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Whitehaven Coal Limited : Annual Report 2010
50 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2010 3.S UMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) New accounting standards and interpretations (continued) (i) Changes in accounting policy and disclosures (continued) • AASB 2008-5 Amendments to Australian Accounting Standards arising from the Annual Improvements Project effective 1 January 2009 • AASB 2008-7 Amendments to Australian Accounting Standards -- Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate effective 1 January 2009 • AASB 2009-3 Amendments to Australian Accounting Standards -- Embedded Derivatives [AASB 139 and Interpretation 9] effective 30 June 2009 • AASB 2009-6 Amendments to Australian Accounting Standards operative for periods beginning on or after 1 January 2009 that end on or after 30 June 2009 • AASB 3 Business Combinations (revised 2008) effective 1 July 2009 • AASB Interpretation 17 Distributions of Non-cash Assets to Owners effective 1 July 2009 • AASB Interpretation 18 Transfers of Assets from Customers effective 1 July 2009 • AASB 127 Consolidated and Separate Financial Statements (revised 2008) effective 1 July 2009 • AASB 2008-3 Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127 effective 1 July 2009 • AASB 2008-6 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 1 and AASB 5] effective 1 July 2009 • AASB 2009-4 Amendments to Australian Accounting Standards arising from the Annual Improvements Project effective 1 July 2009 Where the adoption of the Standard or Interpretation is deemed to have an impact on the financial statements or performance of the Group, its impact is described below: AASB 3 Business Combinations (revised 2008) and AASB 127 Consolidated and Separate Financial Statements (revised 2008) AASB 3 (revised 2008) introduces significant changes in the accounting for business combinations occurring after this date. Changes affect the valuation of non-controlling interests (previously "minority interests"), the accounting for transaction costs, the initial recognition and subsequent measurement of contingent consideration and business combinations achieved in stages. These changes will impact the amount of goodwill recognised, the reported results in the period when an acquisition occurs and future reported results. AASB 127 (revised 2008) requires that a change in the ownership interest of a subsidiary (without a change in control) is to be accounted for as a transaction with owners in their capacity as owners. Therefore such transactions will no longer give rise to goodwill, nor will they give rise to a gain or loss in the statement of comprehensive income. Furthermore, the revised Standard changes the accounting for losses incurred by a partially owned subsidiary as well as the loss of control of a subsidiary. The changes in AASB 3 (revised 2008) and AASB 127 (revised 2008) will affect future acquisitions, changes in, and loss of control of, subsidiaries and transactions with non-controlling interests. The change in accounting policy was applied prospectively and had no material impact on earnings per share. AASB 7 Financial Instruments: Disclosures The amended Standard requires additional disclosures about fair value measurement and liquidity risk. Fair value measurements related to all financial instruments recognised and measured at fair value are to be disclosed by source of inputs using a three level fair value hierarchy, by class. In addition, a reconciliation between the beginning and ending balance for level 3 fair value measurements is now required, as well as significant transfers between levels in the fair value hierarchy. The amendments also clarify the requirements for liquidity risk disclosures with respect to derivative transactions and assets used for liquidity management. The fair value measurement disclosures are presented in note 5. The liquidity risk disclosures are not significantly impacted by the amendments and are presented in note 5.
Annual Report 2009
Annual Report 2011