Berry Street Web Docs Financial Report 2016 | Page 24

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
NOTE 15: PROVISIONS
Long Term
Employee Benefits
$

Total
$

Opening balance at 1 July 2015

5,095,715

5,095,715

Additional provisions raised during year

1,181,979

1,181,979

Amounts utilised

(503,972)

Balance at 30 June 2016

5,773,722

(503,972)
5,773,722

Analysis of Total Provisions
2016

2015

$

$

Current

4,224,674

3,670,213

Non-current

1,549,048

1,425,502

Total Provisions

5,773,722

5,095,715

Provision for Long Term Employee Benefits
A provision has been recognised for employee benefits relating to long service leave. In calculating the
present value of future cash flows in respect of long service leave, the probability of long service leave being
taken is based upon historical data. The measurement and recognition criteria for employee benefits has
been included in Note 1.

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