Annual Report 2017-18 | Monash Health
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Note 5.4: Payables<br />
Notes to the Financial Statements<br />
<strong>Monash</strong> <strong>Health</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2017</strong>/20<strong>18</strong><br />
Consolidated Consolidated<br />
20<strong>18</strong> <strong>2017</strong><br />
$'000 $'000<br />
CURRENT<br />
Contractual<br />
Trade Creditors 30,323 29,604<br />
Accrued Expenses 31,562 24,311<br />
Amounts payable to doctors 544 544<br />
Superannuation Accrual 8,669 10,566<br />
Prepaid revenue - Department of <strong>Health</strong> and Human<br />
Services 5,608 -<br />
Other 13,516 16,192<br />
TOTAL PAYABLES 90,222 81,217<br />
Payables consist of:<br />
• Contractual payables which consist predominantly of accounts payable representing<br />
liabilities for goods and services provided to <strong>Monash</strong> <strong>Health</strong> prior to the end of the financial<br />
year that are unpaid, and arise when <strong>Monash</strong> <strong>Health</strong> becomes obliged to make future<br />
payments in respect of the purchase of those goods and services. The normal credit terms<br />
for accounts payable are usually nett 30 - 35 days.<br />
Contractual payables are classified as financial instruments and are initially recognised at<br />
fair value, and then subsequently carried at amortised cost. Statutory payables are<br />
recognised and measured similarly to contractual payables, but are not classified as<br />
financial instruments and not included in the category of financial liabilities at amortised<br />
cost, because they do not arise from a contract.<br />
110 <strong>Monash</strong> <strong>Health</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2017</strong>-<strong>18</strong>
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