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Whitehaven Coal Limited : Annual Report 2011
54 noteS to the Financial StatementS 30 june 2011 3. summARy Of siGNifiCANT ACCOuNTiNG POLiCiEs (CONTiNuEd) New accounting standards and interpretations (continued) (i) Changes in accounting policy and disclosures (continued) 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 2009-5 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project The Improvements to IFRS project is an annual process that the IASB has adopted to deal with non-urgent but necessary amendments to IFRS The amendments result in various accounting changes and terminology or editorial amendments The subject of amendments to the standards are set out below: • AASB 5 Disclosures in relation to non-current assets (or disposal groups) classified as held for sale or discontinued operations • AASB 8 Disclosure of information about segment assets • AASB 101 Current/non-current classification of convertible instruments • AASB 107 Classification of expenditure that does not give rise to an asset • AASB 117 Classification of leases of land • AASB 118 Determining whether an entity is acting as a principal or an agent • AASB 136 Clarifying the unit of account for goodwill impairment test is not larger than an operating segment before aggregation • AASB 139 Treating loan prepayment penalties as closely related embedded derivatives, and revising the scope exemption for forward contracts to enter into a business combination contract The adoption of these amendments did not have any impact on the financial position or the performance of the Group AASB 2009-8 Amendments to Australian Accounting Standards – Group Cash-settled Share-based Payment Transactions [AASB 2] The amendment clarifies that if an entity receives goods or services that are cash settled by shareholders not within the group, they are outside the scope of IFRS 2 The adoption of this amendment did not have any impact on the financial position or the performance of the Group AASB 2009-10 Amendments to Australian Accounting Standards – Classification of Rights Issues [AASB 132] The amendment provides relief to entities that issue rights (fixed in a currency other than their functional currency), from treating the rights as derivatives with fair value changes recorded in profit or loss The adoption of this amendment did not have any impact on the financial position or the performance of the Group AASB 2010-3 Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 3, AASB 7, AASB 121, AASB 128, AASB 131, AASB 132 & AASB139] The principal amendments to the standards are set out below: Limits the scope of the measurement choices of non-controlling interest to instruments that are present ownership interests and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation Other components of NCI are measured at fair value Requires an entity (in a business combination) to account for the replacement of the acquiree’s share-based payment transactions (whether obliged or voluntarily), in a consistent manner i e , allocate between consideration and post combination expenses Clarifies that contingent consideration from a business combination that occurred before the effective date of AASB 3 Revised is not restated Clarifies that the revised accounting for loss of significant influence or joint control (from the issue of IFRS 3 Revised) is only applicable prospectively The adoption of these amendments did not have any impact on the financial position or the performance of the Group
Annual Report 2010
Annual Report 2012