Cellmid 2017 Annual Report 39
for promises to transfer services to customers. For performance obligations satisﬁed over time, an entity would select an
appropriate measure of progress to determine how much revenue should be recognised as the performance obligation is
satisﬁed. Contracts with customers will be presented in an entity’s statement of ﬁnancial position as a contract liability, a
contract asset, or a receivable, depending on the relationship between the entity’s performance and the customer’s payment.
Sufﬁcient quantitative and qualitative disclosure is required to enable users to understand the contracts with customers; the
signiﬁcant judgments made in applying the guidance to those contracts; and any assets recognised from the costs to obtain or
fulﬁl a contract with a customer.
The Group will adopt this standard from 1 July 2018. Based on the initial assessment by management, it is unlikely to have a
material impact as the Group does not have any major contracts or has to meet speciﬁc performance obligations at this time.
AASB 16, ‘Leases’,
Under AASB 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identiﬁed asset for
a period of time in exchange for consideration. Under AASB 16, a lessee was required to make a distinction between a ﬁnance
lease (on balance sheet) and an operating lease (off balance sheet). AASB 16 now requires a lessee to recognise a lease liability
reﬂecting future lease payments and a ‘right-of-use asset’ for virtually all lease contracts. Included is an optional exemption for
certain short-term leases and leases of low-value assets; however, this exemption can only be applied by lessees. The standard
is effective for accounting periods beginning on or after 1 January 2019.
Under AASB 16, the lease commitments will be capitalised on the balance sheet and then depreciated. The Group intends to
adopt AASB 16 on its effective date and has yet to assess its full impact.
2. PARENT ENTITY INFORMATION
The following information has been extracted from the books and records of the parent, Cellmid Limited, and has been
prepared on the same basis as the consolidated ﬁnancial statements, except as disclosed below.
Investments in subsidiaries and intercompany loans are accounted for at cost in the ﬁnancial statements of the parent entity.
Statement of Financial Position
Current assets 4,401,880 3,245,484
Non current assets 2,538,894 7,156,715
Total Assets 6,940,774 10,402,199
Current liabilities (2,544,956) (1,324,282)
Non current liabilities (774) (68,071)
Total Liabilities (2,545,730) (1,392,353)
Issued capital 36,715,031 32,426,826
Accumulated losses (34,575,271) (25,505,957)
Reserves 2,255,284 2,088,977
Total Equity 4,395,044 9,009,846
Statement of Proﬁt or Loss and Other Comprehensive Income
Loss of the parent entity (9,069,314) (1,297,853)
Total comprehensive income (9,069,314) (1,297,853)