Page 75 - Sundance Resources 2014 Annual Report

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014 73
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014
NOTE 7. NON-FINANCIAL ASSETS AND LIABILITIES
This note provides information about the group’s non-financial assets and liabilities, including:
• Specific information about each type of non-financial asset and liability
• Other Assets (note 7(a))
• Inventories (note 7(b))
• Property, plant and equipment (note 7(c))
• Mine development assets (note 7(d))
• Employee benefits provisions (note 7(e))
• Accounting policies
• Information about determining the fair value of the assets and liabilities, including judgements and estimation
uncertainty involved.
Note 7(a) Other Assets
2014
$
2013
$
Prepayments 616,468 718,767
Tax receivables 470,566 981,907
1,087,034 1,700,674
Note 7(b) Inventories
2014
$
2013
$
Consumables and equipment (current inventory) 1,075,967 1,292,121
Drilling equipment and spares (non-current inventory) 2,208,258 2,186,971
3,284,225 3,479,092
Inventories are carried at the lower of cost and net realisable value. The cost of inventories recognised as an expense
during the period in respect of continuing operations was nil (2013: nil). All inventories consumed are capitalised to mine
development or exploration and evaluation expenditure as appropriate.
All current inventories are expected to be consumed within 12 months, whereas the non-current inventories will be held as
drilling equipment and spares for such time as required for further project development. As these items are not held for the
purpose of resale but will be capitalised into a non-current asset when used they have been classified as non-current.