NOTE 35. REMUNERATION OF AUDITORS
CONSOLIDATED
2015
2014
$000
$000
A. KPMG
I. Assurance services
Audit of the financial statements prepared for the Parent and subsidiaries
7,927
6,883
Audit of statutory returns in accordance with regulatory requirements
1,051
1,109
Other assurance services
174
184
9,152
8,176
II. Advisory services
Taxation services
504
905
Due diligence and other services on acquisitions, divestments and capital transactions
132
978
Other
439
277
1,075
2,160
B. OTHER AUDITORS
Assurance services
Audit of the financial statements prepared for subsidiaries
39
873
Assurance related to regulatory requirements
-
164
Total remuneration of auditors
10,266
11,373
NOTE 36. PARENT ENTITY DISCLOSURES
The ultimate Parent entity in the Consolidated entity is Insurance Australia Group Limited, which is incorporated in Australia. The
following information of the Parent entity is disclosed as required by the current regulatory requirements in Australia.
PARENT
2015
2014
$m
$m
A. FINANCIAL RESULTS
Profit/(loss) for the year
463
769
Total comprehensive income and (expense) for the year, net of tax
463
769
B. FINANCIAL POSITION
Current assets
259
344
Total assets
13,917
13,401
Current liabilities
216
370
Total liabilities
4,362
3,882
C. SHAREHOLDERS' EQUITY
Share capital
7,275
6,775
Reserves
(29)
(12)
Retained earnings
2,309
2,756
Total shareholders' equity
9,555
9,519
D. CONTINGENT LIABILITIES
Contingent liabilities are not recognised on the balance sheet but are disclosed where the possibility of settlement is less than
probable but more than remote. Provisions are not required with respect to these matters as it is not probable that a future sacrifice
of economic benefits will be required or the amount is not reliably measurable. If settlement becomes probable, a provision is
recognised. The best estimate of the settlement amount is used in measuring a contingent liability for disclosure. The measurement
involves judgement. There are no known material exposures to the Parent or events that would require it to satisfy the guarantees or
take action under a support agreement.
E. COMMITMENTS
The Parent has no material commitments.
F. OTHER
IAG has an option to raise further share capital as part of the strategic relationship with Berkshire Hathaway, which provides IAG
access to additional liquidity. Refer to the statement of changes in equity note for further details.
NOTE 37. EVENTS SUBSEQUENT TO REPORTING DATE
As the following transactions occurred after reporting date and did not relate to conditions existing at reporting date, no account has
been taken of them in the financial statements for the current reporting year ended 30 June 2015. These include:
On 21 August 2015, the Board determined to pay on 7 October 2015 a final dividend of 16 cents per share, 100% franked. The
dividend reinvestment plan will operate by acquiring shares on-market for participants with no discount applied; and
The announcement on 11 August 2015 that Mr Jonathan Nicholson will be appointed to the IAG Board, as an Independent Non-
Executive Director, effective 1 September 2015.
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