122 Woodside Petroleum Ltd|Annual Report 2018
D.1 Receivables
Restated
USm USm
(a) Receivables (current)
Tradereceivables(restated)
Otherreceivables(restated)
Loansreceivables
Interest receivable -
Dividend receivable
(b)Receivables(non-current)
Loansreceivables
Definedbenefitplanasset
1. Interest-free and settlement terms are usually between 14 and 30 days.
2. Loans receivables are due from non-controlling interests.
3. 2017 amounts have been restated for the restrospective application of AASB 15.
Recognition and measurement
Most trade and other receivables, including receivables from
related parties, are initially recognised at fair value or transaction
price determined under AASB 15 and subsequently measured
at amortised cost less an allowance for uncollectable amounts.
Uncollectable amounts are determined using the expected loss
impairment model. Collectability and impairment are assessed
on a regular basis. Subsequent recoveries of amounts previously
written o are credited against other expenses in the income
statement. Certain receivables that do not satisfy the contractual
cash flow and business model tests are subsequently measured at
fair value (refer to Note D.5).
The Group’s customers are required to pay in accordance with
agreed payment terms. Depending on the product, settlement
terms are 14 to 30 days from the date of invoice or bill of lading
and customers regularly pay on time. There are no significant
overdue trade receivables as at the end of the reporting
period (2017: nil).
Fair value
The carrying amount of trade and other receivables approximates
their fair value.
Foreign exchange risk
The Group held US$74 million of receivables at 31 December
2018 (2017: US$113 million) in currencies other than US dollars
(predominantly Australian dollars).
D.2 Inventories
USm USm
Inventories
Petroleumproducts
Goods in transit
Finished stocks
Warehouse stores and materials
Recognition and measurement
Inventories include hydrocarbon stocks, consumable supplies
and maintenance spares. Inventories are valued at the lower of
cost and net realisable value. Cost is determined on a weighted
average basis and includes direct costs and an appropriate portion
of fixed and variable production overheads where applicable.
Inventories determined to be obsolete or damaged are written
down to net realisable value, being the estimated selling price less
selling costs.
D.3 Payables
The following table shows the Group’s payables balances and
maturity analysis.
days
-
days
days Total
USm USm USm USm
Year ended 31 December 2018
Tradepayables -
Otherpayables - -
Interestpayable -
Total payables -
Year ended 31 December 2017 (restated3)
Tradepayables
Otherpayables(restated)
Interestpayable -
Total payables (restated3)
1. Interest-free and normally settled on 30-day terms.
2. Details regarding interest-bearing liabilities are contained in Note C.2.
3. 2017 amounts have been restated for the restrospective application of AASB 15.
Recognition and measurement
Trade and other payables are carried at amortised cost and are
recognised when goods and services are received, whether or not
billed to the Group, prior to the end of the reporting period.
Fair value
The carrying amount of payables approximates their fair value.
Foreign exchange risk
The Group held US$360 million of payables at 31 December
2018 (2017: US$380 million) in currencies other than US dollars
(predominantly Australian dollars).
NOTES TO THE FINANCIAL STATEMENTS D. OTHER ASSETS AND LIABILITIES
for the year ended 31 December 2018