Page 16 - Directors' report and accounts 2019-20

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Notes to and forming part of the Consolidated Financial Statements for the year ended 30 June 2020
Foreign Currency Translation (continued)
Exchange differences on on monetary items are recognised in in in profit or or loss in in in the the period in in in which they arise except for:
• exchange differences on on on foreign currency borrowings relating to assets under construction for for future
productive use which are are included in in the the cost of those assets when they are are regarded as as an adjustment to interest costs on those foreign currency borrowings and • exchange differences on on on monetary items receivable from or or or payable to a a a a a a a foreign operation for for which settlement is neither planned nor likely to occur (therefore forming part of the the the the net investment in in in the the the the foreign operation) which are recognised initially in in in other comprehensive income and reclassified from equity to profit or loss on on repayment of the monetary items For the the the the purpose of of presenting these consolidated financial statements the the the the assets and liabilities of of the the the the Group’s foreign operations are translated into Australian dollars using exchange rates prevailing at at at at the the end of the the reporting period period Income and expense items are translated at at at the the average exchange exchange rates for the the period period unless exchange exchange rates rates fluctuated significantly during that period in in which case the the the exchange rates rates at at at at at at the the the dates of the the the transactions are are used Exchange differences arising if if any are are recognised in in in in other comprehensive income and accumulated in in in in equity (and attributed to non-controlling interests as appropriate) On the the disposal disposal of of a a a a a a a a foreign foreign operation operation (i e e e e e e e e e e e a a a a a a a a disposal disposal of of the the Group's entire interest in in a a a a a a a a foreign foreign operation operation or or or a a a a a a a a disposal disposal involving loss of of control over a a a a a a a a a a a subsidiary that includes a a a a a a a a a a a foreign operation or or a a a a a a a a a a a partial disposal disposal of of an interest interest in in in in in in a a a a a a a a a a joint arrangement or or an an associate that includes a a a a a a a a a a foreign operation of which the retained interest interest becomes a a a a a a a a a a financial asset) all of of the exchange differences accumulated in in in equity in in in respect of of that operation attributable to to the the owners of of the the company are reclassified to to profit or loss In addition in in in relation to a a a a a a a a a a a a partial disposal of a a a a a a a a a a a a subsidiary that that includes a a a a a a a a a a a a foreign operation that that does not result in in in the the the Group losing control over the the the subsidiary the the the proportionate share of accumulated exchange differences are are re- attributed to non-controlling interests and are not recognised in in in profit or or loss For all other partial disposals (i e e e e e e e e partial disposals of associates or or joint arrangements that do not result in in in in the Group losing significant influence or or joint control) the the proportionate share of of the the accumulated exchange differences is reclassified to profit or or loss Goodwill and and fair value adjustments to identifiable assets acquired and and liabilities assumed through acquisition of a a a a a a a a a a a a foreign foreign operation operation are treated as as assets and and liabilities of of the the foreign foreign operation operation and and translated at at at at at at the the rate of of exchange prevailing at the the end of each reporting period Exchange differences arising are recognised in in in in other comprehensive income Use of Judgements and Estimates
The preparation of financial statements in in conformity with AASBs requires management to make judgements estimates and and assumptions that affect the the application of of accounting policies and and the the reported amounts of of assets liabilities income and expenses Actual results may differ from these estimates Estimates
and underlying assumptions are are reviewed on on on on an an ongoing basis Revisions to accounting estimates are are recognised in in in the the period period in in in which the the estimates are revised and in in in any future
periods affected In particular information about significant areas of estimation uncertainty and critical judgements in in in in applying accounting policies that have the the the most significant effect on the the the amount recognised in in in the the the financial statements are described in Note Note Note A1 - - - Revenue recognition Note Note Note D2 - - - Provisions and Note Note Note E8 - - - Leases COVID-19 Relief Packages
JobKeeper and Jobs Support Scheme
The JobKeeper payment scheme was announced by the Australian government on 30 March 2020
as as a a a a a a a a a temporary subsidy for businesses with turnover turnover under $1 billion and a a a a a decline greater than 30% of turnover turnover relative to the same period in the the previous year The Group qualified for the the JobKeeper payments and received $1 500 per per per fortnight per eligible eligible employee employee which was passed on to the eligible eligible employee employee after tax