Goods and servic es t a x R e v enue e xpenses and as se ts ar e r ec ognised ne t o f the amoun t o f goods and servic es t a x GS T e x c ep t wher e the amoun t o f GS T incurr ed is no t r ec o v er able fr om the t a xa tion authorit y In these cir cums t anc es the GS T is r ec ognised as par t o f the c os t o f ac quisition o f the as se t or as par t o f the e xpense R ec eiv ables and pa y ables ar e s t a t ed with the amoun t o f GS T included T he ne t amoun t o f GS T r ec o v er able fr om or pa y able t o the t a xa tion authorit y is included as a curr en t as se t or liabilit y in the balanc e shee t C ash fo ws ar e included in the s t a t emen t o f cash fo ws on a gr os s basis T he GS T c omponen ts o f cash fo ws arising fr om in v es ting and fnancing ac tivities which ar e r ec o v er able fr om or pa y able t o the t a xa tion authorit y ar e clas sifed as oper a ting cash fo ws 7 Other in f orma tion T his sec tion pr o vides in f orma tion on it ems tha t ar e no t c on sider ed t o be signifcan t in unders t anding the fnancial per f ormanc e and position o f the Gr oup but mus t be disclosed t o c omply with the Ac c oun ting S t andar ds the C orpor a tion Ac t 2001 or the C orpor a tions R egula tions 7a B asis o f pr epar a tion 7b Signifcan t ac c oun ting policies 7c De t ermina tion o f f air v alue 7d Audit ors r emuner a tion 7e Ev en ts subsequen t t o balanc e da t e 7A B A SIS OF PREP ARA TION S t a t emen t o f c omplianc e T he fnancial r epor t is a gener alpurpose fnancial r epor t which has been pr epar ed in ac c or danc e with Aus tr alian Ac c oun ting S t andar ds AA SBs adop t ed b y the Aus tr alian Ac c oun ting S t andar ds Boar d AA SB and the C orpor a tions Ac t 2001 T he c onsolida t ed fnancial r epor t o f the Gr oup also c omplies with the In t erna tional Financial R epor ting S t andar ds IFRSs adop t ed b y the In t erna tional Ac c oun ting S t andar ds Boar d T his is the frs t o f the Gr oup s annual fnancial r epor ts in which AA SB 15 R e v enue fr om C on tr ac ts with C us t omers and AA SB 9 Financial Ins trumen ts ha v e been applied Changes t o signifcan t ac c oun ting policies ar e described in no t e 7b T he fnancial r epor t w as authorised f or is sue b y the dir ec t ors on 21 M a y 2019 B asis o f me asur emen t T he fnancial r epor t is pr epar ed on the his t orical c os t basis e x c ep t tha t deriv a tiv e fnancial ins trumen ts and liabilities f or cash se ttled shar e based pa ymen ts ar e me asur ed a t f air v alue F unc tional and pr esen t a tion curr enc y T he fnancial r epor t is pr esen t ed in Aus tr alian dol lars which is the C ompan y s func tional curr enc y T he C ompan y is o f a kind r e f err ed t o in A SIC C orpor a tions R ounding in Financial Dir ec t ors R epor ts Ins trumen t 2016191 da t ed 24 M ar ch 2016 and in ac c or danc e with tha t Ins trumen t amoun ts in the fnancial r epor t ha v e been r ounded o f f t o the ne ar es t hundr ed thous and dol lars unles s o therwise s t a t ed Use o f es tima t es and judgemen ts T he pr epar a tion o f a fnancial r epor t r equir es judgemen ts es tima t es and as sump tions t o be made a f f ec ting the applica tion o f policies and r epor t ed amoun ts o f as se ts and liabilities inc ome and e xpenses T he es tima t es and as so cia t ed as sump tions ar e based on his t orical e xperienc e and v arious o ther f ac t ors tha t ar e belie v ed t o be r e asonable the cir cums t anc es and the r esults o f which f orm the basis o f making the judgemen ts about carrying v alues o f as se ts and liabilities tha t ar e no t r e adily appar en t fr om o ther sour c es Ac tual r esults ma y dif f er fr om these es tima t es T he es tima t es and underlying as sump tions ar e r e vie w ed on an ongoing basis R e visions t o ac c oun ting es tima t es ar e r ec ognised in the period in which the es tima t e is r e vised if the r e vision a f f ec ts only tha t period or in the period o f the r e vision and futur e periods if the r e vision a f f ec ts bo th curr en t and futur e periods In par ticular the mos t signifcan t uses o f es tima t es and judgemen ts ar e described in no t es 2a T r ade and o ther r ec eiv ables 2g In t angible as se ts 5a Ac quisition o f sub sidiaries 6a Inc ome t a x es and 6b De f err ed t a x as se ts and liabilities 7B SIGNIFIC ANT A C C OUNTING POLICIES Ex c ep t as described belo w the ac c oun ting policies applied b y the Gr oup in this fnancial r epor t ar e the s ame as those applied b y the Gr oup in its c onsolida t ed fnancial r epor t as a t and f or the y e ar ended 31 M ar ch 2019 Signifcan t ne w ac c oun ting policies T he Gr oup has initial ly adop t ed AA SB 15 R e v enue fr om C on tr ac ts with C us t omers and AA SB 9 Financial Ins trumen ts fr om 1 April 2018 AA SB 15 es t ablishes a c ompr ehensiv e fr ame w ork f or de t ermining whe ther ho w much and when r e v enue is r ec ognised It r eplac ed AA SB 118 R e v enue AA SB 111 C ons truc tion C on tr ac ts and r ela t ed in t erpr e t a tions Under AA SB 15 r e v enue is r ec ognised when a cus t omer ob t ains c on tr ol o f the goods or servic es De t ermining the timing o f the tr ans f er o f c on tr ol a t a poin t in time or o v er time r equir es judgemen t T he Gr oup has adop t ed AA SB 15 using the cumula tiv e e f f ec t me thod without pr ac tical e xpedien ts with the e f f ec t o f initial ly applying this s t andar d r ec ognised a t the da t e o f initial applica tion 1 April 2018 Ac c or dingly the in f orma tion pr esen t ed f or FY2018 has no t been r es t a t ed and is pr esen t ed as pr e viously r epor t ed under AA SB 118 AA SB 111 and r ela t ed in t erpr e t a tions T he e f f ec t o f initial ly applying AA SB 15 is mainly a ttribut ed t o the f ol lo wing Nonpr ojec t r ela t ed w orks in pr ogr es s no longer r ec ognised as r e v enue Under AA SB 118 r e v enue f or 74 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 Other in f orma tion