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NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2015 Recognition and Measurement Trade Creditors Accruals and Other Payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. The amounts are unsecured and are usually paid within 60 days of recognition. Deferred Income Deferred income generally represents government grants received. Grants from the government relating to costs are deferred and recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of property plant and equipment are deferred and recognised in profit or loss on a straight-line basis over the expected useful lives of the related assets. c Provisions Consolidated 2015 000 2014 000 Current Employee benefits 18600 17993 Onerous contracts 1528 1740 Lease provisions 848 910 20976 20643 Consolidated 2015 000 2014 000 Non-current Employee benefits 2057 2062 Onerous contracts 4815 6392 Lease provisions 6918 7410 13790 15864 Movements in current and non-current provisions other than provisions for employee benefits are set out below Consolidated 2015 000 2014 000 Balance at the beginning of the financial year 16452 9424 Movements in the year 2343 7028 Balance at the end of the financial year 14109 16452 Recognition and Measurement Provisions A provision is recognised when there is a legal equitable or constructive obligation as a result of a past event and it is probable that a future sacrifice of economic benefits will be required to settle the obligation the timing or amount of which is uncertain. Where there are a number of similar obligations the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of managements best estimate of the expenditure required to settle the present obligation at the balance sheet date. The discount rate used to determine the present value reflects current market estimates of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense. Wages and salaries leave and other entitlements Liabilities for unpaid salaries salary related costs and provisions for annual leave are recorded in the Statement of Financial Position at the salary rates which are expected to be paid when the liability is settled. Provisions for long service leave and other long-term benefits are recognised at the present value of expected future payments to be made. In determining this amount consideration is given to expected future salary levels and employee service histories. Expected future payments are discounted to their net present value using rates on Commonwealth Government securities with terms that match as closely as possible to the expected future cash flows. 54 SOUTHERN CROSS AUSTEREO ANNUAL REPORT 2015