10. Current liabilities - payables
|
|
CONSOLIDATED |
AUTHORITY |
||
|
June 2021 $’000 |
June 2020 $’000 |
June 2021 $’000 |
June 2020 $’000 |
|
|
ACCRUED SALARIES, WAGES AND ON COSTS |
178 |
65 |
- |
- |
|
PAYABLE FOR PERSONNEL SERVICES |
- |
- |
178 |
65 |
|
CREDITORS |
2,376 |
3,016 |
2,341 |
2,978 |
|
TOTAL CURRENT LIABILITIES - PAYABLES |
2,554 |
3,081 |
2,519 |
3,043 |
Details regarding liquidity risk, including a maturity analysis of the above payables are disclosed in Note 18.
Recognition and measurement
Payables represent liabilities for goods and services provided to the Authority and other amounts. Short-term payables with no stated interest rate are measured at the original invoice amount where the effect of discounting is immaterial. Payables are financial liabilities at amortised cost, initially measured at fair value, net of directly attributable transaction costs. These are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the net result when the liabilities are derecognised as well as through the amortisation process.