Cellmid 2017 Annual Report 51
Short term employee beneﬁts
Liability for wages and salaries, including non-monetary beneﬁts, annual leave, long service leave and accumulating sick leave
expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees’
services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.
Other long term employee beneﬁts
Liability for annual leave and long service leave not expected to be settled within 12 months from the reporting date is
recognised in the provision for employee beneﬁts and measured as the present value of expected future payments to be made
in respect of services provided by employees up to the reporting date, using the projected unit credit method. Consideration
is given to expected future wage and salary levels, of employee departures and period of service.
Retirement beneﬁt obligations
Contributions for retirement beneﬁt obligations are recognised as an expense as they become payable. Prepaid contributions
are recognised as an asset to the extent that a cash refund or a reduction in the future payment is available. Contributions are
paid into the fund nominated by the employee.
Employee beneﬁts provision
The liability for employee beneﬁts expected to be settled more than 12 months from the reporting date are recognised and
measured at the present value of the estimated future cash ﬂows to be made in respect of all employees at the reporting date.
In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inﬂation
have been taken into account.
Amounts not expected to be settled within the next 12 months
The current provision for employee beneﬁts includes all unconditional entitlements where employees have completed the
required period of service and also those where employees are entitled to pro-rata payments in certain circumstances.
The amount is presented as current, since the consolidated entity does not have an unconditional right to defer settlement.
Analysis of employee provisions
Current 306,755 223,001
Non-current 1,837 68,336
Annual Long Service
Leave Leave Total
$ $ $
Balance at 1 July 2016 223,001 68,336 291,337
Additional provisions 12,205 5,050 17,255
Balance at 30 June 2017 235,206 73,386 308,592