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Whitehaven Coal Limited : Annual Report 2010
Whitehaven Coal Limited -- Annual Report 2010 49 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2010 1. REPORTING ENTITY The financial report of Whitehaven Coal Limited ('Whitehaven' or 'Company') for the year ended 30 June 2010 was authorised for issue in accordance with a resolution of the directors on 24 August 2010. Whitehaven Coal Limited is a company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities 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 that have been 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 dollars unless otherwise stated. a)S tatement 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)F unctional and presentation currency Both the functional and presentation currency of the Company and of all entities in the consolidated entity is Australian dollars ($). 3.S UMMARY 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. New accounting standards and interpretations (i) Changes in accounting policy and disclosures The accounting policies adopted are consistent with those of the previous financial year except as follows: The Group has adopted the following new and amended Australian Accounting Standards and AASB interpretations, where applicable, as at 1 July 2009. • AASB 7 Financial Instruments: Disclosures effective 1 January 2009 • AASB 8 Operating Segments effective 1 January 2009 • AASB 101 Presentation of Financial Statements (revised 2007) effective 1 January 2009 • AASB 123 Borrowing Costs (revised 2007) effective 1 January 2009 • AASB Interpretation 15 Agreements for the Construction of Real Estate • AASB Interpretation 16 Hedges of a Net Investment in a Foreign Operation effective 1 October 2008 • AASB 2008-1 Amendments to Australian Accounting Standards -- Share-based Payments: Vesting Conditions and Cancellations [AASB 2] effective 1 January 2009 • AASB 2008-2 Amendments to Australian Accounting Standards -- Puttable Financial Instruments and Obligations arising on Liquidation effective 1 January 2009
Annual Report 2009
Annual Report 2011