Page 86 - Sundance Resources 2014 Annual Report

84 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
NOTE 11. FINANCIAL RISK MANAGEMENT (continued)
Fair values
The aggregate fair values of the Group’s financial assets and financial liabilities both recognised and unrecognised are as
follows:
2014 2013
Carrying Amount
$
Fair Value
$
Carrying Amount
$
Fair Value
$
Consolidated
Cash and cash equivalents 14,377,685 14,377,685 19,629,458 19,629,458
Receivables 183,201 183,201 708,333 708,333
Financial Liabilities 40,737,658 41,947,845 11,332,509 11,332,509
The following methods and assumptions are used to determine the fair value of financial assets and liabilities:
• Cash assets and financial assets are carried at amounts approximating fair value because of their short term to maturity.
Receivables and payables are carried at amounts approximating fair value.
• The fair values of other loans and amounts due are determined by discounting the cash flows, at market interest rates
of similar borrowings, to their present value. For other assets and other liabilities the fair value approximates their
carrying value.
No financial assets and financial liabilities are readily traded on organised markets in standardised form. Financial assets
where the carrying amount exceeds net fair values have not been written down as the Group intends to hold these assets.
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014