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Whitehaven Coal Limited : Annual Report 2013
114 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 AASB 2010-8 'Amendments to Australian Accounting Standards -- Deferred Tax: Recovery of Underlying Assets' [AASB 112] These amendments address the determination of deferred tax on investment property measured at fair value and introduce a rebuttable presumption that deferred tax on investment property measured at fair value should be determined on the basis that the carrying amount will be recoverable through sale. The amendments also incorporate SIC-21 Income Taxes -- Recovery of Revalued Non-Depreciable Assets into AASB 112. The adoption of this amendment did not have any impact on the nancial position or performance of the Group. AASB 2011-9 'Amendments to Australian Accounting Standards -- Presentation of Items of Other Comprehensive Income' [AASB 1, 5, 7, 101, 112, 121, 132, 133, 134, 1039 & 1049] This standard requires entities to group items presented in other comprehensive income on the basis of whether they might be reclassi ed subsequently to pro t or loss and those that will not. The amendments have been applied retrospectively, and hence the presentation of items of other comprehensive income has been modi ed to re ect the changes. Other than the above mentioned presentation changes, the adoption of this amendment did not have any impact on the nancial position or performance of the Group. (ii) Accounting Standards and Interpretations issued but not yet e ective Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet e ective and have not been adopted by the Group for the annual reporting period ending 30 June 2013 are outlined below: AASB 10 Consolidated Financial Statements AASB 10 establishes a new control model that applies to all entities. It replaces parts of AASB 127 Consolidated and Separate Financial Statements dealing with the accounting for consolidated nancial statements and UIG-112 Consolidation -- Special Purpose Entities. Consequential amendments were also made to this and other standards via AASB 2011-7 and AASB 2012-10. The amendments become e ective for the consolidated entity's 30 June 2014 nancial statements Based on the Directors' preliminary assessment, when the Group applies the amendments to AASB 10 for the rst time for the year ending 30 June 2014, there will not be a material impact on the nancial position or performance of the Group. AASB 11 Joint Arrangements AASB 11 replaces AASB 131 Interests in Joint Ventures and UIG-113 Jointly- controlled Entities -- Non-monetary Contributions by Ventures. AASB 11 uses the principle of control in AASB 10 to de ne joint control, and therefore the determination of whether joint control exists may change. In addition it removes the option to account for jointly controlled entities (JCEs) using proportionate consolidation. Consequential amendments were also made to this and other standards via AASB 2011-7, AASB 2010-10 and amendments to AASB 128. The amendments become e ective for the consolidated entity's 30 June 2014 nancial statements. Based on the Directors' preliminary assessment, when the Group applies the amendments to AASB 11 for the rst time for the year ending 30 June 2014, there will not be a material impact on the nancial position or performance of the Group. AASB 12 Disclosure of Interests in Other Entities AASB 12 includes all disclosures relating to an entity's interests in subsidiaries, joint arrangements, associates and structured entities. New disclosures have been introduced about the judgments made by management to determine whether control exists, and to require summarised information about joint arrangements, associates and structured entities and subsidiaries with non-controlling interests. The amendments become e ective for the consolidated entity's 30 June 2014 nancial statements. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED New accounting standards and interpretations (continued) (i) Changes in accounting policy and disclosures (continued)
Annual Report 2012