Telstra 2015 Annual Report Download - page 117
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Telstra Corporation Limited and controlled entities 115
Notes to the Financial Statements (continued)
NOTE 16. PROVISIONS (continued)
_Telstra Financial Report 2015
16.1 Current and non current provisions (continued)
(b) Movement in provisions other than employee benefits
(i) Workers’ compensation
We self insure for our workers’ compensation liabilities. We
provide for our obligations through an assessment of accidents
and estimated claims incurred. The provision is based on a semi-
annual actuarial review of our workers’ compensation liability.
Actual compensation paid may vary where accidents and claims
incurred vary from those estimated. The average time for which
these payments are expected to be made is eight years (2014:
eight years).
Certain controlled entities do not self insure but pay annual
premiums to third party insurance companies for their workers’
compensation.
(ii) Redundancy
A provision exists only for those redundancy costs for which a
detailed formal plan has been approved and we have raised a valid
expectation in those affected that the plan will be carried out. Only
those costs that are not associated with the ongoing activities of
the Company have been included. The costs included in the
redundancy provision are based on current estimates of the likely
amounts to be incurred and include an estimate of the termination
benefits that affected employees will be entitled to. The execution
of these detailed formal plans, for which the redundancy provision
has been raised, is expected to be completed during financial year
2016.
(iii) Other
Other provisions include provision for legal claims, lease
incentives, reinstatement costs, and other provisions.
Telstra Group
Year ended 30 June
2015 2014
$m $m
Workers' compensation (i)
Opening balance 143 149
- additional provisions 88
- amount used (23) (22)
- unwinding of discount on liabilities
recognised at present value 55
- effect of any change in the discount rate 53
Closing balance 138 143
Redundancy (ii)
Opening balance 40 6
- additional provisions 142
- reversal of amounts unused (2) (1)
- amount used (28) (7)
Closing balance 11 40
Other (iii)
Opening balance 37 55
- additional provisions 92 22
- foreign currency exchange differences 1-
- acquisition of controlled entities 9-
- disposal of controlled entities -(9)
- amount used (21) (30)
- reversal of amounts unused (4) (1)
Closing balance 114 37