NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
NOT E 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued  
 
j) Cash and Cash Equivalents 
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short -term highly liquid 
investments with original maturities of three months or less, unrestricted escrow accounts that management 
expects to be used to settle current liabilities, capital or operating expenditures, or complete acquisitions and bank 
overdrafts.  
 
k) Revenue 
Revenue from the sale of goods is recognised upon the delivery of goods to the customer.  Revenue from the 
rendering of a service is recognised upon the delivery of the service to the customers. All revenue is stated net of 
the amount of goods and services tax (“GST”). 
 
l) Borrowing Costs 
Borrowing costs, including interest, directly attributable to the acquisition, construction or production of assets that 
necessarily take a substantial period of time to prepare for their intended use or sale are added to the cost of those 
assets until such time as the assets are substantially ready for their intended use or sale. Borrowings are recognised 
initially at fair value, net of transaction costs incurred. Subsequent to initial recognition, borrowings are stated as 
amortised cost with any di fference between cost and redemption being recognised in the consolidated statement 
of profit or loss and other comprehensi ve income over the period of the borrowings on an e ffective interest basis.  
The Company capitalised eligible borrowing costs at 100 percent equal to $3.4 million and $1.3 million for the years 
ended 31 December 2014 and 2013, respectively.  All other borrowing costs are recognised in income in the period 
in which they are incurred. 
 
m) Goods and Services Tax 
Revenues, expenses and assets are recognised net of the amount of GS T, except where the amount of GST incurred 
is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of 
acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial 
position are shown inclusive of GST. 
 
Cash flows are presented in the consolidated statement of cash flows on a gross basis except for the GST component 
of investing and financing activities, which are disclosed as operating cash flows. 
 
n) Business Combinations 
A business combination is a transaction in which an acquirer obtains control of one or more businesses.  The 
acquisition method of accounting is used to account for all business combinations regardless of whether equity 
instruments or other assets are acquired.  The acquisition method is only applied to a business combination when 
control over the business is obtained.  Subsequent changes in interests in a business where control already exists 
are accounted for as transactions between owners.  The cost of the business combination is measured at fair value  
of the assets given, shares issued and liabilities incurred or assumed at the date of acquisition.  Costs directly 
attributable to the business combination are expensed as incurred, except those directly and incrementally 
attributable to equity issuance. 
 
  
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