IGO Interactive Annual Report 2019

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2019 Notes to the consolidated financial statements 30 June 2019 (continued) 29 Remuneration of auditors The auditor of Independence Group NL is BDO Audit (WA) Pty Ltd. 2019 $ 2018 $ Amounts received or due and receivable by BDO Audit (WA) Pty Ltd for: Audit and review of financial statements 168,500 189,500 Other services in relation to the entity and any other entity in the consolidated Group 20,000 20,500 188,500 210,000 30 Summary of significant accounting policies (a) New and amended standards and interpretations adopted by the Group A number of new or amended standards became applicable for the current reporting period resulting in a change to the Group's accounting policies. Retrospective adjustments were made as a result of adopting the following standard: • AASB 15 Revenue from Contracts with Customers The impact of the adoption of this standard and the new accounting policies are disclosed below. AASB9 Financial Instruments was previously early adopted in the year ended 30 June 2016. The Group has not elected to early adopt any new standards or amendments during the current financial year. (i) AASB 15 Revenue from Contracts with Customers The Group has applied AASB 15 Revenue from Contracts with Customers (as amended) for the first time in the current reporting period. AASB 15 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and replaces the previous standard AASB 118 Revenue . The core principle of AASB 15 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Standard introduces a 5-step approach to revenue recognition: • Step 1: Identify the contract(s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation Under AASB 15, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer. The Group has considered AASB 15 in detail and determined the following relevant impacts for the Group: Independence Group NL 60 IGO ANNUAL REPORT 2019 — 119