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Wool Stocktake : Annual Report 2006-07
35 Australian Wool Innovation Limited 2006/07 note 1. summary of signiﬁcant accounting policies (continued) d liAbilities D(1) Trade andother creditors 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 30 days of recognition. D(2) Employee entitlements (i) Wages, salaries and annual leave Liabilities for wages, salaries and annual leave expected to be settled within 12 months of the reporting date are measured at the amounts expected to be paid when liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable. (ii) Long service leave The liability for long service leave expected to be settled within 12 months of the reporting date is recognised in the provision for employee beneﬁts and is measured in accordance with (i) above. The liability for long service leave expected to be settled more than 12 months from the reporting date is recognised in the provision for employee beneﬁts and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. note 2. segment information Business Segments Australian Wool Innovation Limited operates predominantly in research, development and innovation in the wool industry. Geographical segments Australian Wool Innovation Limited operates primarily in one geographic segment, that being Australia. The Group has opened ofﬁces in Shanghai and Hong Kong, China, New York, USA, New Delhi, India, Treviso, Italy and Leicester, UK, which are responsible for growing domestic demand for Australian Merino wool in key international markets through strategic engagements with manufacturing and retail brand partners. They do this by building business relationships which facilitate innovative wool based product development and its commercialisation into the consumer market. However, these ofﬁces do not enter into research, development and innovation contracts or conduct business in their own right and accordingly no geographic segment split is considered appropriate. note 3. Revenue Consolidated Parent entity 2007 2006 2007 2006 $’000 $’000 $’000 $’000 revenue from operAting Activities Government Contributions 11,572 11,048 11,572 11,048 Sale of goods and services 329 606 329 606 Royalties 286 574 286 574 Wool levy 46,526 38,359 46,526 38,359 Other 443 1,011 443 1,011 59,156 51,598 59,156 51,598 revenue from outside the operAting Activities Interest 4,808 5,437 4,808 5,437 Revenue from ordinary activities 63,964 57,035 63,964 57,035
AWI Annual Report 2007-08