804

Total Financial Assets

19,804

21,644

Financial Liabilities

Financial Liabilities measured at Amortised Cost:

Trade creditors

453

578

Other

608

793

Total

1,061

1,371

Total Financial Liabilities

1,061

1,371

Note 13B: Classification of financial assets on the date of initial application of AASB 9

Financial assets class Note

Note

AASB 139

original classification

AASB 9 new classification

AASB 139

carrying amount at 1 July

2018

$’000

AASB 9

carrying amount at 1 July

2018

$’000

Cash and Cash

Equivalents

13A

Loans and

Receivables

Amortised

Cost

11,864

11,864

Trade and Other

Receivables 13A

13A

Loans and

Receivables

Amortised

Cost

9,780

9,780

Total financial assets

21,644

21,644

Note 13C: Reconciliation of carrying amounts of financial assets on the date of initial application of AASB 9

Financial assets at amortised cost

AASB 139

carrying amount at 30 June

2018

$’000

Reclassification

$’000

Remeasurement

$’000

AASB 9

carrying amount at 1 July

2018

$’000

Loans and Receivables

Cash and Cash

Equivalents

11,864

11,864

Trade and Other

Receivables

9,780

9,780

Total financial assets

21,644

21,644

Financial assets

With the implementation of AASB 9 Financial Instruments for the first time in 2019, the entity classifies its financial assets in the following categories:

  1. financial assets at fair value through profit or loss;
  2. financial assets at fair value through other comprehensive income; and
  3. financial assets measured at amortised cost.

Financial Assets at Amortised Cost

Financial assets included in this category need to meet two criteria:

  1. the financial asset is held in order to collect the contractual cash flows; and
  2. the cash flows are solely payments of principal and interest (SPPI) on the principal outstanding amount.

Amortised cost is determined using the effective interest method.

13D Net gains or losses on financial assets

2019

$’000

2018

$’000

Financial assets at amortised cost

Interest revenue

285

247

Net gains/(losses) on financial assets at amortised cost

285

247

Net gains on financial assets

285

247