Carrying Amount of  Geographical location  Segment Revenues Segment Results  Segment Assets 2014 2013 2014 2013 2014 2013 $ $ $ $ $ $ Australia (7,495,377) (3,220,240) 34,433,803 1,507,350 External customers 274,413 521,140 Interest revenue 321,116 118,709 Other income 775,833 823,354 1,371,362 1,463,203 United States of America  1,903  (267,720)  61,399  243,360 External customers 2,411 - Interest revenue - - Other income - 979 2,411 979 1,373,773 1,464,182 (7,493,474) (3,487,960) 34,495,202 1,750,710 Benitec Biopharma Ltd  Annual Report 2014 Page 35 Accounting Policies Geographical Segments NOTE 18: OPERATING SEGMENTS Business Segments  Nature and purpose of Reserves  Share Based Payments Reserve Foreign currency translation reserve The Share-based Payments Reserve represents the expense attributed to options based on a Black Scholes valuation method for vested options. The Foreign currency translation reserve represents the currency translation movements of subsidiary company balances denominated in foreign  currencies at year end. The Group had only one business segment during the financial year, being the global commercialisation by licensing and partnering of patents and  licences in biotechnology, more specifically in functional genomics, with applications in biomedical research and human therapeutics. Business operations are principally conducted in Australia, with laboratory and other activities in the USA. Segment revenues and expenses are directly attributable to the identified segments and include joint venture revenue and expenses where a  reasonable allocation basis exists. Segment assets include all assets used by a segment and consist mainly of cash, receivables, inventories,  intangibles and property, plant and equipment, net of any allowances, accumulated depreciation and amortisation. Where joint assets correspond  to two or more segments, allocation of the net carrying amount has been made on a reasonable basis to a particular segment. Segment liabilities  include mainly accounts payable, employee entitlements, accrued expenses, provisions and borrowings. Deferred income tax provisions are not  included in segment assets and liabilities. 2014 2013 $ $ NOTE 17: RESERVES Share-based payments reserve At the beginning of the reporting period  1,591,702  1,394,142 Share based payments  355,116  518,749 Transferred to Accumulated Losses Reserve no longer required  -  (321,189) 1,946,818 1,591,702 Foreign currency translation reserve At the beginning of the reporting period  (1,313,792)  - Foreign currency translation 7,747 (1,313,792) (1,306,045) (1,313,792) Total Reserves  640,773  277,910 Notes to the Consolidated Financial Statements for the Year Ended 30 June 2014