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Whitehaven Coal Limited : Annual Report 2013
113 Whitehaven Coal Limited Annual Report 2013 1. REPORTING ENTITY The nancial report of Whitehaven Coal Limited ('Whitehaven' or 'Company') for the year ended 30 June 2013 was authorised for issue in accordance with a resolution of the Directors on 27 August 2013. 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 o ce is Level 28, 259 George Street, Sydney NSW 2000. The Company is a for-pro t entity, and the principal activity of the consolidated entity is the development and operation of coal mines in New South Wales. 2. BASIS OF PREPARATION The nancial report is a general purpose nancial 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 nancial report has been prepared on a historical cost basis, except for derivative nancial instruments and available for sale nancial assets that have been measured at fair value (refer to notes 3g and 3h). 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 nancial information presented in Australian dollars has been rounded to the nearest thousand dollars unless otherwise stated. As outlined in Note 38 as a result of the nalisation of acquisition accounting in relation to certain assets comparative information has been restated. The presentation of nancial information may also di er to the previous nancial report to facilitate comparability of current year nancial information. a) Statement of compliance The nancial report also complies with 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 nancial 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 nancial year except as follows: The Group has adopted the following new and amended Australian Accounting Standards and AASB interpretations where applicable from 1 July 2012. • AASB 2013-2 'Amendments to AASB 1038 -- Regulatory Capital' • AASB 2010-8 'Amendments to Australian Accounting Standards -- Deferred Tax: Recovery of Underlying Assets' [AASB 112] • AASB 2011-9 'Amendments to Australian Accounting Standards -Presentation of Other Comprehensive Income' [AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 & 1049] Where the adoption of the Standard or Interpretation is deemed to have an impact on the nancial statements or performance of the Group, its impact is described below: AASB 2013-2 'Amendments to AASB 1038 -- Regulatory Capital' This Standard makes amendments to AASB 1038 Life Insurance Contracts as a consequence of changes to the Australian Prudential Regulation Authority's reporting requirements relating to life insurers, particularly Prudential Standard LPS 110 Capital Adequacy, applicable from 1 January 2013. The adoption of this amendment did not have any impact on the nancial position or performance of the Group.
Annual Report 2012