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Whitehaven Coal Limited : Annual Report 2009
48 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2009 1. REPORTING ENTITY The financial report for Whitehaven Coal Limited ('Whitehaven' or 'Company') for the year ended 30 June 2009 was authorised for issue in accordance with a resolution of the directors on 16 September 2009. Whitehaven Coal Limited is a company limited by shares incorporated and domiciled in Australia whose shares are publically traded on the Australian Stock Exchange. The address of the Company's registered office is Level 9, 1 York Street, Sydney NSW 2000. The principal activity of the consolidated entity is the development and operation of coal mines in New South Wales. 2. BASIS OF PREPARATION The financial report is a general purpose financial report which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards (AAS) and other authoritative pronouncements of the Australian Accounting Standards Board (AASB). The financial report has been prepared on a historical cost basis except for derivative financial instruments which are measured at fair value (refer note 3g). The Company is of a kind referred to in ASIC Class Order 98/100 and dated 10 July 1998 and in accordance with that Class Order, all financial information presented in Australian dollars has been rounded to the nearest thousand unless otherwise stated. a) Statement of compliance The financial report complies with Australian Accounting Standards and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and interpretations of the International Financial Reporting Interpretations Committee (IFRIC). b) Functional and presentation currency Both the functional and presentation currency of the Company and of all entities in the consolidated entity is Australian dollars ($). 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by all subsidiaries in the consolidated entity. Comparative information The income statement comparatives have been restated to show $4,450,000 plant hire revenue as other income rather than operating income as disclosed in the annual financial report for the year ended 30 June 2008. The balance sheet comparatives have been restated to reflect share based payment transactions in a share based payment reserve rather than retained earnings as disclosed in the 30 June 2008 financial report. The impact of this restatement has been to increase share capital by $1,520,000, decrease retained earnings by $2,731,000 and recognise a share based payment reserve of $1,211,000. The balance sheet comparatives have been restated to show $25,000,000 cash held as security for a sale and purchase agreement as trade and other receivables. The balance sheet comparatives have been restated to show overburden in advance, incurred prior to production, in mine development. The impact of this restatement has been to decrease deferred stripping assets by $21,103,000 and to increase mining property and development by $21,103,000.
Annual Report 2008
Annual Report 2010