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Whitehaven Coal Limited : Annual Report 2010
Whitehaven Coal Limited -- Annual Report 2010 51 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 8 Operating Segments AASB 8 replaced AASB 114 Segment Reporting upon its effective date. The operating segments determined in accordance with AASB 8 are based on the internal reports that are reviewed by the chief operating decision makers in the Group. AASB 8 disclosures are shown in note 6, including the related revised comparative information. AASB 101 Presentation of Financial Statements The revised Standard separates owner and non-owner changes in equity. The statement of changes in equity includes only details of transactions with owners, with non-owner changes in equity presented in a reconciliation of each component of equity and included in the new statement of comprehensive income. The statement of comprehensive income presents all items of recognised income and expense, either in one single statement, or in two linked statements. The Group has elected to present one statement. AASB 2008-7 Amendments to Australian Accounting Standards -- Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate The amendments delete the reference to the "cost method", making the distinction between pre and post acquisition profits no longer relevant. All dividends received are now recognised in profit or loss rather than having to be split between a reduction in the investment and profit and loss. However, the receipt of such dividends requires an entity to consider whether there is an indicator of impairment of the investment in that subsidiary. The receipt of dividends by Whitehaven during the year did not impact the recoverability of the investment in the subsidiary (see note 18). The amendments further clarify cases or reorganisations where a new parent is inserted above an existing parent of the group. It states that the cost of the subsidiary is the previous carrying amount of its share of equity items in the subsidiary rather than its fair value. The adoption of these amendments did not have any impact on the financial position or the performance of the Group. AASB 2009-3 Amendments to Australian Accounting Standards -- Embedded Derivatives [AASB 139 and Interpretation 9] These amendments to AASB Interpretation 9 require an entity to assess whether an embedded derivative must be separated from a host contract when the entity reclassifies a hybrid financial asset out of the fair value through profit or loss category. This assessment is to be made based on circumstances that existed on the later of the date the entity first became a party to the contract and the date of any contract amendments that significantly change the cash flows of the contract. AASB 139 now states that if an embedded derivative cannot be reliably measured, the entire hybrid instrument must remain classified as at fair value through profit or loss. Annual Improvements Project In May 2008 and April 2009 the AASB issued an omnibus of amendments to its Standards as part of the Annual Improvements Project, primarily with a view to removing inconsistencies and clarifying wording. There are separate transitional provisions and application dates for each amendment. The adoption of the following amendments resulted in changes to accounting policies but did not have any impact on the financial position or performance of the Group. • AASB 8 Operating Segments: clarifies that segment assets and liabilities need only be reported when those assets and liabilities are included in measures that are used by the chief operating decision maker. As the Group's chief operating decision maker does not review segment assets and liabilities, the Group has not disclosed this information in note 6. • AASB 116 Property, Plant and Equipment: replace the term "net selling price" with "fair value less costs to sell". The Group amended its accounting policy accordingly, which did not result in any change in the financial position.
Annual Report 2009
Annual Report 2011