Notes to the financial statements 8.
Intangibles Consolidated 2017 $
2016 $
Intangibles with an indefinite life Goodwill - at cost Brand names - at cost
143,477
143,477
500,000
500,000
643,477
643,477
Accounting policy Goodwill Goodwill on consolidation represents the excess of the cost of an acquisition over the fair value of the consolidated entity’s share of the net identifiable assets of the acquired entities at the date of acquisition. Goodwill is not amortised but is tested annually for impairment or more frequently if events or changes in circumstances indicate that it might be impaired. Goodwill is carried at cost less accumulated impairment losses. Brand names Expenditure on internally generated brand names is expensed as incurred. Acquired brand names are stated at cost, are considered to have indefinite useful lives and are not amortised. The useful life is assessed annually to determine whether events or circumstances continue to support an indefinite useful life. The carrying value of brand names is reviewed annually for impairment at the same time every year. 9.
Trade and other payables Consolidated 2017 $
2016 $
2,961,746
2,914,401
Current Other creditors and accruals Trade creditors
2,058,654
632,188
Accrued interest
969,473
1,175,671
Annual leave
401,782
376,909
Warehouse deposits held
60,361
511,942
6,452,016
5,611,111
Non-current Warehouse deposits held
Total trade and other payables
452,959
-
452,959
-
6,904,975
5,611,111
Trade and other payables represent liabilities for goods and services provided to the consolidated entity prior to the year end and which are unpaid at the end of the reporting period. These amounts are unsecured and typically have 14 to 60 day payment terms.
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BRISBANE MARKETS LIMITED Annual Report 2017