2C INVENT ORIES In mil lions o f A UD C onsolida t ed 2019 2018 Ra w ma t erials and c onsumables 499 416 W ork in pr ogr es s 215 342 Finished goods 04 718 758 In 2018 in v en t ory w ork in pr ogr es s included c os ts f or s am ple t es ting in the analy tical labor a t ories tha t c ommenc ed but w as no t y e t c omple t ed On adop tion o f AA SB 15 r e v enue and the as socia t ed c os ts f or these t es ts ar e r ec ognised on c omple tion o f the t es t r e f er t o no t e 7b W ork in pr ogr es s r ec ognised b y the Gr oup r ela t es t o c on tr ac tual arr angemen ts r e f er t o no t e 1c No in f orma tion is pr o vided about r emaining per f ormanc e obliga tions tha t ha v e an original e xpec t ed dur a tion o f 1 y e ar or les s Ac c oun ting polic y In v en t ories ar e s t a t ed a t the lo w er o f c os t and ne t r e alis able v alue Ne t r e alis able v alue is the es tima t ed sel ling pric e in the or dinary c ourse o f busines s les s the es tima t ed c os ts o f c omple tion and sel ling e xpenses T he c os t o f in v en t ories is based on the w eigh t ed a v er age me thod and includes e xpenditur e incurr ed in ac quiring the in v en t ories pr oduc tion or c on v ersion c os ts and o ther c os ts incurr ed in bringing them t o their e xis ting loca tion and c ondition In the case o f manuf ac tur ed in v en t ories and w ork in pr ogr es s c os t includes an appr opria t e shar e o f o v erhe ads based on normal oper a ting capacit y C os t f or inc omple t e feld servic es w orks ar e r ec ognised as w ork in pr ogr es s and me asur ed a t the lo w er o f c os t t o da t e and ne t r e alis able v alue 2D TRADE AND O THER P A Y ABLES In mil lions o f A UD C onsolida t ed 2019 2018 T r ade pa y ables 572 527 De f err ed r e v enue 186 Other pa y ables and ac crued e xpenses 1246 1171 2004 1698 T he e f f ec t on tr ade and o ther pa y ables o f initial ly applying AA SB 15 is described in no t e 7b Ac c oun ting polic y T r ade and o ther pa y ables T r ade and o ther pa y ables ar e s t a t ed a t their amor tised c os t T r ade pa y ables ar e nonin t er es t be aring and ar e normal ly se ttled on 60 da y t erms Pr o visions A pr o vision is r ec ognised in the balanc e shee t when the Gr oup has a pr esen t legal or c ons truc tiv e obliga tion as a r esult o f a pas t e v en t and it is pr obable tha t an outfo w o f ec onomic bene fts tha t can be es tima t ed r eliably wil l be r equir ed t o se ttle the obliga tion If the e f f ec t is ma t erial pr o visions ar e de t ermined b y disc oun ting the e xpec t ed futur e cash fo ws a t a pr e t a x r a t e tha t r e fec ts curr en t mark e t as ses smen ts o f the time v alue o f mone y and wher e appr opria t e the risks specifc t o the liabilit y T he un winding o f the disc oun t is r ec ognised as a fnanc e c os t 56 ALS LIMITED AND IT S SUBSIDIARIES A NNU AL F INANCIAL R EPOR T F OR THE Y EAR E NDED 31 M AR CH 2019 F INANCIAL REPOR T F INANCIAL S T A TEMENT S N O TES T O THE FINANCIAL S T A TEMENT S C apit al emplo y ed w orking capit al and o ther ins trumen ts