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.
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.
2017 2016
$ $
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)